What is difference between Bitcoin, Litecoin, Dogecoin and NXT?

Bizmark13

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Quote from: ranochigo on May 31, 2015, 12:43:31 AM

Quote from: Brewins on May 30, 2015, 07:56:33 PM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

some people call Litecoin a scam.

It is basically a copycat of BTC with some parameters modified, and the dev team is not really the most active we've seen around.

I wouldn't call it a scam. It is more like a experiment to try to give everyone a chance to mine with their GPU. They didn't merely modify the perimeter. They had to implement the entire scrypt algorithm into the blockchain. Note that they had made an effort to counter ASICs (even though it wasn't successful).

Litecoin wasn't actually that innovative given that Tenebrix had already solved the problem of integrating the scrypt algorithm into a cryptocurrency. What Litecoin did well was creating a fairly launched, well developed, and far less buggy product than the alternatives at the time.

Also, Litecoin was originally designed to be resistant to GPUs back when Bitcoin mining was dominated by GPUs. The idea was that those without expensive GPU mining rigs could still mine on their ordinary PCs. Litecoin failed in this regard but managed to keep a step behind Bitcoin in terms of the transition from CPU to GPU to ASIC mining which insured that it always had a niche to fall back on.

notlist3d

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Quote from: pooya87 on May 31, 2015, 02:06:45 AM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

i find it a bit harsh to call all altcoins scam and also i don't agree with excluding Litecoin from the rest of the altcoins out there. although there are a lot of arguments about Litecoin, i believe litecoin is a dying coin like the rest of them

for me every single one of the altcoin serve a single purpose, and that is to help me make more bitcoin by trading them.

They just need a good community again. It's hard to tell if they will get it.

I think of any alt coin LTC has best chance of coming back up one day. There are some others that have novel ideas behind them. But LTC has pretty much been no 2 for a long time.

I think it needs some new miners in alt coin area, and more acceptance on sites taking them. If sites that accept BTC all accepted LTC without changing between on a exchange LTC would get a instant bump.

pooya87

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Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

i find it a bit harsh to call all altcoins scam and also i don't agree with excluding Litecoin from the rest of the altcoins out there. although there are a lot of arguments about Litecoin, i believe litecoin is a dying coin like the rest of them

for me every single one of the altcoin serve a single purpose, and that is to help me make more bitcoin by trading them.

notlist3d

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Quote from: Herbert2020 on May 31, 2015, 01:17:28 AM

you should only use bitcoin as your primary cryptocurrency and if you are interested in any altcoin just try trading them. never invest in any of them since they are all failing one after another no matter what their name is.

I agree keeping BTC as main crypto currency. But those who understand the altcoin market can make good money, if you dont understand it the opposite is true you can lose a lot.

I don't think it's a bad thing holding a few altcoin's but I consider them more of a gamble. Reason it's a gamble is all the pump/dump stuff. If you know what your doing it is better then gambling, but I won't pretend I'm a master at altcoin trading.

There are some that can do it and profit. And even some who are able to program bot's with good settings that make money all day, personally I'm blown away by people who can do this especially those who figure out the parameters of bots.

Herbert2020

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you should only use bitcoin as your primary cryptocurrency and if you are interested in any altcoin just try trading them. never invest in any of them since they are all failing one after another no matter what their name is.

ranochigo

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Quote from: Brewins on May 30, 2015, 07:56:33 PM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

some people call Litecoin a scam.

It is basically a copycat of BTC with some parameters modified, and the dev team is not really the most active we've seen around.

I wouldn't call it a scam. It is more like a experiment to try to give everyone a chance to mine with their GPU. They didn't merely modify the perimeter. They had to implement the entire scrypt algorithm into the blockchain. Note that they had made an effort to counter ASICs (even though it wasn't successful).

notlist3d

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Quote from: Brewins on May 30, 2015, 07:56:33 PM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

some people call Litecoin a scam.

It is basically a copycat of BTC with some parameters modified, and the dev team is not really the most active we've seen around.

The reason I would tend to not call it a scam is hearing the inventor of it. If you ever go to a BTC conference and hes speaking I suggest listening to him.

How he planned out LTC and did no premine period. Even let it out where people could test setup before launch. Was very impressive it's harder to get a more fair start of a coin then what he did.

Brewins

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Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

some people call Litecoin a scam.

It is basically a copycat of BTC with some parameters modified, and the dev team is not really the most active we've seen around.

pereira4

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Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

We are yet to see if LTC survives in the long run and reaches a network effect big enough to be known globally as the silver of crypto. If it indeed does, it will be great since right now it's cheap as hell, but who has the balls to carry a ton of LTC right now? certainly not me.

notlist3d

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Quote from: virtualx on May 30, 2015, 05:30:15 AM

Quote from: notlist3d on May 30, 2015, 03:26:29 AM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

I don't know if I would call Dogecoin a scam. I do think we would agree it's best day's are behind it.

Of any coin it just had the most interesting group for lack of better term that did fun things to promote the coin. I mean it was on a race car, paid for a bobsled team. Just things no other coin has done.

Dogecoin had a big rise and big fall. I don't think it was ever intended to take over bitcoins market, just a joke of some developer.

It was intended to take marketshare. It was very successful at being number 3 and going up and up.

And then drama and price dropping. Kinda crushed the coin to a level chances it will not bounce back to it's price it was at its high.

virtualx

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LOTEO

Quote from: notlist3d on May 30, 2015, 03:26:29 AM

Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

I don't know if I would call Dogecoin a scam. I do think we would agree it's best day's are behind it.

Of any coin it just had the most interesting group for lack of better term that did fun things to promote the coin. I mean it was on a race car, paid for a bobsled team. Just things no other coin has done.

Dogecoin had a big rise and big fall. I don't think it was ever intended to take over bitcoins market, just a joke of some developer.

Amph

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Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

i would remove monero from being a scam(it's true that there were some instamine there too, but no coin is free from it), the ring signature tech is actually really useful

notlist3d

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Activity: 1456

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Quote from: LiteCoinGuy on May 30, 2015, 03:00:47 AM

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

I don't know if I would call Dogecoin a scam. I do think we would agree it's best day's are behind it.

Of any coin it just had the most interesting group for lack of better term that did fun things to promote the coin. I mean it was on a race car, paid for a bobsled team. Just things no other coin has done.

LiteCoinGuy

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In Satoshi I Trust

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin = Gold
Litecoin = Silver (biggest Alt after BTC)

the rest is a scam.

polarhei

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Activity: 462

Merit: 250

Firing it up

If proof-of-work scheme, then total issued amount differs. Method doesn't matter. It depends what do you have.

While Dogecoin has no bounds in the total amount so it will last forever, NXT is using another method especially in security.

If discussing about security, if you have found the crypto has no multi-sig options, then there may be issues such as fund theft as some people have developed a way to generate a very big 'directory' of the crypto which follows the 256-bit ECDSA scheme in order to 'tell' their governments they can 'control' the crypto.

If multi-sig used, then you will need more power to deal with, as it supports n-n inputs which makes extremely difficult even the layer one private key finally all cracked.

In order to crack the multi-sig, you need to know how many private keys are needed to crack.

jlauzon

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Just a comment. I invest in both BTC and NXT. BTC has been around a lot longer and obviously is more established and valuable. NXT has a group of tight-knit followers and very skilled developers. The NXT (NRS) client is very robust with an Asset Exchange, Store Front for users, and many other cool features. Also, the POS system uses almost no electricity compared to POW.

As the above poster mentioned, the strength of your NXT password can not be overstated. Randomly generated and LONG. If you can memorize it, you'd better be Rainman or it's crap.

I love my BTC most, but NXT could really take off in the future. I'm glad I got into NXT early...I was a relative late-comer to crypto-currency and missed some good bitcoin frontier days.

pooya87

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i just want to add that although other coins that you mentioned may be different and look more secure. but they are all altcoins and bitcoin is more accepted and more popular than any of them.
just look at the price and daily volume of bitcoin in comparison to others.

virtualx

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LOTEO

Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

It all started with Bitcoin. This is the oldest code, most stable network, largest adoption.

The code of bitcoin was used to create new coins. Some programmers took the Bitcoin code and made their own coin: Litecoin and dogecoin. NXT is another alt coin that wanted to do everything different and start in java.

Differences include:
- algorithm used
- total available coins
- miners/mining pools or not
- premined or not
- transaction speed
- network stability
- code maintenance
- network size
- community (not to forget)

tyz

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Bitcoin, Litecoin and Dogecoin are POW coins (Proof-of-Work). You need to mine (work for) the coins in order to get some. They base on the same protocol, whereas they use different algorithms.

NXT is a POS coin (Proof-of-Stake). All coins exist to the beginning and were distributed to investors.
Further, NXT was written from scratch and was programmed in Java.

ranochigo

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Quote from: meganburke on May 27, 2015, 11:18:32 AM

Hi can you describe the details of digital currency such as Bitcoin, Litecoin, Dogecoin and NXT? Which is more secure?

Bitcoin uses SHA256 algorithm for mining while litecoin and dogecoin uses scrypt and NXT uses POS. They have different market caps and all of them are pretty volatile. The block time will allow for faster confirmation but the security will be decreased. Bitcoin is currently the hardest to launch a 51% attack due to the hashrate of the network. It is still possible for the top pools to collaborate and launch one so it isn't 100% preventable. NXT is vulnerable to 51% too just like any other coin. It will happen if any single entity gain access to 51% of the network coins. It is much more easier to launch one since trading sites and gambling casinos control lots of coins. You also don't need space to launch an attack, you just need funds.

Topic: What is difference between Bitcoin, Litecoin, Dogecoin and NXT? (Read 1944 times)