Topic: Will the litecoin ever overtake the bitcoin? (Read 2228 times)
Bitcoin is much more popular and the winner takes it all.
Based on Bitcoin's ubiquity so far, it is doubtful Litecoin will overtake Bitcoin in value although it wouldn't surprise me if Litecoin became very important as mentioned above, "silver to Bitcoin's gold".
Bitcoin sucks I dont even use it any more. It has fucked me more than once on the confirmation time. BTC will die soon IMO, it wont be litecoin that kills it but another coin will. I have no loyalty to any coins and if a better one comes out I will switch for now I use ltc.
But who wants to pay fee's everytime they make a transaction?
Everybody who wants that his transaction will be executed 
But well, that doesnt really belongs in this thread.
LTC got 4x more coins with a similar strategy, how should it overtake BTC?? o.O
Erm... With "overtake" nobody means 1 LTC has a bigger value than 1 BTC...What we mean is the general acceptance, the usage worldwide etc.
The only real difference between LTC and BTC is the algorithm, and that wont be a reason. I think only PPC with its Proof-of-Stake has a chance in the long run to survive for all time. In 10-15 years miners have to mine for transaction fee's, and not for the basic reward (25 BTC atm). But who wants to pay fee's everytime they make a transaction? And those fees have to be pretty high to make mining still usefull.
I see. Interesting stuff 
Thanks for sharing your thoughts
Thanks for sharing your thoughts
[...] additional advantages of LTC besides the faster confirmation times:
- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
@transaction capacity:- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
Does this mean that LTC can do a bigger amount of transactions per time? Is the number of transactions BTC can do per 10 min. too low to work as a widespread world currency?
Yes, LTC can do more transactions per time with the current limit of 1MB per block.
1MB per 10 minutes (or even 4MB per 10 minutes) would not be enough for a widespread world currency. Other than actually raising the 1MB per block limit there are solutions, such as Ripple, that would help get around this problem. In effect, Bitcoin could become a "backing currency" such as gold, where you only do large transactions between banks/money services to balance out the accumulated differences from the common transactions.
I agree with this. I think that Litecoin will be a more stable currency because it is ASIC and FPGA resistant. I can definitely see Litecoin jumping in value after being introduced on mtgox, and it being used for "lite" transactions, where Bitcoin becomes a more long term value store.
[...] additional advantages of LTC besides the faster confirmation times:
- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
@transaction capacity:- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
Does this mean that LTC can do a bigger amount of transactions per time? Is the number of transactions BTC can do per 10 min. too low to work as a widespread world currency?
Yes, LTC can do more transactions per time with the current limit of 1MB per block.
1MB per 10 minutes (or even 4MB per 10 minutes) would not be enough for a widespread world currency. Other than actually raising the 1MB per block limit there are solutions, such as Ripple, that would help get around this problem. In effect, Bitcoin could become a "backing currency" such as gold, where you only do large transactions between banks/money services to balance out the accumulated differences from the common transactions.
Another possible disadvantage of LTC:
Quote
Scrypt has been less widely used and analyzed than the SHA2 hashing algorithm used in bitcoin, so there is some concern about possible weaknesses in its cryptographic scheme being discovered in the future.
https://en.bitcoin.it/wiki/Litecoin
(Litecoin uses scrypt as a proof-of-work scheme.) https://en.bitcoin.it/wiki/Litecoin
LTC got 4x more coins with a similar strategy, how should it overtake BTC?? o.O
Erm... With "overtake" nobody means 1 LTC has a bigger value than 1 BTC...What we mean is the general acceptance, the usage worldwide etc.
There is a good chance that LTC moves closer to BTC in the near future.
LTC got 4x more coins with a similar strategy, how should it overtake BTC?? o.O
There is a good chance that LTC moves closer to BTC in the near future.
I'm staying with Bitcoins for now as my mail currency, but I have invested in some Litecoins, because, who knows.
[...] additional advantages of LTC besides the faster confirmation times:
- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
@transaction capacity:- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
Does this mean that LTC can do a bigger amount of transactions per time? Is the number of transactions BTC can do per 10 min. too low to work as a widespread world currency?
@smaller blockchain so far:
It doesn't matter how small it is NOW. If LTC gets big, the blockchain will be big. And there will be a LatoshiDice then^^
pretty much no
I don't think LTC will overtake BTC, but there are additional advantages of LTC besides the faster confirmation times:
- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
- 4x transaction capacity (BTC can have 1MB of transactions per 10 min. while LTC can take 4MB)
- smaller blockchain so far (no SatoshiDice)
litecoin < bitcoin.
No it will not. Something else might, but it won't be LTC. I guarantee it.
Pretty much this is what I believe. If any altcoin overtakes bitcoin, it will be one that hasn't been developed yet and addresses serious issues that have started really wearing on bitcoin at the time the switch is needed.
The faster the Blocktimes, the higher the requirements for the network. That's why I don't see it only as an advantage.
And therefore I don't see LTC as better or worse because of this, it's only a difference.
Ok, got it.And therefore I don't see LTC as better or worse because of this, it's only a difference.
So we could say:
If there is a solution for the (someday) too high requirements for the network, LTC will have an advantage, because it is faster.
As long as there is no solution, LTC will have a potential disadvantage.
What I see as disadvantage of the faster block time is f.e. the propagation time of new block through the network.
[...] resulting in a much increased traffic for the network and therefore increasing Bandwidth requirements for LTC.
Ok I see. But this is a problem @ BTC, too. So once BTC gets big enough we need a solution for this problem anyway... For BTC not that early, but that doesn't really matter... Who cares about 3 months or 5 years (or whatever), the problem is there. For BTC and LTC.[...] resulting in a much increased traffic for the network and therefore increasing Bandwidth requirements for LTC.
Yes, but you see that basically the backslash of faster confirmation times.
The faster the Blocktimes, the higher the requirements for the network. That's why I don't see it only as an advantage.
And therefore I don't see LTC as better or worse because of this, it's only a difference.
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