Bitcoin Forum

Transfered some BTC from Coinbase and it's taking about five hours to show up.  Would LTC
be a faster transfer?  I use a LTC wallet on my hard drive. 

If LTC is faster than BTC, why don't we use it more? 

Hello. Your question has two different answers 1) Because Litecoin block time is faster than bitcoin 2) Why Don't We Use It? Because bitcoin is more profitable than Litecoin. Of course for me because I can't say something about other peoples choices

Yes, maybe I will also use bitcoin compared with litcoin, because bitcoin see many people using bitcoin, so I think bitcoin will evolve for the future

Bitcoin see many people using bitcoin?  Nigga what is you smokin'?

Tha way I see it is dat bitcoin got here first, an' that's what people latched themselves onta.  This is a dam good question,  'cause tha OP is onna money.  Litecoin an' somma them otha coins blow dam smoke rings 'round bitcoin.  The turd above sorta said it.  It's tha volatility which be makin' people rich.  In that there respect,  bitcoin leaves evverthang else in tha manure pile. 

because in my country exchanger not open exchange Litecoin to fiat money
must use bitcoin
litecoin or dogecoin iam prefered dogecoin because low fee sending, and very fast in transaction

Support / Adoption.

For example.. Coinbase like idiots added Ethereum the ICO scam coin but not Litecoin  ::)

for different reasons , one of them is that bitcoin is more accepted online since it's the most popular
but who knows what will happen in the future , if the devs couldn't find a solution for the confirmation time in BTC some people may turn to Litecoin and use bitcoin as only a store of value

What i wondered long ago was if we switched them instantly with magic..
Would we still suffer from congestion and delays etc ?
We should all know that the more used a traditional block-chain gets the slower it gets right ?
..unless they have added newer tech to combat this old problem.

See what i mean ?
If we ported over the entire user base of Bitcoin would Litecoin be fairly slow too ?
I bet it would be.
Faster still yeah.. but it would probably suffer regardless.
Because LTC does not solve general scaling issues does it ?

And yeah i am actually asking LOL
I am no expert on Block-Chain tech stuff..
I have worked on miners and looked at coin code a couple times but i can get lost in the tech shit easy.
I am not like that guy Shelby who has a gift for understanding it all really well.

first of all you are wrong in your understanding of "faster". the fact that it took about five hours was because of two reasons: 1) low fees, lower than the current standard 2) the blocks are full and miners are greedy.
otherwise speed of transactions are a couple of seconds and speed of confirmation is about 10 minutes on average.

also faster doesn't mean better.
litecoin has 2.5 min average time for blocks while bitcoin has 10. and this doesn't exactly mean faster blocks if you ask me but at the same time it is increasing the chance of orphaned blocks by a great deal which opens up room for double spend fraud.
also don't forget about how massive the blockchain size can be. i mean people are already complaining about 90 GB blockchain size of bitcoin and what do you think they are going to do if litecoin was as used as bitcoin with all blocks full and blockchain size was 360 GB?

there are other downsides such as litecoin having a much higher number of coins (84 mil max) so as far as price goes don't expect much out of it.

Yeah.. i knew there was a lot of technical reasons. LOL
Useful reply Herbert2020 ;)

Most altcoins are faster than LTC&BTC, why don't use them? It is same question. It is all about speculation and whales, LTC and BTC were early coins, I think the adopters are huge, that is the reason.

Actually it is being used. But the problem is there is not much of people who knows it. Some are just stucked with knowing bitcoin and dont want to extend that to knowing more. Maybe they dont want it to be more complicated than it is. One more reason could be the price fluctuations.

what do you think they are going to do if litecoin was as used as bitcoin with all blocks full and blockchain size was 360 GB?

but would that not mean that it is running 4x the transactions of btc not the same number of transactions as btc? or is that not correct?

How will that change if segwit and the other changes kick in?

As you said about your bitcoin transaction you didn't say anything about fees and transaction size. If you paid a very low fee according your transaction size, then miners are not happy to accept it into their blocks. I would propose to see this link about fees https://bitcoinfees.21.co/. Now as far as it concerns the litecoin, it's transactions are really 4 times faster than with Bitcoin but the exchange is less security i.e double spending is cheaper with litecoin than bitecoin. So is a trade-off between speed and security. But, even though there is an increasing debate in bitcoin world, when lightning networks will be implemented payments will be settled almost instantly.

I have one reason why bitcoin is the one we are using because bitcoin is more accepted due to its the first crypto currency ever created, and its more popular than the litecoin.

I prefer using Bitcoin for the simple reason of massive adoption,every merchants that uses crypto currency prioritize using Bitcoin and beside it's more profitable portfolio being the first crypto currency in the market.

Please look at the service section of this forum. Have ever seen a topic or a service which gives you LCT? Have you ever seen for example a faucet or a game or gambling service with LCT. We use BTC because it is more common and well known in the market.

I have seen many LTC faucets.  I have a LTC logo on my software and publishing company websites.

The question is simple, because LTC is only a cheap copy and paste coin.

Bitcoin invented everything and some guys make than the copy coin with the name of Litecoin.

Think of this..

I hear all the time bitching usually from the newer guys here.
They complain about them early adopters that got their coins cheap etc.
Sometimes they cry flash-mine or insta-mine and then they tend to ignore the coin .. like with LTC.

What will be the difference if you new guys got here and flash mined the new coin that was launched days ago and today's coin will not get adopted because the guys showing up here in a year or two will cry foul ?

You see the problem with adoption ?

You guys don't want to buy another person bags.
You think oh they got their coins cheap i 'm not buying them.. i will wait until he next new coin comes out and buy that one.

And the cycle continues.. and the lack of adoption.. and the intense childish immoral greed.
The vicious cycle of spinning on the rat wheel continues.

And don't forget..
If 10 people walk into a room with cash in hand.
A couple people will walk out with almost all of it.
Crypto can not create winners.. it mostly creates losers.. it's called math people.
And it only gets worse like a collapsing Pyramid scheme if you don't sustain an ever growing user base of victims to be the "bag-holder"

Crypto will in fact collapse with out a growing user base.
Which means each month there has to be a greater than last month amount of fresh blood coming in.. forever.
Or the overal scene dies off and people lose value etc.

LTC was 5x faster comparing with the bitcoin transaction.
The adoption has kept by bitcoin. alt just get a little portion.

One reason why peoples not using litecoin regularly is just because bitcoin is still exist. When bitcoin is gone, litecoin will be dominate crypto currency. We don't use litecoin because the price is under $100, you can look back how bitcoin is not interested when the price is just $5.
And this happen on litecoin. Imho

i am sure that litecoin is faster than bitcoin in transaction, but for the best, i don't think that litecoin is best than bitcoin. of course i use litecoin too but i used in trading only. for me, bitcoin is more easy to use for another purpose like to buy something, but litecoin needs to gets some work to be like bitcoin.

Even LTC is faster than BitcoinBTC still majority of the community here will choose bitcoin, due to it more convenient, secure and profitable than LTC or any altcoin in cyrpto currencies.

Hmm,
Nope, I use LTC & Doge over BTC, especially in-between exchanges.
Trust & Security for BTC & LTC & Doge is exactly the same.

Chinese mining pools control all 3 PoW coins, one is just as safe as the other.
(As long as you trust the Chinese not to screw you.)   ;)


 8)

If you are taking consideration of only transaction getting faster confirmation then, when everyone start to use LTC then their transaction will also get delay. Their is no relation between transaction and the coin value. Coin value is created by the fundamentals. LTC is good coin but still it is run by a developer and it is controlled by them.

this part doesn't make any sense. i assume the delay you are referring to comes from bitcoin and the fact that low fee transactions are taking too long to confirm, if so it is because blocks are full and this can happen to any coin that has limit on the size of the blocks, and can be fixed by removing that restriction. (although as you can see reaching consensus is tough!)


how can a developer control price of the coin, specially an altcoin such as LTC, what you said is only true about coins that have a large amount of pre mine.

Because LTC is a just copy-past, much hype and shit coin. I do not want to use a copy, which was made for fun by 5 minutes.
Also there are many coins besides LTC which are faster than LTC.  ;)
Forget about LTC. Its a dead shit coin.

My original 5 hour or more delay was caused by not paying attention and depositing from Coinbase to Poloniex to USDT.  They were nice enough to credit me.

In my point of view, because people always want that thing which give them more profit, and everyone have trust on bitcoin other than all crypto currencies. And you are well said that if bitcoin down than definitely people take turn, and also they will be bought other crypto which has better price than bitcoin. 

It's all about adoption, there are many coins much faster than litecoin. For example FastCoin (10-12 sec block time), extreme (1s block time) etc. A coin is popular or not is not because of its block time, but because whether people adopt it or support it.

If LTC is faster than BTC, Why Don't We Use It?  Thats easy. Because bitcoin is more profitable than litecoin. They really dont care how really fast ltc because they just want the profit. People loves to follow whats trending and ltc is not that popular. The price is what they care about. Not the technology or features.

I agree with you.  If crypto were dominated by real usage, that is, by usage as a currency to buy stuff, then actual features such as speed would matter.  But they don't, because real usage is such a tiny part of crypto that it is essentially negligible at this point.  The stuff that supports market caps, volume and so on is "trying to make profit in a greater-fool game" with exchange-IOU, not even with genuine crypto coins.  As such, technical improvements have almost no impact, apart from the fact that they can be used to hype one coin over another.  Crypto is in a sad state, it is mainly a gambler's token, where fools try to get money out of eachother's pockets and call that "investing" or "trading", by buying and selling IOU on exchanges, and its actual usage is almost zilch.

Initially it was because the fees were set higher than in bitcoin.

And then came doge and others which not only confirmed faster but had lower fees. So litecoin sort of blew it at the start with their high fee policy. Then add in that litecoin doesn't have a large community backing it the way bitcoin, doge and ether and others have, and the only reason litecoin is still around is because the chinese exchanges like it.

Litecoin has no where near the support of bitcoin. No merchants, smaller community. I dont know why people even bother with it. Look at the litecoin chart.

Not being used now does not mean it can not be used in the future. Everything depends on the adoption, as Bitcoin is the most famous and has the largest community is easy to understand because it is more used, does not mean that this can change, there are other cryptos coming up with improvements over Bitcoin. They may or may not replace Bitcoin, it will depend on the adoption / community.

Like most alts, litecoin doesn't have the support. Btc may not be the best coin but I it was here first and holds the most support. It's the most secure network because it's the most widely adopted. It's the most widely adopted because its the most secure network.

BTC, LTC & DOGE all have the exact same security, considering that Chinese Mining Pools Secure all 3 PoW coins with their ASICS.
Only real difference is the other 2 are faster & cheaper and have less price manipulation.


 8)

mass adoption is one of the reason why LTC is not yet prefer in the first place.Although LTC has faster than bitcoin but in terms of popularity bitcoin will dominate.I see in the future that LTC has a good option to replace bitcoin.For me I prefer to use LTC rather than bitcoin.Bitcoin disappoint me in confirming transaction.It will take too long. >:( >:( >:( >:( 

Possible we dont use,  bitcoin is well known than litecoin. Still many people are using bitcoin than litecoin. I prefer still to use bitcoin. As bitcoin is popular than litecoin

And thats the reason beyond its not yet been promoted entirely and bitcoin have better exposure the more we introduce ltc the more chances that it will be use in due time but its really hard to change peoples mind set if they already comfortable using btc.

Well ask yourself the simple question: Why is Litecoin faster than Bitcoin?

The answer is very simple and doesn't have anything to do with its features. It's just that no one uses Litecoin compared to Bitcoin. Less traffic = faster.

People use bitcoin because bitcoin has best developers and the best network effect. Again, simple.

please for the love of god, as a Hero Member do not give terrible answers dude.

cryptocurrenceis are not websites with a server so that "less traffic means higher speed" :D

the reason why litecoin or any other altcoin is faster than bitcoin is only because of the time between their blocks. for bitcoin this time is (because of the way difficulty works) 10 minutes on medium (medium because it can go up and down) but for coins like litecoin it is lower (i think it is 2.5 min for LTC)

so if bitcoin is gone, i don't think that litecoin will be dominate crypto currency because there are many chance and opportunity for other coins that have big volume than litecoin and i don't think that the other coin will stay and not act because they want to be the king. i think the reason is there are other option to us to select which coin that could give us big profit and there are coins like zec, eth, xmr, etc that can do this.

Dude im giving a perfectly okay answer. More volume of transactions: full blocks: takes more time to confirm (unless you are pushing the fee up).
Anyone can understand this, no need to get that technical.

Bottomline is, the more people using it, the slower it is going to be unless you want to pay more to get ahead of the pack in getting your transaction confirmed.

You should know is BTC and LTC is different you can't compare both of them, if you think LTC is more faster from BTC why don't you use high fee for your BTC transaction so you can get faster, and the demand is one of another reason why people still love use Bitcoin and will be still love to use BTC, LTC demand is low than BTC. Bitcoin now have many fuctions for currencies in online, for investment and for saving and also for educations.

Not being used now so what i guess it can be used in tbe future. I suppose the problem is many people have btc or they have more info about it plus it has trust. I suppose there are many better crypto which are better than bitcoin but the biggest problem is of course trust and understandable. And now after that onecoin scam i guess it can affect a lot.

I wonder if Trump decided to throw a couple of hundred million in LTC could he now create a larger position than China and endorse its use?
A LTC miner next to ever American's toaster.

http://www.coindesk.com/information/comparing-litecoin-bitcoin/

Is it clear?

The fixed answers had been generated by the young coin rather than bitcoin. Bitcoin still needs to fix their malleability and blocksize volume.

It is not about technicalities of a bitcoin that people stick to it, bitcoin is not the most advanced cryptocurrency you can find today.
But I still believe that Bitcoin has the best ideal distribution as it was once worth $0 and no one was promising its users anything.
Also if you are tired of BTC slow confirmation times. I heard that Ripple gets 100% confirmation in ~10 seconds, you can always switch.

Those are the advantages that bitcoin has gained for being a pioneer. When litecoin and other coins emerged, the bitcoin machinery was already underway and the community was well developed. Undoubtedly there may be many better options than bitcoin out there, but only a catastrophic event in the bitcoin ecosystem would cause a massive migration to another coin, and it would not necessarily be litecoin, because as the the bitcoin fell, litecoin would fall too.

Litecoin is faster than bitcoin because litecoin users is not that many, so their transaction in the blockchain can be easily process without taking so much time, compare to bitcoin, bitcoin users population is growing larger and larger everyday, that is why every transaction of bitcoin in the blockchain take some time because there are so many people Paying and Accepting payment in their bitcoin wallets online. And why don't we use the Litecoin? It's because bitcoin is more valuable on litecoin, and it's price is higher than its price, simple as that.

Hmm,
# of users has absolutely nothing to do with the speed.
LTC has a 2½ minute block speed, BTC has a 10 minute Block speed.
LTC is 4X faster than BTC because of that , user numbers are irrelevant.

Sending $100 worth of BTC OR Sending $100 worth of LTC,
You are still sending $100 worth either way.

Chinese Mining Pools safeguard BTC & LTC , no difference in security.

People use BTC over LTC for 1 reason, they are stupid and believe the BTC hype, they end of paying more for transactions because they are stupid.
It is that simple.  :D


 8)

I don't realy see your point of wiev becouse i am able to pay for steam games in 10s...  using BTC.
Problem is not in BTC but in echange rules.
BTC vs LTC for me in term of speed in non exiting problem.
BTC was 1st  LTC is just copied code that  not really add anything new to system.
And what more using BTC we are kicking ass of copy cats coins thas add 0 value to ecosystem.


Or maybe they own BTC instead of LTC, and shops want BTC ?
If you want pay penny for transaction i would use DOGE than LTC IMO.
DOGE have stable price and good volume and less fees.

I think the reason why we don't use LTC more it's because Bitcoins has more profitable and most people used Bitcoins than LTC In my country I don't think if it's well-known.

Exchanging fiat for altcoins is not that easy. You want a coin to take off get seven 11 or Macdonalds to sell it. If you make it dead easy for the general public something might happen.



 

Bitcoin is only more profitable because Bitcoin has a large community and userbase.

Litecoin doesn't have as much developer support, and one of the only differences is blocktime. We could simply hardfork Bitcoin if we wanted faster blocksize. Truth be told, we don't really need it.