Bitcoin Forum

Hi folks

why shouldn't Litecoin be the next bitcoin ?

Or

Is it just a matter of time before Litecoin is the next bitcoin ?


ps : I have read this link below, still with to know the current trends / economics , so this question

https://en.bitcoin.it/wiki/FAQ#What_if_someone_creates_a_new_block_chain.2C_or_a_new_digital_currency_that_renders_Bitcoin_obsolete.3F




thanks

Bitcoin was here first.

Why Litecoin if theres Bitcoin?

As far as i know there aren't really any game breaking differences between those. Or not?

From what I've read, it is faster. The speed difference is negligible now but won't it become a big difference as Bitcoins transactions grow exponentially?

Litecoins is for shills

That's why it's great

I can think of three reasons right away, but probably there are many more

1. no one in a peer to peer network likes monopoly. I don't like the Fed's monopoly, the central banks and so on. so why should I get stuck with the Bitcoin early starters' and hoarders' monopoly ?


2. all I need is (a) NON fiat currency, (b) easy to pay / transfer , (c) some store of value etc..... = If lite coin does that , why BIT coin ?

=> I'd happy IF people can shoot me down on this as to what are the advantage of bit vs lite coin , is there no exchange for lite ? is there more safety in bit etc etc ??


3. As of date Bitcoin has run up a lot ... lets say litecoin is where bitcoin was in 2011 ... I missed the first buss at 2011, why NOT get on the second ?? sure the second would reach the same destination slower, but it is much less riskier and possible for me . Example to illustrate this point - I can still mine with CPUs no need for specialty miners


4 .......... ? anyone



regards

LTC is based on scrypt, a different hashing algorithm which is supposedly truly ASIC/FPGA proof. For now.

Yes... an litecoin is just a bitcoin clone with no active development right now... at least i can not see someone careing about the litecoin client..

Well, it's just that no one wants to develop an ASIC for it yet as it's not that profitable or safe to do so. Also, the confirmations are 4x faster but it is 4x more insecure as compared with Bitcoins. That's essentially the same as in Bitcoins only 3-6 confirmations are needed to ensure that there's essentially no way of reversing the tx, but in Litecoin you'll need 12-24 instead to achieve the same security. 

Great to learn that

so, you are saying that Bit coin has advantages over Litecoin, other than just the network effect... I am NOT technically competent to accept or deny that, but I see and respect you as a global / gold member

Having said that,

= how difficult is it to reverse transactions in Lite coin ?
&
= which other crypto coins (other than lite C ) out there are close to bit coin ?



Thanks



CoinCrazy

4x easier to reverse then Bitcoins are. As for any comparable cryptocoins...well there's a lot of em. See: https://bitcointalk.org/index.php?topic=134179.msg1428895#msg1428895
Anyone could create a copy of their own 'coin' by editing some strings in the bitcoin source, so...

Don't get me wrong, I do hold a considerable amount of LTC, but I still stick to BTC at the end of the day.

The greates strength of LiteCoin could be its use for trading, namely Forex day trades. LTC/ BTC can be used as a currency pear. In etc-e you can do this already.

Why do I need a "next" bitcoin?

There is room for multiple Cryptos just like fiat

Depending on features they can be used for multiple purposes online

Please check this reply https://bitcointalk.org/index.php?topic=170312.msg1771088#msg1771088

silkroad doesnt accept litecoin

only a relatively minor one out of many good reasons already mentioned  - but if it is working just fine for them at the moment, why would they want to change?

I agree,

Bitcoin is great and currently the next best thing, hype bubble for sure.

But for bitcoin to ever become a truly used online currency it not only needs a lot more user friendly interfaces but there is ONE glaring glitch.

ITS TOO DAMN SLOW.

Online commerce succeeded due to a number of factors, global reach, economies of scale but the real key is SPEED.

ONE CLICK, JOB DONE, PAID.

BICOIN, ONE CLICK, WAIT, maybe 10 mins, maybe 2 hours, maybe tomorrow.

Step in litecoin. If the confirmation time can bought into under 30 seconds then we gotta a horse that can run.

remember bitcoin was began by techies, built by techies but for it succeed as an online payment platform, the veteran online merchants needs to love it too.

With 20 years in the online selling game, bitcoin has a lot to offer but until it can SPEED the hell up. Its in no mans land.

or like gold and silver