Litecoin

[avadakedavra]

Hi everybody

I heard about something different from Bitcoins, but I still can't get the difference: how Litecoins differ from Bitcoins? Why the latter are not used as much as the first?

[Damnsammit]

Main difference is that they use two different algorithms.

BTC uses SHA256 which has ASICs developed for it... this makes an everyday miner pretty much unable to mine them without an ASIC device.

LTC uses Scrypt which does not have ASICs currently, and it will probably be quite some time until there are ASICs developed for them.  This makes it where any computer with a decent AMD/ATI GPU can mine it.  The profit margins are very small for both of these unless you have cheap electricity... or a lucky person with a great ASIC cost basis.

BTC is more popular because it has been around longer, but LTC is definitely the 2nd most popular cryptocurrency.

[Robixen]

Litecoin has faster confirmation times and the total amount of mined litecoins will be 4 times bigger.
Check this if you want to know more: http://litecoin.info/Comparison_between_Litecoin_and_Bitcoin

[avadakedavra]

Wow thank you both, now it's clearer Do you trade/mine litecoins? What do you use them for?

[Damnsammit]

Wow thank you both, now it's clearer Do you trade/mine litecoins? What do you use them for?

No problemo.

I mine them... and trade/gamble with them

[truelitecoin]

Wow thank you both, now it's clearer Do you trade/mine litecoins? What do you use them for?

Check out the Litecoin service directories to see how you can spend your Litecoin.

• uselitecoin.com
• weuselitecoins.com

[RapidCoinz]

Nice one, great resources that was unaware of 
Litecoins intrigue me!! 

[eCoinomist]

Fundamentally from user's point of view there is not much difference, except transaction speed of 2.5 minutes per block instead of the average 10 mins of bitcoin.

Also in the long term Bitcoin will be more susceptible to 51% attacks if an outside entity decides to take the whole network down with a bunch of mass produced asics.

For now since there is not ASICs for litecoin, such attacks are less likely to happen, so in some way you could say LItecoin is less prone to 51% attack, but in saying that if Bitcoin ever gets taken down, I doubt LTC will be able to stand still, since its just another fork chain built based on Bitcoin codes.

[rdrgpaz]

Hi People!
 
What is the best way to earn coins?
BTC or LTC? I have been visited a lot of btc faucets, but I can´t earn a good amount per day...

[pollard86]

check http://forum.litecoin.net/

[tacoman71]

Litecoins are very anti-ASIC. Making ASICs for Litecoin is significantly more difficult and expensive. You probably see Litecoin FPGAs before ASICs.

[Online24o0n]

Google Litecoin, you will find articles explaining the difference. Basically litecoins transaction times are much quicker, there are more coins, and litecoins are more secure than bitcoins.

[Bigcheezit210]

Hi People!
 
What is the best way to earn coins?
BTC or LTC? I have been visited a lot of btc faucets, but I can´t earn a good amount per day...

Faucets are pretty worthless  , unless you go to a lot of them which takes up a lot of time. Mining is one of the most popular ways to earn Bitcoin and Litecoins, but there are plenty of other ways that you can earn. If you are looking to make money overtime you could invest some money and buy coins while they are cheap and wait for prices to go up, Litecoin can pretty much only rise from its current price.