Question about the bitcoin's value among all cryptocurrencies

[spc]

tldr;
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Why is 1 bitcoin currently worth about 100 litecoins?
https://mcxnow.com/exchange/LTC

The longer version
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First of all, let me admit that I may not be thinking rationally right now.
Two years ago, a friend of mine and I decided to stash some of our respective savings away from the effects of QE; he chose Bitcoins, and I chose gold. Needless to say, I am now jealous of him and furious with myself.
Today was the third (and by far longest) time that I researched cryptocurrencies.
In 2011, I spent 10 minutes and dismissed them; this spring, I spent about 1 hour and dismissed them again; but today I've already spent 6 hours and finally agree that cryptocurrencies have a future. So I am ready to buy me some bitcoins- but then I see that there are also litecoins, peercoins, and what not.

How should I choose which crypto-coins to buy? Are merchants going to accept only one crypto-currency in the future? If so, what makes bitcoin better than all others?

[bitcoin44me]

LTC or other altcoins are just a way to make some money.
They are not really useful at all.


If you want to invest in something, you should only consider btc.

[spc]

LTC or other altcoins are just a way to make some money.
They are not really useful at all.

Your words perfectly describe what I don't understand after 6+ hours of research. Why is BTC more useful than LTC?

[Birdy]

LTC or other altcoins are just a way to make some money.
They are not really useful at all.

Your words perfectly describe what I don't understand after 6+ hours of research. Why is BTC more useful than LTC?

Because more people use it (search for network effect).
Litecoin is a copy of Bitcoin with only a few changes and came out after Bitcoin, it doesn't offer any big advantage.
In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.

[bitcoin44me]

BTC was the first cryptocoin invented in 2009.


In 2011, there was only 1 coin: BTC.
Now you have maybe hundreds or thousands of them.


Problem is that they do not give any aditionnal value/interest. So BTC is the only useful coin because it has much more users, much more miners, much more media attention, and much more credibility (first one).

Other coins were only created to pump and dump in order to make a few and quick profit

[spc]

Because more people use it (search for network effect).

I actually learned about network effects, when I did a paper on iPhone vs BlackBerry at my school.
One thing I remember is that network effects are strong only when a consumer has no reason to have two (or more) of the same items, like in case of a cell phone. Is there something about BTC that would prevent people from using other cryptocurrencies simultaneously?

Litecoin is a copy of Bitcoin with only a few changes and came out after Bitcoin, it doesn't offer any big advantage.
In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.

Not true. The dollar value right now makes me want to buy LTC more than BTC.

[manoamano]

The strange thing is that I can't imagine living without my 3 phones (1 personal, 1 professional, and 1 for other reasons), but I do not see any use of using both BTC and LTC.

[n691309]

Litecoin is a copy of Bitcoin with only a few changes and came out after Bitcoin, it doesn't offer any big advantage.
In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.

Not true. The dollar value right now makes me want to buy LTC more than BTC.

Nice to hear, I might publish another new alt coin tommorow, you may buy a lot of these coins for just 1 LTC. Hopefully you do  

[spc]

Nice to hear, I might publish another new alt coin tommorow, you may buy a lot of these coins for just 1 LTC. Hopefully you do  

I think you hit the nail right on the head. A cryptocurrency can only succeed, if there is a limited number of them- ideally, one. How could BTC stop all other cryptocurrencies from achieving any traction?

[Birdy]

Is there something about BTC that would prevent people from using other cryptocurrencies simultaneously?

No, you can. And some do.

Litecoin is a copy of Bitcoin with only a few changes and came out after Bitcoin, it doesn't offer any big advantage.
In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.

Not true. The dollar value right now makes me want to buy LTC more than BTC.

Do you realize that those numbers are quite arbitrary?
You can buy 100000000 of some cryptocoins for a single dollar, but there are also 1000000000000000x more of them aviable.
Also cryptocoins become more useful when more people use&accept them.

I think you hit the nail right on the head. A cryptocurrency can only succeed, if there is a limited number of them- ideally, one. How could BTC stop all other cryptocurrencies from achieving any traction?

Unless the others offer a very big advantage, they will not outdo Bitcoin.
They might be used for other niches though.
Maybe if a nation would put up it's own cryptocurrency it could gain enough traction to compete.
It's not impossible that a good competing cryptocurrency will emerge, but there isn't one at the moment.

[klovishey]

Maybe if a nation would put up it's own cryptocurrency it could gain enough traction to compete.

Doesnt make sence, it could only compete only if decentralized (centralized coins offer banks), but why create new cryptocurrency when there are many already

[dave5698225]

The way I'm viewing Bitcoins vs the other Altcoins (namely LTC and PPC) is the same way I saw MySpace vs Facebook.

MySpace was the pioneer, it was robust, had huge valuation, got all the media attention and was even bought out by a powerful traditional-media company (News Corporation). So how did Facebook usurp the throne? By bending to the will of it's users instead of being led by a traditional corporate plan. Facebook evolved based on user feedback and Zuckerberg was smart enough/naive enough to allow his vision to grow and change to wherever it's user base wanted to.

Bitcoins are MySpace, but right now I don't think anything out there is its Facebook counter-part. However as most of the general public are still in "9600 baud BBS land" at the moment, I think we will be celebrating BTC for quite some time.

My 0.00002439 BTC

[Georgio]

I think there is space for 1 or 2 more cryptos. LTC and maybe one more lets say PPC or something new will come.

Some shops start to accept also LTC. It is quite possible that one LTC soon will reach 1/10 of a Bitcoin. and PPC 1/10 of a LTC.

[tarena]

Hello Everyone,

My thoughts, are that BTC will take the role of reserve currency for all crypto's. It will not be used for everyday purchases because people don't like to buy things in .00001 or .000145 amounts. People can't even barely describe a thousandth accurately. It will however be a great asset to use for bigger purchases like cars or houses. Or many other things, just not a candy bar or lunch. For now, the volatility of BTC prevents people from using it in everyday exchanges, like buying a lunch for .01 bitcoin or whatever because the value fluxuates too much. And, it takes 20 minutes to verify the transactions.

Litecoin, will be used for everyday stuff. It's quicker, smaller denomination. If you think of LTC as a $5 or $10 bill or whatever, it will make much more sense for people to buy and sell in LTC.

People who are soo against altcoin are forgetting that they themselves have a very warped perspective on the subject. As early adopters, they think hope that bitcoin just keeps climbing and the new adopters should make them rich. But then what is the incentive for new people to use or accept bitcoin at such a high price when they could simply use litecoin which has been very stable in price, or other promising coins like XPM, FTC, or PPC.

I think BTC will ultimately always be the most valuable, but that isn't guaranteed either. Anyone like OREO'S? You might be surprised to know that they were actually a knock-off cookie in the beginning. What about Hyundai's, remember what they were considered 30 years ago, shit, and today actually a great selling car.

Dont underestimate the fact that all this awareness and publicity done on the part of BTC could easily just transfer to any other promising ALT Coin. If somebody really wants to make these coins take off for the general public, there has to be an incentive for them. Everyone now seems to have just got in early, reaped the rewards, and waiting for the next generation to come in and make them rich. There's absolutely no reason why adopters couldnt just use another coin, at a better price thats more useful for everyday transactions.

This crazy price isnt exactly inviting to people who want to try starting bitcoins, unless they want to use it as a method of savings. So I expect BTC to be a reserve currency, just as the USD is today. There is room for many different alternatives in the market. As long as it serves as a good exchange of value then anything is viable.

[trevorh]

I think most people mine "altcoins" because they are easier to get than bitcoin. Then they exchange for bitcoin. Especially people that are still using GPUs - they mine for LTC.

[tarena]

one more point I forgot to mention.

My wife is from indonesia, 4th most populated country in the world. 100 dollars us = 1 million rp. Average monthly income about 200-300 usd. Go for a meal about 10,000-30,000 rp. If buying in bitcoin, then it would be .001333333 or more in Jakarta, where its more expensive.

Cryptocurrency has enormous advantages for adoption in countries with weaker currencies already. Africa, South and SE asia, where exchange rates to usd is about 30 to 1. Its one thing to buy stuff in 10,000 $ notes for a meal, but completely different to use a ten thousandth decimal.

LTC, PPC, XPM, FTC all will be more useful to these populations of the world.  

[Georgio]

Then maybe it is a good idea to buy now some alt coins, keep them and hope for good times