BitCoin vs LiteCoin

[kennethf]

Hi,

I am relatively new to the Bitcoin scene but since reading up have become very interested.  Since Litecoin is 'basically' the same theory (please don't jump on me for saying this!) I was wondering what the argument would be against suggesting that LiteCoin will become the same value?

I am into the online gaming business and am currently in the process of releasing a BitCoin casino/poker site.  I was wondering why none of the current sites seem to cater for LiteCoin.

Thanks,

K

[le_lenny]

Litecoin was the first cryptocurrency that use scrypt for proof-of-work.

[kennethf]

can you see any reason why this would not be another good payment option for gaming?  I mean BitCoin would be the primary deposit/withdraw method but a second method would surely be a plus.

I will however start initially with only BitCoin as this is ready to go.

[le_lenny]

Litecoin is also good payment option. I think you should accept both bitcoin and litecoin.

[alivecrypto]

Litecoin also widely accepted and is the second currency after bitcoin. We see its implementation less because of bitcoin's large market.

[kennethf]

Many thanks for the replies.  I've been in gaming years but BitCoin months!  I do however like the ease of BitCoin next to all the other payment methods I've had to battle with over the past decade.

[gambitx]

litecoin is da best

[keithers]

The word is that the recent surge in BTC value is because there is an exchange running in China right now, that is backed by a wealthy Chinese's personal bank account.   Someone cited that 64% of the BTC transactions right now are coming from this exchange.  This is slowly pulling LTC up with it, but the LTC/BTC ratio is still going downward..

PS..I am new here (I have been mainly over at litecointalk)... you have to wait 360 seconds between each post?!

[Kluge]

There is no reason Litecoin can't succeed, and there isn't a reason Litecoin necessarily can't exceed the value of Bitcoin unit-to-unit. It's important to note they aren't "versus" each other. They both have different strengths and weaknesses and are better-suited to some areas more than the other. This includes all of the altcoins, as well as virtual currencies which aren't BTC-offshoots, like Ripple.

Bitcoin basically just has more mass and momentum. Should a multi-crypto wallet come out (and I don't imagine this is more than a year off), the landscape may change significantly as the barrier to accepting major altcoins decreases. Bitpay/similar support would also be very disruptive.

[keithers]

LTC value is being pulled up by BTC with last night/today's surge.   The LTC/BTC ratio has been on a downward trend, however the last few days.   I have like 60% BTC, 40% LTC.  The profits that I have gained are much higher than BTC though because LTC right now is at where BTC was at like 1-1.5 yrs ago...

[kennethf]

ok then that answers my question.  I was  going to say that I'm sure people will be talking about the BTC/LTC ratio as they do the gold/silver ratio.....   but you guys are already quoting it!!

Many thanks.

One other thing.....

I use BlockChain for my Bitcoin wallet.  What would you guys recommend for a safe and secure LiteCoin wallet?

[TeamICoiN]

2014 is going to be a interesting year.

[hope4me]

LTC value is being pulled up by BTC with last night/today's surge.   The LTC/BTC ratio has been on a downward trend, however the last few days.   I have like 60% BTC, 40% LTC.  The profits that I have gained are much higher than BTC though because LTC right now is at where BTC was at like 1-1.5 yrs ago...

Maybe with price, but not adoption and merchant support.

[Solidchance]

I'm not a fan i having an online wallet. I would just recommend downloading to litecoin client and keeping it safe. The only good thing about  blockchain is that you can use it get your funds off of a paper wallet, but once you type in your private keys to get your coins, consider that wallet burned.

[KJO]

Hi,

I am relatively new to the Bitcoin scene but since reading up have become very interested.  Since Litecoin is 'basically' the same theory (please don't jump on me for saying this!) I was wondering what the argument would be against suggesting that LiteCoin will become the same value?

I am into the online gaming business and am currently in the process of releasing a BitCoin casino/poker site.  I was wondering why none of the current sites seem to cater for LiteCoin.

Thanks,

K

Litecoin currently has a market-cap of 650 million and 25 milllion coins which approximately doubles the coinage of Bitcoin.  Bitcoin's market cap is currently 11 billion USD.

Litecoin would have to reach approx 22 billion market-cap just to pull even.

Litecoin will never pull even because their ultimate coinage is 4x that of Bitcoin. They would have to be worth 4X Bitcoin's market-cap just to be even. (21 million BTC vs 84 Million LTC).

[black_swan]

Litecoin was the first cryptocurrency that use scrypt for proof-of-work.

ehm, you should research more before making such a statement
https://bitcointalk.org/index.php?topic=45667.0

Hi,

I am relatively new to the Bitcoin scene but since reading up have become very interested.  Since Litecoin is 'basically' the same theory (please don't jump on me for saying this!) I was wondering what the argument would be against suggesting that LiteCoin will become the same value?

I am into the online gaming business and am currently in the process of releasing a BitCoin casino/poker site.  I was wondering why none of the current sites seem to cater for LiteCoin.

Thanks,

K

Litecoin currently has a market-cap of 650 million and 25 milllion coins which approximately doubles the coinage of Bitcoin.  Bitcoin's market cap is currently 11 billion USD.

Litecoin would have to reach approx 22 billion market-cap just to pull even.

Litecoin will never pull even because their ultimate coinage is 4x that of Bitcoin. They would have to be worth 4X Bitcoin's market-cap just to be even. (21 million BTC vs 84 Million LTC).

...or have the same market cap with a value per coin of 1/4 or BTC/LTC 0.25, this is if they offer the same number of services and equal acceptance but we are not there yet.

[Buffer Overflow]

Litecoin was the first cryptocurrency that use scrypt for proof-of-work.

This is false. Before Litecoin were

Tenebrix - https://github.com/Lolcust/Tenebrix-QT

and

Fairbrix - https://github.com/wiggi/fairbrix-0.8-coincontrol

which are both scrypt and still running even today.

[kennethf]

When you say download the LiteCoin client to keep LTU you mean LiteCoin-QT ?

[keithers]

LTC value is being pulled up by BTC with last night/today's surge.   The LTC/BTC ratio has been on a downward trend, however the last few days.   I have like 60% BTC, 40% LTC.  The profits that I have gained are much higher than BTC though because LTC right now is at where BTC was at like 1-1.5 yrs ago...

Maybe with price, but not adoption and merchant support.

Yes you are right, but with BTC breaking the ice (so to speak), on vendors and merchants accepting the currency, it will become easier for companies to make the move to accept LTC as well. LTC will have to be adopted by 1 or more major exchanges before LTC is accepted by more merchants (for back end support), since most merchants dont plan on building a crypto portfolio