can someone tell me what the point of litecoin is

[XXthetimeisnowXX]

so if the whole bitcoin is starting to get traction and businesses are just waking up to it and some are excepting it as payment (kinda the point) then what is the point of another cryptocurency?

"Hi we accept cash, visa, mastercard, debt card, amex, paypall, bitcoin, and bitcoin lite, oh and three other new types of crypto currency that my boss has no idea how it works. "

come on what can you buy with that? even sr only has one form of payment.

ok its true i know next to nothing about the new one so can some one shed some "light" on the subject, 

[checkers6676]

so if the whole bitcoin is starting to get traction and businesses are just waking up to it and some are excepting it as payment (kinda the point) then what is the point of another cryptocurency?

"Hi we accept cash, visa, mastercard, debt card, amex, paypall, bitcoin, and bitcoin lite, oh and three other new types of crypto currency that my boss has no idea how it works. "

come on what can you buy with that? even sr only has one form of payment.

ok its true i know next to nothing about the new one so can some one shed some "light" on the subject, 

as i understand it, litecoin is for all those people who weren't first adopters of bitcoins but still want to make their millions by mining a young cryptocurrency. Apparently, there are enough of those kinds of people out there that litecoin has started to actually be worth a few cents.

[NamelessOne]

Not just worth a few cents, it rose to almost $6 over the last week! ahah

[checkers6676]

Not just worth a few cents, it rose to almost $6 over the last week! ahah

compared to bitcoin, just a few cents

[piramida]

Alternative cryptocurencies are like bitcoin micro-clones but without any future, they have their one-time bubbles then go away into oblivion after the "early adopters" cash out. Be cautious.

[XXthetimeisnowXX]

Not just worth a few cents, it rose to almost $6 over the last week! ahah

ya I noticed that, but what the hell for? just to get some jump on the unknowing? and to cash out with some good coin( the good kind) 


guess if you bought in at a buck you would have 6 times your money.....guess not to bad. but ya gotta watch that one every day all day. dont miss the drop. 

guess at this point if you bought is then bitcoins would have to go to 850 to see that kind of gain, so i see what they are doing but i dont think its (the lite) going anywhere real

[XXthetimeisnowXX]

Alternative cryptocurencies are like bitcoin micro-clones but without any future, they have their one-time bubbles then go away into oblivion after the "early adopters" cash out. Be cautious.

no doubt! I agree! but I guess the prospect of 1,000% increase is just to much to not want to try for some. for me ill stick with "THE" bitcoin

[Benny1985]

Imagine you're a business that needs to confirm that the transaction(s) have been sent and verified quickly.

To confirm the transaction on a block, it takes 10 minutes for BTC. For LTC, it takes 2.5 minutes - 4x the speed.

As a business, which one would you rather integrate for faster confirmation? The answer should be LTC. Also, since its GPU-based, it is likely to be more decentralized, as huge hashing farms may be more likely on sha256 currencies.

[XXthetimeisnowXX]

Imagine you're a business that needs to confirm that the transaction(s) have been sent and verified quickly.

To confirm the transaction on a block, it takes 10 minutes for BTC. For LTC, it takes 2.5 minutes - 4x the speed.

As a business, which one would you rather integrate for faster confirmation? The answer should be LTC. Also, since its GPU-based, it is likely to be more decentralized, as huge hashing farms may be more likely on sha256 currencies.

well there ya go a good answer, thank you

if you were a betting man/woman what would you place your money on?

you get 5 criptocurencys for guessing right.
 
so what is your bett? 

[tgsrge]

ITT: people who think that bitcoin will be the only cryptocurrency until the end of times.

[XXthetimeisnowXX]

ITT: people who think that bitcoin will be the only cryptocurrency until the end of times.

nope bitcoin wont last five years, but till then ill make some money. there is always a better version of something. just surfing that wave and enjoying the ride.

TLPISCFWITT: you know who you are 

[Benny1985]

Imagine you're a business that needs to confirm that the transaction(s) have been sent and verified quickly.

To confirm the transaction on a block, it takes 10 minutes for BTC. For LTC, it takes 2.5 minutes - 4x the speed.

As a business, which one would you rather integrate for faster confirmation? The answer should be LTC. Also, since its GPU-based, it is likely to be more decentralized, as huge hashing farms may be more likely on sha256 currencies.

well there ya go a good answer, thank you

if you were a betting man/woman what would you place your money on?

you get 5 criptocurencys for guessing right.
 
so what is your bett? 

Honestly... I don't know.

To be honest, I don't think the perfect cryptocurrency has emerged yet.

I think the optimal cryptocurrency will amalgamate the best features of each major coin - the speed of LTC, Scrypt-based (possibly - that is my opinion), a currency that gets adoption, but not limited to 21 or 84 million coins (similar to PPC/NVC), open-source, and probably a few other features.

I think that each iteration of coins brings us more insight on what should make the "Perfect" coin. BTC is the genesis and is likely to be the best for awhile, but I believe it has some major drawbacks that will limit it in 8-10 years that another coin will be able to perfect. Is that LTC? I honestly doubt it. But I believe that LTC has many advantages that will allow businesses to use until the perfect coin comes along that balances good feature sets with higher adoption rates.

Cryptocurrency is an idea. A great one. But what we need is a coin that is designed to take marketshare away from real currency, and can be adopted by everyone. You won't do that with 21 or 84 million coins and slow confirmations. If I were building a coin, I'd make it as fast as possible, but with lower payouts (set at say 12.5 coins or 25 coins), and no set limit on coinage. Maybe that's a coin out there that exists and I'm not thinking of it, but that'd be the coin I put my money on.

[chrsjrcj]

To make money off BTC-e chat trolls. 

[XXthetimeisnowXX]

Imagine you're a business that needs to confirm that the transaction(s) have been sent and verified quickly.

To confirm the transaction on a block, it takes 10 minutes for BTC. For LTC, it takes 2.5 minutes - 4x the speed.

As a business, which one would you rather integrate for faster confirmation? The answer should be LTC. Also, since its GPU-based, it is likely to be more decentralized, as huge hashing farms may be more likely on sha256 currencies.

well there ya go a good answer, thank you

if you were a betting man/woman what would you place your money on?

you get 5 criptocurencys for guessing right.
 
so what is your bett? 

Honestly... I don't know.

To be honest, I don't think the perfect cryptocurrency has emerged yet.

I think the optimal cryptocurrency will amalgamate the best features of each major coin - the speed of LTC, Scrypt-based (possibly - that is my opinion), a currency that gets adoption, but not limited to 21 or 84 million coins (similar to PPC/NVC), open-source, and probably a few other features.

I think that each iteration of coins brings us more insight on what should make the "Perfect" coin. BTC is the genesis and is likely to be the best for awhile, but I believe it has some major drawbacks that will limit it in 8-10 years that another coin will be able to perfect. Is that LTC? I honestly doubt it. But I believe that LTC has many advantages that will allow businesses to use until the perfect coin comes along that balances good feature sets with higher adoption rates.

Cryptocurrency is an idea. A great one. But what we need is a coin that is designed to take marketshare away from real currency, and can be adopted by everyone. You won't do that with 21 or 84 million coins and slow confirmations. If I were building a coin, I'd make it as fast as possible, but with lower payouts (set at say 12.5 coins or 25 coins), and no set limit on coinage. Maybe that's a coin out there that exists and I'm not thinking of it, but that'd be the coin I put my money on.

I like the way you think, I do belive for any other coin to work though is to have bitcoin work. people need to have a coin and feel comfortable with it for a few years, do some online purchases say on amazon or the like and when that is all good then the newer types of coins with features we havent even thought of yet will make its way out.

not to be all conspiracy theory on ya but I would not doubt that the same small group of individuals that own the fedreserv are working on one right now, and it will be "the best ever" but surprisingly strings are being pulled by an anonymous peoples (ahem) and they controll the price of the coin somehow. also coincidently this is the only coin that the gov allows business to use and even bank rolls the setup for shops to use it and conveniently it takes taxes out of each purchase and bam we are right back where we started but people dont know it. just saying.......just a thought.

[XXthetimeisnowXX]

To make money off BTC-e chat trolls. 

hay! thats us  hahaha

[Buffer Overflow]

To confirm the transaction on a block, it takes 10 minutes for BTC. For LTC, it takes 2.5 minutes - 4x the speed.

At the cost of 4x lower confirmation strength.

[ruggedman_dan]

I look at BTC as gold and LTC as silver.

They can co-exist and even compliment each other.

Plus, the logos of both kind of illustrate what I just said

[twelph]

I think the optimal cryptocurrency will amalgamate the best features of each major coin - the speed of LTC, Scrypt-based (possibly - that is my opinion), a currency that gets adoption, but not limited to 21 or 84 million coins (similar to PPC/NVC), open-source, and probably a few other features.

When BTE gains tranction, a new best feature will be a 1:1 copy of the previous best coin. That will be when we have finally come full circle

[XXthetimeisnowXX]

I look at BTC as gold and LTC as silver.

They can co-exist and even compliment each other.

Plus, the logos of both kind of illustrate what I just said

I will look more into this, ya know maybe ill "diversify my portfolio"

but just real quick i assume that you need a whole new wallet and all that good stuff.

where is a good place to start buying a few coins just in case. USD to LTC. pros and cons of some. your preferences?

THANKYOU

[nameface]

Other interesting cryptos like PPC and NMC are very different, they are testing new ideas.
LTC is a furthering of the exact same experiment as BTC. I like LTC, solid dev as well.
LTC is just like bitcoin but with a few tweaks (faster first confirmations, larger supply).
It's main usefulness is that it functions as an alternative to bitcoin that's just like bitcoin.