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Author Topic: What exactly are litecoins?  (Read 592 times)
Victorinox
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October 09, 2013, 07:29:34 PM
 #1

I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?
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HyperBeam
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October 09, 2013, 07:32:56 PM
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They are mined with the scrypt algorithim, which is different from bitcoins.
pand70
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October 09, 2013, 07:41:06 PM
 #3

They are easier to mine (than bitcoins) but they worth less. All and all it is the most popular crypto-currency after bitcoins and people mine them while they wait for news from mt.gox...

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October 09, 2013, 07:52:14 PM
 #4

I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?


It is just a speculative coin because you can hardly spend it buying goods/services
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October 09, 2013, 07:56:53 PM
 #5

Litecoins are an alternative cryptocurrency to Bitcoins, you can trade them with us:

https://coinmkt.com

Travis Skweres
CEO - Coin Market
https://www.coinmkt.com/
HyperBeam
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October 09, 2013, 08:01:44 PM
 #6

You can also trade litecoins for bitcoins at exchanges like vircurex.
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October 09, 2013, 08:01:49 PM
 #7

I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?

If you want to make a noticable profit from Bitcoin mining nowadays you'll need to use ASICs. Litcoin (and many other altcoins) can't currently be mined using ASICs or even FPGAs, but can be mined using GPUs, so the purpose is mainly to give formerly BTC-mining GPU rigs something to do. Most altcoins can be exchanged for BTC or fiat. Eventually LTC will be as common as BTC is now, it's just that Bitcoin had a head start.

BTC: 1J1GyDaghKbQGFMd6krHzc9z6n4jGhZuwd  |  XPM: AREf5D61m291PRpKGEGsPjUQgut5A4aZez
DoctorBTC
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October 09, 2013, 08:05:02 PM
 #8

Litecoins are made by angels.

Not a real Doctor...
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October 09, 2013, 08:06:07 PM
 #9

If you want to make a noticable profit from Bitcoin mining nowadays you'll need to use ASICs. Litcoin (and many other altcoins) can't currently be mined using ASICs or even FPGAs, but can be mined using GPUs, so the purpose is mainly to give formerly BTC-mining GPU rigs something to do. Most altcoins can be exchanged for BTC or fiat. Eventually LTC will be as common as BTC is now, it's just that Bitcoin had a head start.


Maybe, but there are hundreds alternative coins with this characteristic, some dead already  Grin

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Coinalot.net
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October 09, 2013, 08:16:22 PM
 #10

They are mined with the scrypt algorithim, which is different from bitcoins.

Also, Litecoins are faster than Bitcoins because the average block time is only 2.5 Minutes.
This also means there will be 4x more Litecoins than Bitcoins.
sneeze
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October 09, 2013, 08:18:30 PM
 #11

You can trade LTC with multiple currencies on https://btc-e.com/. Easy to mine with GPU using scrypt but worth much less than BTC. If you have a nice farm running multiple GPU's with free electricity, it might be worth giving it a shot and perhaps use a trading bot or something to trade for BTC.
vervolioman
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October 09, 2013, 10:38:46 PM
 #12

I keep hearing about them once and a while but I never see any sites that take them and I dont really understand what purpose they play. Are they just easier to mine?

Some info here:
https://en.bitcoin.it/wiki/Litecoin

What use is a signature?
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Litecoin is right coin


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October 10, 2013, 05:06:18 AM
 #13

What exactly are bitcoins?

https://litecoin.info/Main_Page

kelsey
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October 10, 2013, 05:45:36 AM
 #14

They are easier to mine (than bitcoins) but they worth less.

typo its one word 'worthless'  Wink
aa
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Litecoin is right coin


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October 10, 2013, 08:12:00 AM
 #15

They are easier to mine (than bitcoins) but they worth less.

typo its one word 'worthless'  Wink
Litecoin is worth just as much as Bitcoin was at the same time in its history. Wink

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