What's the difference between bitcoin and litecoin?

Discussion in 'General Bitcoin Gambling Discussion' started by BitcoinAnarchist, Sep 5, 2017.

  1. I've just noticed that both BetOnline and BetCoin now support Litecoin in addition to Bitcoin for both deposits and withdrawal. Given that the BTC network was pretty congested during the NFL season last year, I'm considering buying some LTC this year to try it out. Has anyone used Litecoin to make deposit at their of these sites? What Litecoin wallet would you recommend? Do all the bitcoin exchanges like Coinbase also sell Litecoin?

    Any advice would be appreciated....
  2. Humble Servant

    Humble Servant Active Member Staff Member

    The biggest difference is that Litecoin blocks confirm on average every 2.5 minutes, while Bitcoin blocks confirm on average every 10 minutes. There will only ever be 21 million BTC, while there will be 84 million LTC mined over the next 120 years. Those are the two biggest differences, since the code is almost identical. Any innovation that is introduced into bitcoin is copy and pasted into litecoin.

    Charlie Lee, litecoin's creator, likes to say that bitcoin is digital gold and litecoin is digital silver. Since bitcoin is more scarce and has far more hashing power securing the network, it is a much better store of value but litecoin is pretty useful as a means of payments because blocks are less congested, they confirm faster and fees are often lower.
  3. Humble Servant

    Humble Servant Active Member Staff Member

  4. PokerGod

    PokerGod Member

    right now there is very little difference because the blocks aren't full and transactions fees are low on both chains.
  5. Fatboy

    Fatboy Member

    i lost faith in litecoin after charlie lee, the creator, sold all his ltc.
  6. Humble Servant

    Humble Servant Active Member Staff Member

    To be fair to Charlie, he didn't need to tell anyone that he sold his coins. He said he sold them because so many people were claiming that all his actions were to pump the price of his own coins. Now that he doesn't own any, his actions regarding LTC has more to do with benefiting the community.
  7. Lance

    Lance Member

    Now that Lightning is being developed on the Bitcoin network, Charlie Lee is attempting to turn Litecoin into a privacy coin by adding confidential transactions. This would make it more of a competitor with Monero and Zcash than Bitcoin. There are also rumors that Charlie has bought back in at the bottom after selling at the top in late 2017.
  8. Jake21

    Jake21 Member

    If on chain bitcoin payments become too expensive, I think bitcoin users will start to use atomic swaps between Litecoin on-chain to Bitcoin Lightning to fund their LN channels. That could seriously blur the lines between LTC and BTC.

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