Quote from: Steveia on December 08, 2013, 01:07:16 AM

Considering the similarities between the two and the fact LTC offers little "improvements" (which many would dispute are improvements at all), does anyone seriously consider Litecoin having a place in the world? We all hear that Litecoin is silver to Bitcoin's gold--and while this may sound plausible, it really makes no sense. Litecoin acceptance in the marketplace is dismal; it's only real hope is that one of the major (other than BTC-e) exchangers accept it. But even then, why would anyone use LTC over BTC for transactions?

Are we supposed to assume that, in the future, people will use their silver (Litecoins) for small purchases and Bitcoin for larger transactions?

LTC appears to offer very little (if anything) to the marketplace. Its sole benefit appears to be pump and dump. LTC was going up in value and will undoubtedly grow in value over time; but beyond speculation, there is little benefit to this coin in the marketplace.

Competition in cryptocurrenies are a good thing (let the market determine the best coin) but LTC is not that coin.

Who here agrees or disagrees and why?

Your answer seems extremely biased. IF (notice the IF) you are assuming that cryptos are to be used in everyday transactoins, then Litecoin makes more logical sense than Bitcoin. Litecoin offers MUCH faster transaction times. That alone is a huge plus for any merchant who is considering accepting crypto as payment. No one wants to wait 20 minutes for a transaction to go through, regardless of what fee they avoid. In addition, because both Bitcoin and Litecoin are deflationary, the cost of services and commodities will only continue to drop in comparison to the price of the coin. Since there can only be 21 million BTC in existence ever, it seems pretty ridiculous that a merchant would except payment of BTC. Looking forward, the deflation on the coin would be too great to the point where no one is going to pay .000002 for a cup of coffee. This is why the 4x greater market cap of Litecoin makes more sense regarding your argument of cryptos as an everyday currency. There are a lot of people in the world Shocked

However, in my own personal opinion, if you are comparing Bitcoin and Litecoin to gold and silver then you should not expect it to behave as an everyday transactional currency. Like gold or silver, the intrinsic value comes from utility in the form of being able to move HUGE amounts of money quickly and easily with miniscule fees attached. While that may not seem like that big of a utility function, it is. Break out of the mindset of person to person and start thinking business to business. The faster a transaction can happen, the faster life can go on. It's all about progression.

There are plenty of other reasons why Litecoin could be considered more useful, but in reality they compliment each other. Also remember that Litecoin is half the age of Bitcoin.