Litecoin Payments
 

Is this the new bit coin?

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MetArt said today it is now accepting the cryptocurrency called litecoin.

In September 2013, Metart took a leadership position in online adult entertainment by becoming the first site to accept bitcoin payments.

?After the initial spike in bitcoin memberships, our bitcoin sales flattened out,? company COO Shaun Lenihan said. ?We met with the gocoin engineers who shared their open architecture and vision for ways to monetize that simply were not possible with our current provider. Just saying you accept digital currency is not enough, you have to drive adoption.

"Gocoin is not just selling a different platform, but helping us market digital currency more effectively to our customers. In addition to accepting litecoin payments, we found the gocoin API superior in every way with its open design and flexibility to innovate and integrate with our internal system.?

Litecoin is based on the bitcoin protocol but differs from bitcoin in that it can be efficiently mined with consumer-grade hardware, say project officials.

They also say litecoin provides faster transaction confirmations ? 2.5 minutes on average ? and that the cryptocurrency uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have.

The litecoin network is scheduled to produce 84 million currency units, they say.

Lenihan said Metart will begin rolling out new options and packages aligned with how digital currency enthusiasts prefer to consume content.

"Our customers can expect to see additional alt-coin payment options and the rollout of innovative packages that give our customers the power to purchase our content that best fit their needs," he said.

http://www.xbiz.com/news/176217

I don't see the point of the other currencies like Litecoin if you aren't going to go for bitcoin. The benefits are primarily for those who missed out on the price increase or the easy days of mining. But why not go to Bitcoins for anyone else?

There are like a 1000 alternative currencys to bitcoin. Who's to say which will lead in 5 years time. Maybe Litecoin, maybe peercoin maybe quarkcoin maybe dogecoin or maybe it will still be bitcoin.

I have used litecoin though and can safely say it's much faster than bitcoin.

Because people who missed out on the BTC train leaving the station instantly started mining and buying up LTC just like those who missed the LTC train leaving the station started mining and buying up DOGE.

Bitcoin - Gold
Litecoin - Silver
Dogecoin - Bronze

Think of it like that id say those were the top 3 cryptocurrencies in circulation right now and neither show signs of dying anytime soon.

It seems like common sense to me but maybe I'm missing something. If people simply keep creating more currencies when a given currency rises then eventually they will all be worthless as none of them "overall" will be scarce. If you care about these currencies then it makes sense to only push one and let that one keep the stability.

The thing is not all crypto currencies are created equal. Bitcoin was the first and most established but others have more long term value like litecoin or feathercoin.

Or no value at all ;)

It is like social networks, everyone can do one, but there's only facebook with users. Now is bitcoin the myspace or the facebook there?