ROMORC
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Has anyone successfully turned bitcoins or litecoins into USD? Its pretty easy to convert between cryptocurrencies at a place like Coined Up, but getting it into USD seems to be more difficult. I originally thought BTC-e might be a good solution, but they have very high minimum transfer amounts and high fees. Coinbase has a much better rate (1%) for converting BTC into USD, but it requires your bank account information and I'm not sure how safe that is. I recognize that there are some gift card options such as: http://www.gyft.com/bitcoin/, but I'd like to know a way to get USD as well.
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Spongebob28
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Re: Bitcoin/Litecoins into USD
2013/12/23 22:45:18
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I to would like to know the answer to this question.
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_Nite_
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Re: Bitcoin/Litecoins into USD
2013/12/23 22:50:50
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Only place I've used so far is www.giftcardltc.com (for amazon gift cards) but for converting BTC/LTC into actual USD yes http://btc-e.com is the best I heard (I've not used it yet though) I would have created an official list of merchants for Litecoin but I prefer not to cause not sure all of them can be trusted.
post edited by _Nite_ - 2013/12/23 22:53:05
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Spongebob28
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Re: Bitcoin/Litecoins into USD
2013/12/23 23:00:30
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I see how you sell your Litecoins to btc-e.com but how do they get the money to you?
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_Nite_
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Re: Bitcoin/Litecoins into USD
2013/12/23 23:01:16
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Spongebob28
I see how you sell your Litecoins to btc-e.com but how do they get the money to you?
I havn't used it enough to answer that yet other then the giftcard site I mentioned above for amazon cards. how to get actual cash in hand/bank/paypal from LTC that part I don't know.
post edited by _Nite_ - 2013/12/23 23:05:52
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ROMORC
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Re: Bitcoin/Litecoins into USD
2013/12/23 23:02:11
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_Nite_
Only place I've used so far is www.giftcardltc.com (for amazon gift cards) but for converting BTC/LTC into actual USD yes http://btc-e.com is the best I heard (I've not used it yet though)
I would have created an official list of merchants for Litecoin but I prefer not to cause not sure all of them can be trusted.
Which option on btc-e do most people use to actually get it into a Paypal or bank account? The wire transfers are 1.5% fee but the minimum transfer amount is $1000. All of the free options are wallets/more online currencies that have their own associated fees to convert them into USD and they look shady to me. The paypal option has a 7% fee and a $500 minimum transfer amount. To me, none of these seem like good options for the rate that most of us are producing cryptocurrencies.
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_Nite_
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Re: Bitcoin/Litecoins into USD
2013/12/23 23:05:13
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read my previous post ROMORC :)
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ROMORC
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Re: Bitcoin/Litecoins into USD
2013/12/23 23:10:08
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_Nite_
read my previous post ROMORC :)
Apparently I type my posts too slowly...
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kailahopkins
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Re: Bitcoin/Litecoins into USD
2013/12/24 08:48:48
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I came across about this at BitcoinDaily. Since this is a decentralized currency, basically you don’t need a bank account-your bitcoin wallet will serve as one. You just need to have an open source that will serve as your processor. Anyhow, selling and trading bitcoins will offer you physical money.
Bitcoin Daily- Your daily bitcoin news and update
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CAxVIPER
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Re: Bitcoin/Litecoins into USD
2013/12/24 10:19:06
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handruin
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Re: Bitcoin/Litecoins into USD
2013/12/24 13:50:24
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I just signed up for Coinbase and I added in my checking account. It could take a couple days for the verification but once it works out I'll let you know how it goes. I went to my personal bank a few years ago and created a second checking account. I use that with my Paypal and do not have it linked to my primary savings and checking to mitigate risk. I recommend others do the same.
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ROMORC
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Re: Bitcoin/Litecoins into USD
2013/12/24 13:52:35
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CAxVIPER
I use Mt.Gox, I've never had an issue with them.
https://www.mtgox.com/
What are all the fees that are invovled? I see a 0.6% fee for buying/selling BTC. Do you then withdraw it via international wire? What are the fees with that? I have also seen a bunch of places say that processing has been delayed significantly. Even on there website for international transfers they say international wire transfers are: "taking more than 4 weeks to process due to the volume of withdrawal requests currently in the queue." handruin
I just signed up for Coinbase and I added in my checking account. It could take a couple days for the verification but once it works out I'll let you know how it goes. I went to my personal bank a few years ago and created a second checking account. I use that with my Paypal and do not have it linked to my primary savings and checking to mitigate risk. I recommend others do the same.
I was wondering about creating a second checking account. Do you keep any money in the account, or do you immediately transfer it to your main account? Also, isn't there still a possibility of the account getting overdrawn?
post edited by ROMORC - 2013/12/24 13:54:30
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handruin
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Re: Bitcoin/Litecoins into USD
2013/12/24 13:58:56
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CAxVIPER
I use Mt.Gox, I've never had an issue with them.
https://www.mtgox.com/
I was doing some reading on MtGox and it seems they may lock your account until you go through their 7-10 day verification process even if you're not transferring from BTC to $USD. Their verification process requires a lot of personal information. I signed up but I'm not sure I'm willing to give them all that info so I'm just warning others to read through the information and think about it before signing or sending your BTC over to them.
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handruin
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Re: Bitcoin/Litecoins into USD
2013/12/24 14:02:54
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ROMORC
CAxVIPER
I use Mt.Gox, I've never had an issue with them.
https://www.mtgox.com/
What are all the fees that are invovled? I see a 0.6% fee for buying/selling BTC. Do you then withdraw it via international wire? What are the fees with that? I have also seen a bunch of places say that processing has been delayed significantly. Even on there website for international transfers they say international wire transfers are: "taking more than 4 weeks to process due to the volume of withdrawal requests currently in the queue."
handruin
I just signed up for Coinbase and I added in my checking account. It could take a couple days for the verification but once it works out I'll let you know how it goes. I went to my personal bank a few years ago and created a second checking account. I use that with my Paypal and do not have it linked to my primary savings and checking to mitigate risk. I recommend others do the same.
I was wondering about creating a second checking account. Do you keep any money in the account, or do you immediately transfer it to your main account? Also, isn't there still a possibility of the account getting overdrawn?
I keep only minimal amounts in the account (less than 100 $USD) because I use it to buy games through Steam/Paypal and some other various things of low cost. I can easily transfer money via my bank from one account to this separate account so that's not a big concern if I need more than $100 in it. You're right that I'm sure it's possible to get hit with an overdraft fee if Paypal or coinbase try to reverse a charge but I do not have overdraft protection on this (meaning the money would come out of another account through my bank's rules) thereby reducing the risk of someone actually getting any substantial money from me if something bad happened. I'd rather pay the $25 overdraft fee than have to fight for getting back $1000+ due to my bank fulfilling an overdraft protection. With paypay they're supposed to use my credit card if the bank funds are not available. I've not actually tried this though.
post edited by handruin - 2013/12/24 14:05:33
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TheWolf
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Re: Bitcoin/Litecoins into USD
2013/12/25 08:43:41
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I see at BTC-E LTC is now back close to 20$ for 1 LTC. Hope it keeps going up.
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_Nite_
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Re: Bitcoin/Litecoins into USD
2013/12/25 10:56:20
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TheWolf
I see at BTC-E LTC is now back close to 20$ for 1 LTC.
Hope it keeps going up.
Me too, I want it back up to at least $30, its where it was at before the china thing happened.
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Equitum
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Re: Bitcoin/Litecoins into USD
2013/12/26 14:53:35
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By the way, I wouldn't use BTC-E for anything other than turning LTC into BTC or vice-versa - if you want to turn LTC or BTC into USD, their exchange rates are pretty nice right now, but it's 1000 USD minimum with 1.5% fee for a wire transfer, 500 USD minimum for Paypal with 7% fee, or you can transfer to online money transfer purse sites (which I definitely would NOT do) for a lower minimum and fee.
I didn't see this until I was curious about how I would move my USD from BTC-E and looked to transfer today.
Imo, if you want to cash out, go through all the verification steps on Coinbase, and convert all LTC/DOGE/other alt coins into BTC for the time being at the best conversion rate you can get, and sell BTC on Coinbase when you want to cash out.
It might take a bit to go through all the verification steps on Coinbase, but it would be a heck of a lot faster than mining long enough to convert LTC into $1000 (and then take a $15 hit) each time you want to cash out.
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ROMORC
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Re: Bitcoin/Litecoins into USD
2013/12/26 15:35:13
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Those are some good points. I also noticed that while BTC-E's fee for a wire transfer is 1.5%, it is an international wire transfer that takes weeks to process and will go through multiple banks before it reaches your US bank. Each bank along the way takes a fee for the transfer. I have read that you should expect anywhere from 5-12% bank transfer fees on top of BTC-E's 1.5% fee.
Coinbase seems to be the best option right now since its based in the US and transfers money directly into a checking or bank account. I created a second checking account just to be used for coinbase so that if someone tries to take money out of the account, nothing will be there and the worse that will happen is an overdraft that can get reversed after talking to my banks fraud department.
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rbh5081
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Re: Bitcoin/Litecoins into USD
2014/01/04 07:10:42
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If you are not in need of cash use ltc to get btc then get gold. Its nice to have solid assets then paper. I use Amiga metals. http://www.amagimetals.com/ I have no stake or claim in them but I have never had a problem getting items in stock back orders or pre orders take sometime but longest I have waited is 2weeks.
 Stop being zombie's let's make a real change this year LIVE FREE my friends.
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shadowboricua
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Re: Bitcoin/Litecoins into USD
2014/01/05 05:29:15
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Equitum
By the way, I wouldn't use BTC-E for anything other than turning LTC into BTC or vice-versa - if you want to turn LTC or BTC into USD, their exchange rates are pretty nice right now, but it's 1000 USD minimum with 1.5% fee for a wire transfer, 500 USD minimum for Paypal with 7% fee, or you can transfer to online money transfer purse sites (which I definitely would NOT do) for a lower minimum and fee.
I didn't see this until I was curious about how I would move my USD from BTC-E and looked to transfer today.
Imo, if you want to cash out, go through all the verification steps on Coinbase, and convert all LTC/DOGE/other alt coins into BTC for the time being at the best conversion rate you can get, and sell BTC on Coinbase when you want to cash out.
It might take a bit to go through all the verification steps on Coinbase, but it would be a heck of a lot faster than mining long enough to convert LTC into $1000 (and then take a $15 hit) each time you want to cash out.
Thanks for the tip. Where is the best place to exchange LTC to BTC? is that BTC-e?
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handruin
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Re: Bitcoin/Litecoins into USD
2014/01/05 08:40:17
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shadowboricua
Equitum
By the way, I wouldn't use BTC-E for anything other than turning LTC into BTC or vice-versa - if you want to turn LTC or BTC into USD, their exchange rates are pretty nice right now, but it's 1000 USD minimum with 1.5% fee for a wire transfer, 500 USD minimum for Paypal with 7% fee, or you can transfer to online money transfer purse sites (which I definitely would NOT do) for a lower minimum and fee.
I didn't see this until I was curious about how I would move my USD from BTC-E and looked to transfer today.
Imo, if you want to cash out, go through all the verification steps on Coinbase, and convert all LTC/DOGE/other alt coins into BTC for the time being at the best conversion rate you can get, and sell BTC on Coinbase when you want to cash out.
It might take a bit to go through all the verification steps on Coinbase, but it would be a heck of a lot faster than mining long enough to convert LTC into $1000 (and then take a $15 hit) each time you want to cash out.
Thanks for the tip. Where is the best place to exchange LTC to BTC? is that BTC-e?
I've done lots of exchanges at CoinedUp. They're free and I've had no issue with them so far.
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Equitum
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Re: Bitcoin/Litecoins into USD
2014/01/05 15:10:14
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shadowboricua
Equitum
By the way, I wouldn't use BTC-E for anything other than turning LTC into BTC or vice-versa - if you want to turn LTC or BTC into USD, their exchange rates are pretty nice right now, but it's 1000 USD minimum with 1.5% fee for a wire transfer, 500 USD minimum for Paypal with 7% fee, or you can transfer to online money transfer purse sites (which I definitely would NOT do) for a lower minimum and fee.
I didn't see this until I was curious about how I would move my USD from BTC-E and looked to transfer today.
Imo, if you want to cash out, go through all the verification steps on Coinbase, and convert all LTC/DOGE/other alt coins into BTC for the time being at the best conversion rate you can get, and sell BTC on Coinbase when you want to cash out.
It might take a bit to go through all the verification steps on Coinbase, but it would be a heck of a lot faster than mining long enough to convert LTC into $1000 (and then take a $15 hit) each time you want to cash out.
Thanks for the tip. Where is the best place to exchange LTC to BTC? is that BTC-e?
BTC-e is still fine for converting cryptos to other cryptos (like LTC to BTC), as long as you move more than the minimum transaction amount (I'm not sure what that is for BTC, since I don't really use BTC-e any more). If I were mining LTC still, I would look at BTC-e after Cryptsy - Cryptsy has become my online crypto market of choice since I all switched to mining Dogecoin because they tend to have great exchange rates and deal in pretty much every cryptocurrency out there. I've also heard some good things about Coins-e, but I couldn't deal with their layout personally. Their site is much faster and responsive than Cryptsy's, but they kind of obfuscate the current buy/sell orders and exchange rate for a given crypto exchange behind a few more menus whereas Cryptsy has all of that info displayed right on the exchange page.
post edited by Equitum - 2014/01/05 15:13:25
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TheWolf
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Re: Bitcoin/Litecoins into USD
2014/01/07 14:09:42
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Coin crash! Time to buy in or sell? I think time to buy in as I'm sure it will go back up soon after the panic sells everyone is doing. lol I'll hold mine and make many more while I wait.  Even thought about buying 5 or so LiteCoins while low.
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eduncan911
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Re: Bitcoin/Litecoins into USD
2014/01/07 14:24:46
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Thanks for this thread! I've been wanting to get setup for cashing out a certain percentage every month to pay electrical bills, satisfy the boss (wife), etc. I think I'll go the Coinbase route for now. Just FYI, I've been using coinedup.com for converting my DOGE and LTC into BTC. Very slow website; but, I like how they protect my wallet there with Google since I use two-factor authentication with my Google account (everyone should implement Google's two-factor auth - there's no reason why a website dealing with currency can't). TheWolf
Coin crash! Time to buy in or sell?
I think time to buy in as I'm sure it will go back up soon after the panic sells everyone is doing. lol
I'll hold mine and make many more while I wait.Even thought about buying 5 or so LiteCoins while low.
I've been noticing a trend lately that there's a lot of selling, and prices drops, during the day (in EST timezone). They come backup at night.
post edited by eduncan911 - 2014/01/07 14:25:50
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_Nite_
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Re: Bitcoin/Litecoins into USD
2014/01/07 19:02:47
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TheWolf
Coin crash! Time to buy in or sell?
I think time to buy in as I'm sure it will go back up soon after the panic sells everyone is doing. lol
I'll hold mine and make many more while I wait.Even thought about buying 5 or so LiteCoins while low.
Go for it, Buying it is what keeps the price up, selling it is what hurts it. the problem is when its price gets low, people sell in a panic mode cause they think its going to crash, and it will crash if sold too fast..... if others buy at the same time other sells thats what will help keep it balanced.
post edited by _Nite_ - 2014/01/07 19:06:49
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Telemachos
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Re: Bitcoin/Litecoins into USD
2014/01/14 19:54:30
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Be careful when using factional parts of the coin and any stipulations that might be involved. I think BTC-e's minimum to make a transaction is 1.1 (1 LTC and .1 fee), if you put in for less, it will eat your coin.
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_Nite_
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Re: Bitcoin/Litecoins into USD
2014/01/14 22:40:35
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Telemachos
Be careful when using factional parts of the coin and any stipulations that might be involved. I think BTC-e's minimum to make a transaction is 1.1 (1 LTC and .1 fee), if you put in for less, it will eat your coin.
Yea I realize that, I plan to put in a little more a bumper then I need when I go through exchanges, and anything leftover after the coversion I withdraw back to my local wallets as I don't trust leaving them on the exchange account. I just got into dogecoin so I'm gonna be giving the exchange a try really soon for the first time
post edited by _Nite_ - 2014/01/14 22:46:06
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TheWolf
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Okele
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Re: Bitcoin/Litecoins into USD
2014/01/15 14:35:13
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This is my unprofessional, lack of experience opinion of Litecoin. Just looking at the info over the last 2 years, more specifically the last 3 months. I am figuring litecoin will jump to $75-100.00 per coin in the next two months. Primarily as Bitcoin becomes harder to mine(because of all the companies building mining farms,) which will drive the price of the litecoin to higher amounts because it will be easier. Just my thought.
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handruin
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Re: Bitcoin/Litecoins into USD
2014/01/15 17:26:43
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That's a huge jump in two months for LTC. If BTC becomes harder to mine wouldn't that make it more valuable since there is now less new supply? Large corp BTC miners can't easily jump to LTC because their expensive ASIC gear is not compatible so there is no easy changeover unless they get into GPU mining. What else can they do except buy more ASIC miners and push on with less profit or the price may go up in BTC to offset the reduced quantity of coins. Either way LTC is along for the ride because it has no real independence. If anything price may go down or rather the ratio of LTC needed for BTC may increase reducing the amount LTC miners make in a day.
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