Litecoin is 11 times slower than bitcoin, at least this is what the latest data that we have in our latest cryptocurrency news shows. Despite the criticism of Bitcoin being slow, if you take a look at the other altcoins in comparison, it actually turns out it’s not that slow.
This is why we are about to analyze the other altcoins and to see whether they provide the same amount of work to secure their networks and how long it takes to confirm the transaction according to developer Luke Childs.
Bitcoin (BTC) has a market cap with over $130 billion and just 6 confirmations are required to secure the network. This takes up to 1 hour and 2 minutes. On the other hand, we have Ethereum (ETH) which is the longest currency on the position as the second largest cryptocurrency by market cap. Its market cap is over $20 billion. To do the same amount of work in order to secure the network, 1400 confirmations are required. This could take up to 5 hours and 11 minutes or 5 times slower than Bitcoin.
As an early copy of Bitcoin, Litecoin (LTC) has a different hashing algorithm. Litecoin is the 5th largest cryptocurrency with a market cap with about $5.75 billion. This means that it would take up to 250 confirmations to do the same work as Bitcoin does of 6 transactions. It could take 11 hours and 19 minutes which means Litecoin is 11 times slower than Bitcoin.
Bitcoin Cash (BCH), the Bitcoin hard fork is easy to compare to the number one cryptocurrency since it uses the same hashing algorithm. This is the 4th biggest crypto by market cap with close to $6.6 billion. The time estimated to do the 122 confirmations to provide the same amount of network securing will take up to 19 hours and 19 minutes which is 18 times slower than bitcoin.
The comparison does not take into account the potential differences in the networks between the different altcoins which also may facilitate greater security with far less work. Also, as mentioned in the coming altcoin news, the Proof-of-Work tokens are not included. As it turns out, Bitcoin is not so slow and is winning the hearts’ of the investors worldwide.
Charlie Lee Proposes Miner Donations To Fund LTC Development
‘’I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!’’The Litecoin Foundation is one of the most important development entities and underwent a lot of funding deficits that seek other ways to survive the harsh effects of the bear market. The proposed solution angered the community since mining was unrestricted and voluntary activity. The rewards remain for the miners and anyone that tries to take part in the reward will have caused discontent. Litecoin started without a premine phase but other projects such as Zcash built their idea of a developer reward during the early years of mining.The proposal also came right after Bitcoin Cash decided to introduce a tax on the miners and the coin will now levy a 12.5% miner tax to all entities wishing to discover blocks so if the tax is not paid, any blocks discovered will not be considered and propagated. The approach of the founder of Litecoin is different and intended to be voluntary but will spike a whole set of activities that are supposed to have no barrier to entry. Litecoin mining has slowed down quite enough as 12.5 LTC block reward most of the miners give up after the recent halving.If the donations are levied, it would possibly bring around $3,816 per day for the Litecoin development based on the current block reward. Currently, the mining rate of LTC dropped by 70 percent from the all-time peak ahead of the halving and the miners produce around 142 TH/s which is only a small part of the Bitcoin cash activity. Scrypt mining happens on a much smaller scale with smaller machines as the activity is pointed to the SHA-256 mining for bitcoin and other forks of it.
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“Even taking this into consideration, the main conclusion one may make from this data is that there are a significant number of coins now held by strong hands and long term bulls who have been accumulating and thusly removing potential downward pressure on the markets.’’Litecoin is now on a new path after the harsh correction phase of above $140 and also the latest halving for the coin only brought a lot of gains in the months prior to the halving rather than the time after the halving. The coin is still highly liquid and has about $4.7 billion in volumes. The asset is present on the bigger exchanges and on some futures market additions on OKEx. Litecoin is seen as a pretty reliable coin with the potential for a significant increase during bull rallies.The last hopes for Litecoin (LTC) signal a new BTC rally as the two assets showed decent proximity and a lot of support from the communities and supporters. Litecoin (LTC) traded at $50.45 which is an increase of 16 percent in the second half of the month and is now recovering trying to surpass the 0.006 lows. The most recent price moves show that Litecoin could even become more active in the upcoming days since it is extremely popular in the Asian markets. The fact that Litecoin soared as one of the most impressive altcoins lately is also one that shows us that altcoins are regaining their confidence in the current market.
Dash Could Surpass Litecoin As Daily Transactions Increase Steadily
‘’At the very least, if the crypto market cares about real fundamentals, then $DASH should be where #Litecoin is right now on the crypto market cap ranking. it’s only a matter of time before real cryptos with real utility rise up to the top. https://t.co/MbGAkw5rvi pic.twitter.com/hpJyqcLmqB’’The Dash network is being used to transfer a lot more value than Litecoin which doesn’t automatically mean that it has more value. Both of the assets are different since Dash offers different types of transactions and it also features rewards.
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