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.
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“I got some of my Lealana 25LTC & 10LTC coins graded by ICG. The labels of these coins are signed by me. There are a total of 5x 25LTC coins and 8x 10LTC coins. I have no plans to do any more of these. The 10LTC are the first issue ones with the bump in the back behind the hologram.”A ‘’BTC enthusiast’’ on Twitter, explained that he purchased one of the Lealana Litecoin collectibles at the Magical Crypto Conference in New York. He tweeted:
“It’s loaded with 10 LTC. There is a private key concealed with a tamper-proof hologram on the obverse of the coin.”Lee had the coins pre-assessed by the Independent Coin Grader which rates the coins based on the features. Similar to the altcoin, Lee only signed a set amount of coins which of course, bolsters their value. Litecoin, for example, has a finite supply of 84 million coins while Bitcoin has 21 million. Bidding for the litecoin collectibles starts at 0.1 LTC and Lee says he will also accept BTC payments. The auction will end on May 15. Lee has been trying to remind the crypto market that he sold his Litecoin portfolio during the peak price when a coin was worth $300. Now that the portfolio is empty, he moved to the litecoin collectibles. However, as noted in the latest cryptocurrency news, some users are now agreeing with his idea:
“I am sorry but I think this auction is in poor taste. The guy made millions and had 1000’s and 1000’s of litecoins and sold them all at $300 and he has the audacity to sell these coins for his own profit? Donate the proceeds or something. I’m sorry, I don’t mean to be rude but this just doesn’t sit right with me.”
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