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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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