Just like you might know already, Bitcoin is the king of the cryptocurrency. That is a fact that has stood for long until a few weeks ago whereby the king (bitcoin) outnumbered Litecoin in every section except the transaction fees that are cheaper and the speed.
Litecoin being cheaper with higher speed makes it have an advantage over bitcoin which even the all-time critic of the cryptocurrency has to acknowledge. However, it has not been easy for Litecoin, as since 2011 it has always been under the shadow of Bitcoin. Even the crypto watchers wouldn’t tell for sure whether Litecoin had any chance of getting out of the Bitcoin shadows.
Charlie Lee, the Litecoin founder, had to take a very controversial move just to get it back on track. But until then, you would say Bitcoin was very far ahead-like say 50-0. In fact, with the current situation, it is worth mentioning that Bitcoin has to watch out simply because Litecoin is breathing behind there back. Nothing really much separates the two as they almost work similarly in all aspects.
The summary below for crucial areas can give you an insight of the few differences between them.
Summary of Litecoin vs. Bitcoin
|Creation||January 3rd, 2009||October 7th, 2011|
|Max. Coin supply||21 Million||84 Million|
|Block Time||10 minutes||2.5 minutes|
|Block reward halving||210,000 blocks.||840,000 blocks|
|Current block reward||12.5 BTC||25 LTC|
|Price (All-time high)
|$19,535 (coinmarketcap.com)||$366 (coinmarketcap.com)|
|Market capitalization (Today)||$163 billion||$10.4 billion|
Market/Price Capitalization against investment
Even with the current market bitcoin is still at the top. It accounts for the majority of the transactions and simply is the measure for the other cryptocurrencies.
It dominates by 44% of the entire market capitalization. It is hard to forget the fact that its price just dropped from a high of $19,535 to the current low of about $8920 (even this much is because it started picking some momentum from the last couple of days).
On the other hand, Litecoin is 5th on the coinmarketcap. However, it personally made a mile as its market cap rose from about $205 million to around $20 billion by the end of last year.
G20 assurances, Litecoin a better investment for holding
Now if you might be asking the better investment option, I can say bitcoin just as per now but with the faster and cheap transactions that Litecoin is making not long enough that the king will be snatched off the crown.
The possibility of some major company like Amazon using Litecoin over Bitcoin is much there, and when Global build its portfolio app on Litecoin network, it just scored high. For the mega payments it is likely to remain the best, and for an investor, it will be an excellent choice to go for Litecoin as it doesn’t bounce so much.
The last few days (or rather months) saw a drop in bitcoin price as there were signals from Twitter considering a move similar to Facebook and Google of a ban against cryptocurrency ads.
However, it bounced again up on Monday as the G20 gave assurances of no new cryptocurrency regulations.
According to Reuters, the fears on the cryptocurrency are expected to disappear as result of the G20 assurances. What we can only assume is gain for both coins by mid-year, and for the long-term, there is a prediction of $15,000 for bitcoin and $400 for Litecoin.
Meanwhile, if that should be the case, then a bet in Litecoin will be worth as for sure it has much worth going for.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Number 10 via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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