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Addressing The Litecoin (LTC) and Litecoin Cash (LCC) Power Struggle

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In the Cryptocurrency world, forks are always at the forefront of every topic of conversation amongst investors. The prospect of the creation of a new Cryptocurrency( in this case, a new chain) from the parent token has been always highly sought after, as shown by Bitcoin’s fork Bitcoin Cash, as well as later forks as well.

However, in the present, two cryptocurrencies are making waves in crypto-circles around the world. Litecoin and Litecoin Cash. The newer LiteCoin Cash or LCC was first launched on February 18, 2018, a split from the original Litecoin (LTC) chain.

When comparing the two, it may seem at the first glance that Litecoin is still holding the upper hand in this Cryptocurrency arms race. But just like every other thing in this market, price movements and value of the currencies can change due to a variety of factors, with the major one being Market sentiment. At the time of writing(08/03/2018), Litecoin’s price stands at $181.60 USD with a Max supply of  84,000,000 LTC tokens compared to  Litecoin Cash’s price of $0.480927 USD. However, the maximum supply of tokens for Litecoin Cash is much higher, currently at 840,000,000 LCC.
(information from Coinmarketcap [dot] com)

Litecoin’s Emergence

Litecoin, launched way back in 2011, was developed with the goal of addressing major issues plaguing Bitcoin, the dominant Cryptocurrency at that time. It started gaining ground as a result of several factors going their way. For instance, the ability of Litecoin to produce faster block generation speeds, the implementation of the newer “scrypt” algorithm, along with other factors. Scrypt which is a “ Proof of Work” algorithm, was a new algorithm for miners to prove their computing contributions during the mining process.  Note that at this time, the “crypto-sphere” was much smaller in size with fewer cryptocurrencies worldwide.

The Birth of Litecoin Cash

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Fast Forward seven years, and on February 18, the Litecoin network underwent a “hard fork” which resulted in the creation of Litecoin Cash. Block 1371111 of the existing Litecoin blockchain experienced the hard fork.

Litecoin Cash still retains the predictable block time( around 2.5 minutes) present in the original Litecoin network. However, it is expected to be at least four times faster than Bitcoin. Similarly, following Litecoin’s path, Litecoin Cash has a blockchain size of only 13GB compared to the much higher 145 GB blockchain size of Bitcoin. This results in more bandwidth availability, which in turn makes transactions cheaper.

Criticisms of the Fork

Like many forks of different cryptocurrencies before it, Litecoin Cash suffered its fair share of backlashes and criticism from the crypto community. Charlie Lee, founder of the original Litecoin had also recently Tweeted about Litecoin, calling it a scam, and comparing them to other fraudulent Bitcoin forks in the past. Similar sentiments can be experienced among the Litecoin community, especially on sites such as Reddit. This has created a rift between the two communities, with Litecoin Cash’s official website attempting to clear the confusion with the statement below.

“We are not associated or affiliated with Charlie Lee or any of the Litecoin team in any way. We are using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked.”

Litecoin Cash and the future

Despite the volume of criticism they faced, the Litecoin Cash team set the mining difficulty level at a minimum for the first 24 blocks.  It will be followed by the dynamic adjustment of difficulty, based on the observed time for current block generation on the network. This ensures that existing Litecoin Cash miners do not have an advantage over new entrants.

When it comes to the mining difficulty, Litecoin Cash promises to deliver dynamically calculated figures, calculated at each block, using the Dark Gravity V3, still in use by DASH.

Final Thoughts

The Litecoin Cash team aims at providing faster processing times for transactions as well as improved block generation with an efficient network performance.  It should be noted, that in spite of the criticism it has been receiving, Litecoin Cash’s success will depend on the quality of features it possesses, which will result in a higher degree of adoption, popularity, and valuations. Things are certainly looking brighter for Litecoin Cash, and only time will tell whether it can overtake Litecoin and be the dominant Cryptocurrency.

We will be updating our subscribers as soon as we know more. For the latest on LTC and LCC, sign up below!

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 Kamia Wolf via Flickr

Altcoins

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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