At the ending of the year, it is perhaps finally the time to measure the digital coins by their performance for the sake of a brief review. The cryptocurrencies have been doing well at the beginning of the year until it decided to fall heads down right from the middle of September 2018. The performance of Bitcoin started degrading since the market was dwindling between a stable condition and a thrashing storm and with the downfall of Bitcoin began the fall of the other coins as well. Litecoin (LTC) being one of them.
Bitcoin saw a very unthankful 10th birthday on October 30th last. Though it has always been successful at bagging the highest amount of market cap, it has been only partially trusted by many. Many are of the opinion that Bitcoin may become extinct in the coming years to say, or it may even be so that Bitcoin becomes the future of the human race altogether. But, the question is whether the other coins, especially the hard forks of Bitcoin would be able to survive the storm long enough or not.
Litecoin is said to be a near clone of Bitcoin, founded by Charles Lee. Litecoin has been able to go as far as to create its own separate community and is considered to hold the value of silver. Not to forget, Bitcoin has been showered the glory of gold.
Litecoin posted on Reddit about their new flair rule about three months ago:
“We’ve been overwhelmed with newcomer posts. In light of this, we created a bot that will PM people without flairs various pertinent information to read through when they post. In order to stop receiving these, simply add a flair to your name. Thanks!”
If the decade-old Bitcoin and a few years old be compared to each other, Litecoin takes only about 2.5 minutes while Bitcoin takes 10 minutes to process a single block. So, Litecoin has the scope of faster processing of the time. Bitcoin may be successful in gaining fame, Litecoin has been proving to be the smarter choice for many. Not only that Litecoin is way more affordable than that of Bitcoin, but it also shows signs of further improvements for the sake of the users.
A different hashing algorithm, the number of coins and the frequently mined blocks is what clearly distinguishes Litecoin from its structurally identical Bitcoin. The current hashrate distribution of Litecoin is no longer as democratic as it were in 2012. It has come to this that Litecoin’s mining pools are even more centralized than Bitcoin’s.
Therefore, Litecoin mining is being done at a rate four times more than that of Bitcoin. A well-known method of payment is being adopted by many through Litecoin, especially the websites. Lee had ideally aimed for Litecoin transaction procedures to be a transparent deal which is perhaps one of the trust-earning moves.
At a time of crisis when the upsurge of the performance of the coins are being shortlived and the collapse, at a stability when it should have been the otherwise, Bitcoin has been able to trade at $69,927,485,883, priced at $4,017.78 and a circulating supply of 17,404,525.
Litecoin, on the other hand settling at the 7th position, has bagged $1,922,589,870. Its circulating supply is 59,49,463. The circulating supply of Litecoin is exactly the hands-on proof that it has more demand and Bitcoin is not even close. Litecoin is priced at a considerable amount of $32.36.
It is up to the future owners of cryptocurrencies as to what they would be making their priority-smartness and speed which comes with Litecoin or the old and trusted Bitcoin.