Cryptocurrency ecosystem has always been competitive as tokens look to solidify their legitimacy and reach worldwide adoption. At press time, the total market capitalization of cryptocurrencies stood at $121 billion and the market volume over the past 24 hours has been about $25 million, after witnessing a large price valuation pump this year.
However, this hasn’t stopped the constant difference surfacing between the digital assets and a twitter account name Bitcoin recently tweeted comparing the transaction fees of Litecoin and Bitcoin Cash.
Bitcoin Cash was a result of a hardfork which took effect in August 2017, when a group of developers wanted to increase the block size limit of Bitcoin and developed a code for it. This caused a case of conflict and as a result, the Bitcoin blockchain was split into two.
The group of developers also included Roger Ver, who is one of the current lead proponent of BCH. Roger Ver recently tweeted regarding the Bitcoin block size limit and stated:
The Bitcoin tweet mentioned the difference in transaction rates of Litecoin and Bitcoin Cash, driving home the fact that Bitcoin Cash is a more viable and cheaper option than Litecoin, which is supposedly the cheapest alternative in the cryptocurrency market.
According to bitinfocharts, it can be clearly seen that the average transaction fee for Litecoin is 0.0259 USD as compared to Bitcoin Cash average transaction fee, which is only 0.0004 as of on February 8, 2019. This chart also validates the tweet and further solidifies BCH’s claim of being the cheapest option.
However, if we observe the transactions per day chart, we can notice that Litecoin is still the preferred option for transactions than Bitcoin Cash as it recorded a total number of 31.023K transactions to BCH’s 10.038K.
A Redditor named lubokkanev commented on the tweet and stated that:
“That’s an absurd comparison. A chain either has full blocks or not. BCH won’t have full blocks until a lot of people use it, hopefully never. LTC currently doesn’t have full blocks but it doesn’t want to have big blocks, thus it’s not suited for a global cash system on chain.”
The primary Redditor named OlavOlsm who posted the tweet replied:
“Thats the point. The blocks are more full on LTC than on BCH so the fees are higher. This was way worse 1 year back. Bitcoin had way more fee than Litecoin at that time but Litecoin also had way more fee than Bitcoin Cash. Bitcoin Cash never had full blocks and experience the so called fee market and to avoid a fee market is the goal because the fees always have to be as small as possible. When the price go up enough the minimum fee per byte will be reduced I am sure. But for Litecoin, that is not the case.”
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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