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Litecoin [LTC] vs Bitcoin Cash [BCH]: BCH claims to be most viable transaction option

Biraajmaan Tamuly

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Source: Pixabay

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 tweeted:

Source: Twitter

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:

Source: Twitter

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.

Source: Twitter

Source: Twitter

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.



Source: Twitter

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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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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