As Venezuela’s national currency loses value at a catastrophic rate, thousands of ordinary but desperate people turn to the world of cryptocurrency.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Cheap Fees and Quick Transactions Turn Litecoin Into the P2P Payment Technology Bitcoin Isn’t
Remarkable things are happening in the cryptocurrency world. Bitcoin sets a new all-time high this week, despite glaring technological issues. The Ethereum blockchain got clogged up due to virtual kittens. Litecoin reaches a new all-time high and holds its own. In fact, it seems some Bitcoin supports prefer to use LTC due to lower fees, proper scaling, and no transaction delays. This is an interesting development, especially when it comes to moving funds between exchanges and services.
Using Bitcoin as a currency is pretty much impossible right now. More specifically, it is impossible if you want to use it as a replacement for other tools. Bitcoin is ridiculously expensive to spend right now and the network can’t handle any serious transaction queue. While the mempool is finally shrinking again, there is still a long way to go. Everyone knows Bitcoin has scaling issues, yet they seemingly cannot be resolved in a timely manner whatsoever. Even sending Bitcoin between exchanges has become far too cumbersome.
Litecoin Trumps Bitcoin for Peer-to-peer Payment Functionality
To counter this problem, more and more traders convert Bitcoin to altcoins. It seems Litecoin is of great interest in this regard. It is a liquid currency supported on many exchanges and online platforms. Moreover, Litecoin has far cheaper fees compared to Bitcoin. It is evident this is the new go-to solution to move money between online services. It isn’t necessarily responsible for the recent LTC price increase, though, but it remains to be seen what drove that trend.
When it comes to peer-to-peer payments, Bitcoin becomes less suitable every month. It is evident there is a need for alternatives.Litecoin checks a lot of the right boxes in this regard. Although it won’t replace Bitcoin or even Ethereum, it is the best option to move money around right now.This can’t be the objective for Bitcoin in the long-term, though. However, there is so much focus on the price, everything else is far less important to speculators. Whether or not this justifies the current BTC price, is a different matter altogether.
Addressing the fee and congestion situation in Bitcoin will not be easy whatsoever. In fact, it may never be resolved in our lifetime, for all we know.This doesn’t mean Bitcoin doesn’t have value or is a major cryptocurrency. It has lost track of the peer-to-peer payment aspect many people fell in love with. That is a very troublesome development which will hurt this currency in the long run. Moreover, it will also allow altcoins such as Litecoin to thrive in the future. An interesting situation well worth keeping an eye on.
Header image courtesy of Shutterstock
The post Cheap Fees and Quick Transactions Turn Litecoin Into the P2P Payment Technology Bitcoin Isn’t appeared first on NEWSBTC.
Bitcoin Claws Back to $10k: Can Bulls Turn the Tide?
The bitcoin price is entering sideways trading, but a break above ,000 could signal a rally back to all-time highs.
CoinDesk
UN Agencies Turn to Blockchain In Fight Against Child Trafficking
The United Nations has partnered with the World Identity Network to develop a blockchain identity pilot aimed to help curb child trafficking.
CoinDesk
How Blockchains Will Turn Supply Chains Into Demand Chains
The value blockchains offer to supply-chain management will come once other technologies, such as 3D printing, disrupt global manufacturing networks.
CoinDesk
Mining Profitability may Permanently Turn in Favor of Bitcoin Cash
Cryptocurrency miners are always looking for the most profitable coin. For a lot of people, that has been Bitcoin, as far as SHA-256 mining is concerned. As of right now, it is far more profitable to mine Bitcoin Cash. According to Fork Lol, this situation may continue for quite some time to come. Given the SegWit2x drama on the horizon, a lot of things will change by the look of things.
A lot of people will always mine Bitcoin first and foremost. It is the world’s leading cryptocurrency now and will be for some time to come. Moreover, it is the only coin that gives people access to nearly all “airdrops” of forked coins that may matter in the end. Without Bitcoin, no one would have BCH, BTG, or soon B2X. It is evident the world’s leading cryptocurrency still has a lot of momentum in its favor. However, there is some competition emerging as we speak.
Bitcoin Cash Mining is More Profitable
Most of this competition comes from Bitcoin Cash right now. This particular altcoin has soared in value over the past week. No one knows why exactly, but it is the hand we’re dealt. This has also affected the mining profitability of both BTC and BCH. More specifically, it is now more profitable to mine Bitcoin Cash cover BTC. Although this situation changes a lot lately, the current trend may remain in place for some time to come.
Fork Lol seems to indicate BCH mining will remain more profitable for some time. More specifically, the seven-day average has flipped in favor of BCH. Although this situation hasn’t been locked in yet, it is a very real possibility. Even at a rate of 1.06 times the normal BTC earnings, some miners will be tempted to make the switch. Interestingly enough, this trend seems to manifest itself close to the Bitcoin Cash hard fork itself. That fork will introduce some changes to the current mining difficulty algorithm.
For the time being, no one knows how things will play out. Bitcoin is on everybody’s mind right now, that much is evident. The current price momentum clearly favors BTC as well. However, BCH is making a very strong comeback out of the blue. There are some interesting changes on the horizon, to say the very least. A profitability change and SegWit2x near the same time will shake things up quite a bit. It is unclear how this will affect Bitcoin as a whole, though. The next few weeks will be extremely interesting to keep an eye on.
The post Mining Profitability may Permanently Turn in Favor of Bitcoin Cash appeared first on NEWSBTC.
Filmmakers Join Forces with Programmers, Turn to Blockchain to Combat Piracy and Content Accessibility Issues
An experienced team of film producers, distributors, blockchain experts, and software developers have teamed up and announced their latest project. Dubbed White Rabbit, the project aims to monetize P2P streaming to the benefit of fans and filmmakers alike. Lets face it, piracy happens and it happens on a massive scale. In a report published earlier this year by anti-piracy and data analytics group MUSO, they tracked over 190 BILLION visits to online piracy sitesnRead MorenThe post Filmmakers Jo
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
XRP Price Jumps Back to $0.22 as Other Markets Turn red
Very little is happening in the world of cryptocurrency right now, as most currencies are suffering from a temporary downturn. There is one exception when it comes to the top currencies, though, as Ripple is effectively bucking the trend in this regard. It is the only currency to note any major gains right now, as the XRP price has increased by 9.1% over the past 24 hours. Quite spectacular, to say the least. XRP Price Gets a Healthy Nudge When it comes to Ripple and their XRP asset, the opinions among cryptocurrency enthusiasts have always been divided, to say the
BitNewz.net
Swiss Regulators, FINMA, Turn Their Attention Towards ICOs
In the wake of last month’s crackdown on the fraudulent “almost-cryptocurrency” offered by the QUID PRO QUO Association, Swiss financial watchdog, FINMA, announced that they’d begun investigating a number of additional ICOs (initial coin offerings). The news signals the beginning of regulatory oversight in what’s known as “Crypto Valley” in Switzerland. The area plays host … Continue reading Swiss Regulators, FINMA, Turn Their Attention Towards ICOs
The post Swiss Regulators, FINMA, Turn Their Attention Towards ICOs appeared first on NEWSBTC.
Unleashing Blockchain AirFox Set to Turn Data into Universal Currency
n n n Sponsored article.n With nearly half of the world untouched by the Internet, the potential to transform a crisis into an opportunity is what the AirFox ICO is all about.n
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7