with an active user base and legitimate credentials. Yet even assuming this is true, the problem may be solved through simple software changes introduced in the digital wallets through which Bitcoin transactions are made. One more thing worth noting is that mining Litecoins requires less resources and energy compared to Bitcoins. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
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This is four times higher than the total number of Bitcoins that can be mined (Bitcoin is capped at 21 million coins which means that as demand increases, there will be a larger supply of Litecoins to meet it, at least initially. The maximum coin shouldnt impact the value storage of either coin since both Bitcoin and Litecoin can be divided into fractional amounts. Its interesting to theorize situations where Litecoin could overtake Bitcoin the flagship of the cryptocurrency world. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. Bitcoin, as of February 24, 2019, Bitcoins market capitalization sits at roughly 67 billion,. Bitcoin is currently ranked number one with a market cap of over 56 billion. However, the transaction confirmation by other network participants does take some time. Sure, Bitcoins price can still be incredibly volatile, but while a mere 1 billion loss would decimate Litecoins market cap in half, Bitcoin would need a crash of 40 billion in market cap for effects to be just as catastrophic. On the other hand, Litecoin was especially designed to be much faster than Bitcoin and its transaction speed is roughly.5 minutes per transaction. .
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