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Bitcoin Vs. Litecoin Vs. Dogecoin: Comparing Virtual Currencies

As the halving approaches Litecoin could plunge like it did in 2015

47 days before the 2015 block rewards reduction, Litecoin’s declined by 70 percent following a 590 percent surge. Now, only 45 days away from this year’s halving and up 540 percent, LTC is showing signs that a Litecoin vs bitcoin mining 2015 is underway.

The Halving Event

Every four years after 840,000 blocks are mined, Litecoin goes through a fixed process called halving that reduces the rewards miners get for mining blocks by 50 percent. Consequently, the inflation rate of the cryptocurrency is also reduced.

This event is set to happen until the total supply of 84,000,000 LTC are mined. It is unknown when the last few coins will be mined, but it will be around 2142 based on the current rewards Litecoin vs bitcoin mining 2015. By then, approximately 0.00000672 LTC will be mined each day until eventually, all the tokens are in circulation.

The 2015 Halving Event

Litecoin went live on Oct. 13, 2011, and since then it has only had one block reward reduction event. The first halving occurred on Aug. 26, 2015, at a block height of 840,000, which dropped the mining reward from 50 LTC per block to 25 LTC. The halving had Litecoin vs bitcoin mining 2015 direct impact on the Litecoin vs bitcoin mining 2015 of the cryptocurrency.

Following the low of $1.30 on April 26, 2015, LTC went through a consolidation phase that lasted almost a month, where it was trading between $1.35 and $1.50. On May 22, the market valuation of this cryptocurrency broke out and within a month and a half it reached $8.97, which represented a 590 percent upward move.

On July 9, 47 days prior the halving, LTC reached its peak and began a 73.2 percent correction. It went down from a high of $8.97 to trade at $2.40 just one day before the halving occurred. Litecoin basically spent the following months staggering between $2.87 and $3.24.

The 2019 Halving Event

On Aug. 6, 2019, at exactly block 1,680,000, Litecoin will go through a new halving event where the mining reward will be cut in half, from 25 LTC per block to only 12.5 LTC.

Just as it happened in the previous halving, the market valuation of LTC began surging after the low of Dec. 7, 2018, when it was trading at $22.54. Since then, this cryptocurrency has gone up 539 Litecoin vs bitcoin mining 2015 to reach a high of $144 on June 12, 2019.

Now, that the block rewards reduction is just 54 days away from today, Litecoin seems like it has or it will reach its peak. If history repeats itself, LTC could soon pullback to the 200-day moving average just as it did in 2015. If it does, a 56.94 correction will take Litecoin vs bitcoin mining 2015 dragging its price down from the recent high of $144 all the way to $62.

Is it time to short Litecoin?

The current market structure is completely different compared to 2015. Financial institutions have joined the space and regulation has stepped in, which has helped the cryptocurrency industry mature. Nonetheless, the market is still mostly based upon sentiment and not fundamentals which allow many cryptocurrencies to surge without any deep-rooted reason.

After an approximately 540 percent rise, it is hard to say that Litecoin will continue going up without pulling back, but due to the nature of the market it is worth noting Litecoin vs bitcoin mining 2015 it could. As the halving event approaches, many investors might take the date as a “take profit” event that could indeed provoke a correction in the market valuation of this cryptocurrency.

Whether LTC will go down 57 percent to test the 200-day moving average remains to be seen, but likely the strength of the support given by the 50 and 100-day moving average will tell how significant the retrace will be.

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Posted In: Litecoin, Analysis, Price Watch, Technical Analysis

Litecoin, currently ranked #4 by market cap, is down 1.95% over the past 24 hours. LTC has a market cap of $8.2B with a 24 hour volume of $4.98B.

Chart by CryptoCompare

Litecoin is down 1.95% over the past 24 hours.

Is it time to short Litecoin?

Photos: Inside one of the world’s largest bitcoin mines

One of the world’s largest bitcoin mines is located in the SanShangLiang industrial park on the outskirts of the city of Ordos, in Inner Mongolia, an autonomous region that’s part of China. It’s 400 miles from China’s capital, Beijing, and 35 miles from the the city of Baotou. The mine is just off the highway, near the intersection of Latitutde 3rd Road and Longitude 3rd Road. It sits amidst abandoned, half-built factories—victims of an earlier coal mining boom that fizzled out, leaving Ordos and its outlying areas littered with the shells of unfinished buildings.

The mine belongs to Litecoin vs bitcoin mining 2015, a Beijing-based company that also makes mining machines that perform billions of calculations per second to try and crack the cryptographic puzzle that yields new bitcoins. Fifty Bitmain staff, many of them local to Ordos, watch over eight buildings crammed with 25,000 machines that are cranking through calculations 24 hours a day. One of the buildings is devoted to mining litecoin, an ascendant cryptocurrency. The staff live on-site in a building with a dormitory, offices, a canteen, and a repair center. For recreation, they play basketball on an unfinished cement court.

Bitcoin mining consumes enormous amounts of electricity, which is why miners seek out locations that offer cheap energy. The Ordos mine was set up in 2014, Litecoin vs bitcoin mining 2015 it China’s oldest large-scale bitcoin mining facility. Bitmain acquired it in 2015. It’s powered by electricity mostly from coal-fired power plants. Its daily electricity bill amounts to $39,000. Bitmain also operates other mines in China’s remote areas, like the mountainous Yunnan province in the south and the autonomous region of Litecoin vs bitcoin mining 2015 in the west.

Despite the costs, bitcoin mining remains a lucrative industry. At the current bitcoin price of about $4,000 per bitcoin, miners compete for over $7 million in new bitcoins a day. The more processing Litecoin vs bitcoin mining 2015 a mining operation controls, the higher its chances of winning a chunk of those millions. The Ordos mine accounts for over 4% of Litecoin vs bitcoin mining 2015 processing power on the bitcoin network—a huge amount for a single facility.

Quartz visited the mine in Ordos on Aug. 11.

Correction (Aug. 21): Xinjiang is in the west of China. A previous version of this story incorrectly said it was in the east.

Is Bitcoin Mining Profitable?

Bitcoin Vs. Litecoin Vs. Dogecoin: Comparing Virtual Currencies

Cryptographically secure virtual currency exploded onto the scene in 2009 with the introduction of Bitcoin by Satoshi Nakamoto, the mysterious, and likely pseudonymous, developer of the Litecoin vs bitcoin mining 2015. In the years since, Bitcoin has become the best-known, most widely circulated digital money in history. Bitcoin, with its technological design, has also inspired the development of many hundreds of other virtual Litecoin vs bitcoin mining 2015. In February 2016, more than 500 virtual currencies are traded in digital markets around the world every day. Few, however, come close to Bitcoin in influence, supply, trading volume or market capitalization.

Among the hundreds of virtual currencies available as of 2016, Litecoin and Dogecoin are two of the most influential Litecoin vs bitcoin mining 2015 to Bitcoin. Like Bitcoin, Litecoin and Dogecoin Litecoin vs bitcoin mining 2015 decentralized, cryptographically secure digital currencies enabling peer-to-peer payments between any two people in the world without relying on government or regulatory oversight. Bitcoin supremacy seems certain to continue, even as the Litecoin vs bitcoin mining 2015 faces substantial growing pains; however, both Litecoin and Dogecoin also appear likely to continue as viable alternative digital currencies going forward.

Background: Cryptocurrency

Decentralized digital currencies, such as Bitcoin, Litecoin and Dogecoin, utilize cryptography and a public transaction ledger, known generically as a block chain, to ensure the security of peer-to-peer transactions. The Bitcoin block chain, for example, contains a record of every Bitcoin transaction since the currency's initiation in 2009. Litecoin vs bitcoin mining 2015 of this block chain occurs across the network so that every user with Bitcoin software can verify the past and current balance of every other Bitcoin user account on the network. Secure cryptographic methods protect the validity and the order of transactions in time within the block chain, ensuring that all Bitcoin accounts are accurate and current.

The transfer of bitcoins or another cryptocurrency from one user to another is also cryptographically protected. When a Litecoin vs bitcoin mining 2015 sends bitcoins, a secret piece of data called a private key, which is known only to the user, adds a cryptographic signature to the transaction, proving to the rest of the network that the user authorized the transaction. The cryptographic signature also protects transactions from future alteration. Once a user initiates a transaction, the details begin broadcasting across the network. Before the transaction can be finalized in the block chain, however, other users on the network must complete a confirmation process known as mining.

Mining is a computer hardware-intensive, number-crunching process that cryptographically confirms transactions and inserts them into the block chain in proper chronological order. Once the mining process confirms a transaction, it is added to the distributed block chain and the transaction is complete. The process of mining is an optional activity on the Bitcoin network. Mining is in fact a competitive business. When a user successfully completes confirmation of a transaction block and that block is added to the block chain, the successful user receives a predetermined amount of newly created cryptocurrency as a reward for her efforts, in addition to an optional transaction fee paid by the user who initiated the transaction. The reward incentivizes the mining and ensures the continuing security of the cryptocurrency system.

Bitcoin

Since its launch in 2009, Bitcoin has reigned as the world's most popular and widely accepted cryptocurrency. In 2015, the number of private merchants accepting payment in Bitcoin surpassed 100,000 for the first time. Retail purchases remained a small part of the payment network's overall transaction volume, which peer-to-peer payments dominate. According to an analysis by the U. S. Federal Reserve, worldwide retail payment volume averaged fewer than 5,000 bitcoins per day in February 2015, roughly 2.5% of the total transaction volume during the period. At the time, 5,000 bitcoins Litecoin vs bitcoin mining 2015 worth about $1.2 million.

As of Feb. 2, 2016, 1 bitcoin is worth $374 on the open market. Prices adjust continually according to supply and demand, just like any market-determined exchange rate between two fiat currencies. Bitcoin payment Litecoin vs bitcoin mining 2015 fluctuated between 180,000 and 240,000 transactions per day in the two weeks prior to Feb. 2. More than 15 million bitcoins are in circulation, giving the currency a dollar-denominated market capitalization approaching $5.7 billion. The Bitcoin system is designed to continually reduce the reward associated with Bitcoin Litecoin vs bitcoin mining 2015 until the supply of bitcoins grows to 21 million, which is a limit programmed into the system. Thereafter, miners must rely solely on transaction fees to pay for their efforts.

Litecoin

Charles Lee, an MIT graduate and former software developer at Google, launched Litecoin in 2011. The Litecoin cryptocurrency system is based substantially on the Bitcoin peer-to-peer protocol, with several technical differences designed as improvements over the Bitcoin system. The main technical difference noticeable to casual users is a reduction in the time it takes to process transactions. A Bitcoin transaction takes around 10 minutes to confirm, while Litecoin transactions take 2.5 minutes. Like bitcoins, litecoins are created through the mining process; however, Litecoin creation is capped at 84 million units, four times as large as the Bitcoin cap.

As of Feb. 2, 2016, 1 litecoin is worth just more than $3 on the open market. Payment volumes fluctuated between about 4,000 and 9,000 transactions per day in January, a fraction of the daily volume occurring on the Bitcoin network. The total number of litecoins in circulation exceeds 44 million. In dollar terms, the Litecoin market capitalization is nearly $136.5 million. Although hard figures are unavailable, it is safe to say that Litecoin is much less prevalent in retail environments than is Bitcoin. Thus, Litecoin Litecoin vs bitcoin mining 2015 primarily as a peer-to-peer payment system at the time of this writing, and it is likely to continue as such unless it gains in popularity in the coming months and years.

Dogecoin

Launched in December 2013, Dogecoin began as something of a joke but progressed into a full-fledged cryptocurrency based on the Bitcoin system. It is named after Doge, an Internet meme combining pictures of a Shiba Inu dog with fragments of broken English. Dogecoin differs from Bitcoin and Litecoin in several respects. Most significantly for end users, Dogecoin miners require only about 1 minute to confirm a transaction, substantially less time than both its competitors. Additionally, the Dogecoin system has no cap on the number of dogecoins that users can mine. As long as miners continue operating, the Dogecoin supply continues to expand.

As of Feb. 2, 2016, 3,817 dogecoins are worth $1. Given the much higher mining reward, the total number of dogecoins in circulation already exceeds 102 billion. The supply is set to increase by an expected 5.2 billion dogecoins per year in perpetuity. The dollar-denominated market capitalization of the currency is just under $27 million. Payment volumes fluctuated between 14,000 and 22,000 in recent weeks. Dogecoin acceptance is not widespread in retail environments. People widely use the currency to give small tips to online content creators, forum participants and other worthy netizens.