íàçâàíèå

Litecoin, Dogecoin, and Bitcoin Cash Are Neck-and-Neck in the Payments Race

While Bitcoin is still overwhelmingly preferred for transacting, the latest data shows that Litecoin, Bitcoin Cash, and, surprisingly, Dogecoin, are currently neck-and-neck in the cryptocurrency payments race. 


Altcoins Vie for Market Share But Bitcoin Still King

In its six months of existence, the transaction count for Bitcoin Cash — the Bitcoin spinoff focusing on cheaper and faster transactions for everyday payments — has petered out since record highs at the beginning of the year. 

Meanwhile, other altcoins also focusing on cheaper and quicker payments, namely Litecoin and the tongue-in-cheek Dogecoin cryptocurrency, have followed a similar course as cryptocurrency users still overwhelmingly prefer Bitcoin.


But Bitcoin aside, it appears that Litecoin has been the preferred lower-cost alternative for cryptocurrency users for much of the six month period even after Bitcoin Cash became a thing.

Only three instances have been recorded where spikes in Bitcoin Cash transactions surpassed that of Litecoin, specifically in mid-August and mid-November 2017, and once again in mid-January 2018.


Litecoin too experienced a surge in popularity towards the the end of last year, seeing its transaction volume quadruple likely due to a surge in Bitcoin transaction fees during the same time.

However, spikes in Bitcoin Cash transaction volume appear less organic, marked by volatile drops in a matter of days, unlike Litecoin, whose usage was a bit more sustained during the given time period.

Meanwhile, a resurgent Dogecoin has seen a significant rise in transaction volume too as of late, putting it on par with Litecoin and Bitcoin Cash. Though this too could be a short-lived phenomenon as the spike coincides with news of its first ever hard-fork dubbed Dogethereum slated for later this year.  

Since the exorbitant fees at the end of last year, Bitcoin transaction fees have hit rock-bottom, dropping to as low as one satoshi per byte – the cheapest possible fee as it is the smallest unit of a bitcoin.

This likely explains the decrease in volume for the three aforementioned altcoins in the last few months as Bitcoin network congestion appears to have been resolved for now.

‘The Payments War’

Meanwhile, the owner of Bitcoin.org, under the ‘Cobra’ pseudonym, has revealed buying more Bitcoin Cash, anticipating its victory in the so-called “upcoming payments war” against Bitcoin’s Lightning Network (LN).

Crypto Twitter did not take too kindly to the announcement, equating the move with “selling out” as  others questioned the identity of the person behind Cobra’s latest tweets.

At the same time, Litecoin enthusiasts parodied Cobra, pointing out that their coin has similar properties while existing for much longer, making it the logical alternative for everyday payments.

Dogecoin enthusiasts also jumped into the fray, citing advantages in decentralization and even lower transaction costs compared to Bitcoin Cash.

Besides Bitcoin, what cryptocurrency would you consider using for everyday transactions? Let us know in the comments below! 

Images courtesy of Shutterstock, Twitter, and Bitinfocharts.com.

06.03.2018 / 09:42 50
Bitcoin Cash and Litecoin Tie on Transaction Levels Bitcoin Cash and Litecoin Tie on
When a cryptocurrency catches up with a rival it terms of transactions it could be a sign of greater adoption, or maybe not. Litecoin and Bitcoin
Litecoin Price Leaps 30% to New All-Time High Litecoin Price Leaps 30% to New
Litecoin price leaped by nearly a third on Monday, raising the sixth-largest cryptocurrency to a new all-time high. Litecoin Price Touches $185 For
Litecoin Price Spikes 82% in a Single Day to Hit $300, Surpasses IOTA Litecoin Price Spikes 82% in a Single
The Litecoin price has achieved $300, as it surpassed IOTA with a $15 billion market cap, to become the fourth largest cryptocurrency in the world
Indian Bitcoin Exchange Zebpay Adds Litecoin Support Indian Bitcoin Exchange Zebpay Adds
On January 25, 2018, Zebpay, one of India’s most popular mobile-based cryptocurrency exchanges, announced the addition of Litecoin to its trading
Litecoin to Complement Bitcoin as Payments Currency: Founder Charlie Lee Litecoin to Complement Bitcoin as
Charlie Lee Cryptocurrency-fueled scams seem to keep Litecoin founder Charlie Lee up at night, based on a report in Business Insider. Lee, who is an
Dark Web Users Ditch Bitcoin for Litecoin Due to Costly, Slow Transactions Dark Web Users Ditch Bitcoin for
Slow transaction times and high fees are causing dark web users to favor Litecoin and, to a lesser extent, Dash, over bitcoin. A new report by
Comments (0)
Add a comment
Comment on