Litecoin Trading Volume Is on the Verge of Overtaking Bitcoin

The 24-hour Litecoin trading volume is edging close to overtaking that of Bitcoin, as traders and developers investigate alternatives to BTC’s backlog, while fears of a pump and dump rise. Following a 24-hour jump of 21.21%, Litecoin sits at only US$800,000 of trading volume away from overtaking Bitcoin as the most traded digital currency in July 9 trading. The volume has quadrupled in the last week to its current US$40M figure. On July 2, 24-hour trading volumes stood below US$10M. Speaking to CoinTelegraph, Litecoin founder Charlie Lee detailed some of the technical differences that may now be enticing distributed ledger-dependent companies to switch over to a more agile digital currency. Lee described in a previous interview how he tackled the issue of spam transactions for Litecoin, explaining: “The fix implemented in Litecoin is just to charge the sender a fee for each tiny output he creates. For example, in this specific attack, the sender is charged one fee for sending to 34 tiny outputs of 0.00001 BTC. With the fix, that fee would be 34 times as much. So it would cost the attacker a lot more to perform the spam attack. The concept is fairly simple: the sender should pay for each tiny output he/she creates.” You can read CoinTelegraph’s full interview with Charlie Lee, with further insight into the rise of Litecoin, here. One theory behind the spike in the volume of Litecoin trading is that companies dependent on Bitcoin as a distributed ledger are hedging against the current mining backlog affecting the digital currency, and are switching, or trialing, alternatives. Courtesy of cryptsy.com Users on /r/litecoin...

Litecoin Rise Up More Than 200% in Just Few Days

Naysayers have been kicking themselves in the pants the past few days as the price of Litecoin has shot up from historic lows and is now pushing towards $10 per coin. Renewed interest in one of the oldest, most successful alternative cryptocurrencies has driven buy pressure likely added to by an upcoming halving of the block reward, meaning a reduction in new coins introduced into the economy. The halving of the block reward is the most likely explanation, although there would have remained a high number of cheaper sell orders on the market from previous mining. (Editor’s input: It might also be due to the spam attack on Bitcoin that is not affecting Litecoin – described here.) These all must have been scooped up in quick fashion by traders. The markets have been particularly kind to several alt coins lately, and Litecoin is the most recent to see a return to prominence. Whether this is market movers and shakers leaving the Bitcoin space in favor of other cryptocurrencies, newcomers entering the space and speculating the price of Litecoin upwards, traders from China and other parts of Asia, is uncertain. However, the fact that there will be lower inflation of existing Litecoin holdings soon probably means people want to secure as much Litecoin as possible. Also read: Litecoin Association Director Urges Paycoin Community to “Put Their Foot Down” Courtesy of cryptsy.com As you can see in the above graph, things have gone upwards steadily in the past 48 hours. It is very difficult to judge the proper value of a cryptocurrency, as it is about everything else. The price of...

Citibank Introducing ‘Citicoin’ Its Own Digital Currency

In a move that should be of no surprise to anyone familiar with the space, Citibank has admitted to running a test platform for digital currencies and is pondering its own solution, CitiCoin. According to the International Business Times, Citigroup has built its own digital currency based on bitcoin and the blockchain. This, in itself, isn’t very difficult – anyone can create a cryptocurrency in a few seconds with a bit of programming knowledge. But the fact that Citibank, at least in its R&D arm, is looking into the technology is promising. The IBT quoted Kenneth Moore, head of Citigroup Innovations Lab: Moore said: “We have up and running three separate systems withinCiti now that actually deployblockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear.”We also have an equivalent to bitcoin up and running, again within the labs, so we can mine what we call a ‘Citicoin’, for want of a better term. It’s in the labs, but it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.” Moore also saw this as a way to move money from country to country and foresaw an internal “mining” network that allowed endpoints to generate the work necessary to maintain the ledger. While it’s noble for banks to attempt these systems – and they will be attempted again and again – it’s important to note that banks want control. As I wrote before banks are not...

Value of Bitcoin Is not Currency, It’s just a Technology

  If one could combine in a financial asset four key attributes: the anonymity of cash, a guaranty of trustworthiness, the convenience and scalability of digital transfer, and a reliable store of value, you would have an extraordinary product. It would be ideal for champions of individual liberty and anathema to governments seeking to tax and regulate them. That is the promise of bitcoin currency. It has succeeded in assuring anonymity and in enabling strangers to transact without the need for a third party like an Amex, Visa V -1.57%, MasterCard MA -1.08%, or a bank to vouchsafe trustworthiness. So far it is at best adequate on scalability and convenience (the system can handle only 7 transactions a second and takes 10 minutes to confirm transactions, though it appears these constraints are solvable. It requires all but the geekiest to use digital wallets which are far less secure than bitcoin itself). But where it arguably fails is as a reliable store of value. Bitcoin has no inherent value whatsoever. It is not accepted as legal tender by any government. It is not backed by any assets. It does not represent a claim on either tangible or intangible property. Like art, however, it does have the merit of scarcity. There are currently 13 million in existence. New bitcoins are currently being created at the rate of 8 percent or so annually, a rate which will decline over time, and there will never be more than 21 million outstanding. As long as people are willing to exchange dollars for works of art, an art market exists, and art becomes a store...

Bytecoin Celebrates First Block, Announces New Features

Bitcoin alternative Bytecoin celebrates first block, announces new features The 4th July is not ‘just’ Independence Day in the United States; it’s also a special day for Bytecoin. The private and untraceable cryptocurrency celebrated three years of life and the generation of its first block. Following this important milestone, the team behind the altcoin – considered “the real alternative to Bitcoin” – is focusing on expansion and improvement. “Bytecoin cryptocurrency works according to the principles that are radically different from ones the fiat currencies and their digital analogues use. We have created the currency that is convenient and reliable to use on the Internet. Alongside with this it needs modest amount of energy and human resources. This permits to get along without transaction fees,” reads the digital coin’s website. Its developers believe that cryptocurrencies “still have a number of disadvantages” when compared to traditional solutions. One of the things the team aims to improve is the transaction processing speed. “Real-time transaction synchronization is a feature that allows all network nodes to have identical lists of non-confirmed transactions. This feature can guarantee processing the majority of transactions in two minutes max,” reads a press release. But there are other improvements, all part of a constantly updated development roadmap. Enhancing Bytecoin’s wallet usability is one of the tasks ahead. The team intends to do this through the integration of Block Explorer, the ability to mine BCN directly from the wallet and by allowing merchants to issue invoices that appear in the user’s wallet. “Moreover, we are going to add Aliases. Right into the blockchain,” the team announced. This will allow for mapping the Bytecoin address to any convenient string. Besides the integration of a multiaddressing feature on Bytecoin...

What is Bitcoin ?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency.