Litecoin Block Reward Halves Tomorrow
Tomorrow is Litecoin’s block reward halving. The Litecoin block mining reward halves every 840,000 blocks and, this time, the coin reward is expected to decrease from 25 to 12.5 coins at every 2.5 minutes approximate block generation time. The event will coincide with the network achieving at least 75% of total Litecoin to exist being mined.
Litecoin’s network hashrate has been high of late trading spots with Ethereum’s for the No.2 spot behind Bitcoin. However, as it may have been expected, the halving is not currently reflecting on the cryptocurrency’s price which has been wobbling in the past month. This is probably due to its being already priced-in or for the cryptocurrency’s small market which has given buyers little or no motivation to have a clear variable on future direction. It could also be for Litecoin’s ongoing struggle with Bitcoin Cash (BCH) which it currently maintains a market spot behind.
While the likely overall effect of the halving on Litecoin is indeterminate at the moment, BCH is not relenting in its pursuit to widen its differences with Bitcoin (BTC) – as well as Litecoin since they share the same code.
The Roger Ver-led network last week marked its second year since its split from Bitcoin. There were appraisal within the community for BCH to have started its adoption effort from scratch and has maintained its focus as the Bitcoin project of scalable P2P electronic cash. Also within the period, it is credited to have been the best implementation of the Bitcoin protocol, with low fees, an onchain scaling and enough space to process a lot of transactions without risking stability.
BCH proponents are pushing for the cryptocurrency to be seen as a currency for general commerce use that will compete with the likes of PayPal, a target market different from BTC’s as a settlement layer for institutions to move large amounts of money internationally like with SWIFT.
Bitcoin.com also launched its own exchange with BCH base pairs to enable trading BCH preferred markets and against other popular base currencies including BTC, Ethereum and Tether (USDT). It is not yet clear if USDH – the stablecoin on the BCH network – will be traded on the exchange.
The exchange’s launch is a good move for the Bitcoin fork but there have been skepticism about its sustenance considering the platform is still building on its recently-created over-the-counter marketplace local.Bitcoin which does not require any KYC/AML to use.