Extra, extra... New Litecoin (LTC) Ordinals Whacking Transaction Volumes At 4-Million - Pretty much causing trouble just like Bitcoin Ordinals... The scoop...
Just yesterday, on May 30th, 2023, news broke that Litecoin's daily transaction count remained elevated as LTC Ordinals approached 4 million. Go on ask me... "just what in the hell are Litecoin Ordinals?" - They're a way of measuring the total number of transactions that have ever been included in a blockchain... Ordinals are pretty much everywhere sitting the mathematical side of many forms of transaction.
With that in mind I don't think anybody in Litecoins fraternity expected such a quick paced surge as the number of LTC Ordinals approached 4-million, the demand for Litecoin transactions continues to increase, and people are using it more and more for their day-to-day purchases.
Let me tell you why statistically this is a big deal. The previous highest number of confirmed daily transactions for Litecoin was on September 26th, 2022, with a total of 211,014 transactions recorded on that day. Before that the previous record was set on June 24, 2021, reaching 196,191 transactions... so 4-million? Go figure...
Crazy as it seems, we're seeing Litecoin's daily transaction volume hitting and smashing new heights that are taking the LTC Blockchain a little by surprise. Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transactions per day, occasionally reaching peaks of 150,000 to 175,000. And all of this is leading up to Litecoin Ordinals approaching that elusive 4-million mark... and probably surpassed that figure as you read this.
I know some of you experienced crypto people might be thinking, "But what about Bitcoin Ordinals? Isn't Bitcoin and their Ordinals the Big Daddy of all cryptocurrencies and associated technologies and data storing algorithm patches that create a new craze?" Phew... Sure Bitcoin may be the OG, but Litecoin is no, and has been no crypto slouch either... and has certainly pushed Litecoin closer to the big guns of Bitcoin ever so slightly... but it counts! (Pardon the pun)
Litecoin was created as a sort of "lite" version of Bitcoin, with faster transaction times and substantially lower fees. Oooh let me tell you, in this day and age where we demand everything to be lightning-fast, cheaper in fees and efficient, Litecoin is starting to look more and more attractive... I use LTC much more than Bitcoin recently just because of this very reason... Now we have more LTC joy via Litecoin NFT Ordinals.
Plus with the ongoing personal choice of some people, alongside a touch of semi-genius corporate propaganda and lies, not true and accurate science in my opinion... Aaaand with crazy unsubstantiated environmental concerns surrounding Bitcoin and its energy consumption - some people are starting to turn to alternative cryptocurrencies like Litecoin that are in their opinion more eco-friendly... it's a hard sell for myself this environmental cult following, but great for Litecoin... Balance restored! I do the proper environmental science that benefits the planet and its inhabitants... Not a profiteering environmental disaster... Some of those 'environmentally friendly' mines are huge with dangerous working conditions. Think about it all...
Ooops rant over... Let's get back to the juiced up data NFT subject matter at hand - those damn Ordinals. As we approach that 4-million mark, we're seeing more and more people using Litecoin for their daily transactions. And what's not to love? It's fast, it's efficient, and it won't break the bank... and the popilarity of the Litecoin Ordinal Non-Fungable Token can be enjoyed by a few more folk that may not be able to get into more expensive Bitcoin NFT Ordinals.
My Spider-Sense is suggesting this is just the beginning... I personally think we're going to see even more transaction records being broken as we approach 2024... So for sure, we can celebrate those high transaction counts and those damn Ordinals approaching 4-million, but also remember to stay grounded and make rational decisions when it comes to your investments... things can go south very quickly, whether that is transaction speeds, or as we have seen lately, economic factors cause huge dips in value across the board for much of Cryptocurrencyland. With those transaction volumes increasing... remember that so do the mining fees and trading fees, and the associated token fees. Token values can decrease temporarily, which is another aspect to watch for - as 'Supply and Demand' is a financial nightmare for fees and token value... There is that word again... Volitility!
If you do some digging around, you will find out that Ordinals have been around since the early days of cryptocurrency. It's always been important to keep track of the overall activity and growth of a blockchain, and Ordinals provide an easy way to do just that.
And in the years since they first appeared, Ordinals have only become more important as the world of cryptocurrency has grown and evolved into the new NFT market we are seeing surge into prominence.
So there you have it, a quick and slight rough around the edges dirty rundown of Bitcoin and Litecoin Ordinals. It might seem like a small detail, but it's yet another of those much spoken about fascinating aspect of these incredibly complex and innovative technologies...You may uncross your brain now people and wind down, unless you are off to create - in that respect... enjoy!
And before I forget... if you're ever feeling overwhelmed or confused by some of the crazy jargon surrounding cryptocurrency, just remember that we're all in this together - Stay curious, keep learning, and let's see where this wild ride takes us... I too learn very much every day.
But heyho... That's enough of me rambling on. Let's raise a glass of freshly squeezed fruit juice to Litecoin and its daily transaction volume hitting new heights... and a very high five and big cheers to crypto, and yourselves my crypto mad friends.