A PAYMENT METHOD | Bitcointalksearch.org

ManaMan

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Quote from: Pearls Before Swine on April 22, 2018, 05:10:29 PM

Not sure about the importance of having a very active development team. If a coin is just going to be used for commerce I don't see much need for an active team, but there might be something I am missing.

You are right regarding development, look at dogecoin, as you mentioned it above it had really few changes over the years and is still being used. If code is well written updates are not necessary. But as time passes by some people get some ideas they want to implement and to add more features. But development is not needed much if people decide they are going to use one altcoin or bitcoin even as a medium of exchange.

Agozyen

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Until the end

Denarius is a great store of value and has fast transaction times. Flash Coin also has blazing fast transactions and I think a 20K/Sec transaction limit.

Having said that, BarterDEX is testing its network with a 20K/Sec transaction as its goal...for now.

Pearls Before Swine

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You're probably looking for a specific answer, but the real answer is that many coins would serve the function of money just fine. But litecoin, dash, monero, dogecoin, and the coins with communities that are still active would probably be the best. The ones I mentioned have low network fees and quick confirmations which imo are the two most important variables for using crypto as money.

Not sure about the importance of having a very active development team. If a coin is just going to be used for commerce I don't see much need for an active team, but there might be something I am missing.

ManaMan

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Activity: 238

Merit: 38

Quote from: electrobit on April 21, 2018, 03:33:14 PM

Do you have a preferred altcoin you think we should take in the account in to use as a payment method and why?

Many altcoins can be used as payment method, even bitcoin can. Above I might gave a bit "bad overview" of Nano, but honestly speaking Nano can be used as good medium of exchange in terms of freeless and instant transactions.

Another one that has been long time till now would be like stellar lumens as it also has pretty fast transaction with low fees.

Maybe steem since transactions are free and block time is 3seconds. But disadvantage here is that you will have to have an account (for which you have to pay for or you apply for steem team to create you one which can take long time). Then with an account it is much easier to track where is money moving so not the best in terms of anonymity.

Other than "ordinary" alts, maybe stable coins will play bigger role as they are designed to have stable price. Since price is stable hopefully they could potentially be used more often to transfer value.

electrobit

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Quote from: ManaMan on April 21, 2018, 02:56:22 PM

Quote from: bigcash2011 on April 21, 2018, 02:29:06 PM

The latest payment cryptocurrency with zero fee and instant transactions is Nano that was formerly called raiblocks, i hope more of such high quality projects will come up with extra ordinary features that can help in mass adoption of the crypto currencies.

There is one problem with nano however, as it is based on DPOS. By default you get assigned the representative account for delegate and thus developers have highest power over the network. Many people don't understand and don't care about it as long as it works. But because of this issue it pulls nano to not being the fully decentralized coin. But it certainly has instant and freeless transactions which is good to have as people want to opt for free stuff if they don't need to pay for fees, but then it could be easier to spam the network with transactions and such things.

Other flaws in my opinion are:

There are no timestapms of when have the transaction occurred - this is huge issue as sometimes you want to know for sure. You can code your node to add timestampts when it hear about the transaction and some explorers have this feature to provide their timestamps but still then you have to trust somebody else and not the protocol itself to be sure when the transaction took place
Another one is that transactions are public - not private.

Do you have a preferred altcoin you think we should take in the account in to use as a payment method and why?

ManaMan

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Activity: 238

Merit: 38

Quote from: bigcash2011 on April 21, 2018, 02:29:06 PM

The latest payment cryptocurrency with zero fee and instant transactions is Nano that was formerly called raiblocks, i hope more of such high quality projects will come up with extra ordinary features that can help in mass adoption of the crypto currencies.

There is one problem with nano however, as it is based on DPOS. By default you get assigned the representative account for delegate and thus developers have highest power over the network. Many people don't understand and don't care about it as long as it works. But because of this issue it pulls nano to not being the fully decentralized coin. But it certainly has instant and freeless transactions which is good to have as people want to opt for free stuff if they don't need to pay for fees, but then it could be easier to spam the network with transactions and such things.

Other flaws in my opinion are:

There are no timestapms of when have the transaction occurred - this is huge issue as sometimes you want to know for sure. You can code your node to add timestampts when it hear about the transaction and some explorers have this feature to provide their timestamps but still then you have to trust somebody else and not the protocol itself to be sure when the transaction took place
Another one is that transactions are public - not private.

bigcash2011

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The latest payment cryptocurrency with zero fee and instant transactions is Nano that was formerly called raiblocks, i hope more of such high quality projects will come up with extra ordinary features that can help in mass adoption of the crypto currencies.

electrobit

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Hello to everyone, as you all can see I am new in the forum, it is so amazing to see too much important information about these topics; Blockchain, Bitcoin, Mining, etc...
I have a little question that I consider it should be as a topic in this space.

What cryptocurrency do you think would be the best payment method in a future?

Having into the account:

- Transaction costs.
- Sending and receiving speed.
- Decentralization, centralization.
- Also the team behind of them.

Let us to know your opinion and the why, by this way many people can see and analyze what coin to buy for holding or for using as a payment method.

If I have to correct something in my posts, please let me to know it. Thank you for the feedback.

Topic: A PAYMENT METHOD (Read 126 times)