Have we overlooked the many potentials of altcoins?

Oasisman

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Quote from: Wiwo on January 04, 2024, 07:36:25 PM

Quote from: irhact on January 04, 2024, 07:28:39 PM

Quote from: Wiwo on December 27, 2023, 01:52:47 PM

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

When there are network congestion in Bitcoin Blockchain I don't use other altcoins that are very volatile, I use stablecoins instead. Stablecoin as Usdt on the Tron network or other network that don't need alot of fees or confirmations for the transaction to be approval are what is important when Bitcoin has congestion problems and not other altcoins. Altcoin are too volatile to be relied on during transactions as you can send $100 transaction and it can dump to $80 before the transaction is confirmed.

Altcoins don't waste time to confirm but they're not as reliable as Bitcoin or stablecoins. If I'm not using Bitcoin it'll be stablecoin. I only use altcoins for profits and not for transactions. When I invest in an altcoins, I want to make profits from them when the price rise and not to use them for transaction. Stablecoin are more preferable to use as they can be used in all Blockchain and not only depending on the Ethereum Blockchain as it was before.

Using a highly volatile altcoins as an alternative to bitcoin when there is network congestion will further put you at risk of losing more because if anything happens along the way while you trying to move the coins around it will result in potential losses unless you are ready to wait for the price to recover at some point in time, which you may likely not want to or not having the time to wait.

Instead of using volatile altcoins as an alternative, it is better to just stick to Bitcoin and pay the high fees to avoid such losses while seeking alternatives, but stablecoins are the best for this kind of situation.

Well, if you happen to switch to altcoin to avoid bitcoin congestion problem, then it got affected with it's volatility in a negative way eventually, like what you've we do have the option to wait for it to pump back at some point. However, if the reason for the transfer is to get that money or withdraw that money once it is confirmed to your wallet, then I don't think it's worth the risk. Especially with large transactions, it could definitely make a huge difference that would hurt your pocket.
Sticking to bitcoin on a lower transaction fees might get confirmations after a few days - I think that would be a-ok. But I second that stable coin are the best for the kind of situation, because it avoids the volatility most importantly.

Wiwo

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Quote from: irhact on January 04, 2024, 07:28:39 PM

Quote from: Wiwo on December 27, 2023, 01:52:47 PM

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

When there are network congestion in Bitcoin Blockchain I don't use other altcoins that are very volatile, I use stablecoins instead. Stablecoin as Usdt on the Tron network or other network that don't need alot of fees or confirmations for the transaction to be approval are what is important when Bitcoin has congestion problems and not other altcoins. Altcoin are too volatile to be relied on during transactions as you can send $100 transaction and it can dump to $80 before the transaction is confirmed.

Altcoins don't waste time to confirm but they're not as reliable as Bitcoin or stablecoins. If I'm not using Bitcoin it'll be stablecoin. I only use altcoins for profits and not for transactions. When I invest in an altcoins, I want to make profits from them when the price rise and not to use them for transaction. Stablecoin are more preferable to use as they can be used in all Blockchain and not only depending on the Ethereum Blockchain as it was before.

Using a highly volatile altcoins as an alternative to bitcoin when there is network congestion will further put you at risk of losing more because if anything happens along the way while you trying to move the coins around it will result in potential losses unless you are ready to wait for the price to recover at some point in time, which you may likely not want to or not having the time to wait.

Instead of using volatile altcoins as an alternative, it is better to just stick to Bitcoin and pay the high fees to avoid such losses while seeking alternatives, but stablecoins are the best for this kind of situation.

irhact

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Quote from: Wiwo on December 27, 2023, 01:52:47 PM

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

When there are network congestion in Bitcoin Blockchain I don't use other altcoins that are very volatile, I use stablecoins instead. Stablecoin as Usdt on the Tron network or other network that don't need alot of fees or confirmations for the transaction to be approval are what is important when Bitcoin has congestion problems and not other altcoins. Altcoin are too volatile to be relied on during transactions as you can send $100 transaction and it can dump to $80 before the transaction is confirmed.

Altcoins don't waste time to confirm but they're not as reliable as Bitcoin or stablecoins. If I'm not using Bitcoin it'll be stablecoin. I only use altcoins for profits and not for transactions. When I invest in an altcoins, I want to make profits from them when the price rise and not to use them for transaction. Stablecoin are more preferable to use as they can be used in all Blockchain and not only depending on the Ethereum Blockchain as it was before.

MFahad

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Quote from: Wiwo on December 27, 2023, 01:52:47 PM

What are the best coins to use at a time when there is network congestion in the main meme pool?

I have read reply from many users and good to see that member suggested many top coins as an alternative when btc network congested for long time. I think LTC is the best alternative coins and created for this purpose. It called small btc. both btc and ltc could be hold in Electrum wallet. LTC also works on halving phenomenal and fee is very less as compared to btc. Other alternative could be Trx,bnb,xrp,doge but I think there is no coin better than LTC.

AnonBitCoiner

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Quote from: Bushdark on January 04, 2024, 03:01:30 AM

There are quite a number of good coins in the market we don't have to outlook because of the nature of the market. Market decisions should not be limited to big projects only since we can always mark money too from smaller cryptocurrency projects in the market.
It is wise if we invest in numerous projects rather than few in the market. This will help us to make money than what we ha e expected to make. Many there coins that still have potentials in the market that we might have not seen for now looking at how hidden they could be.

This is true that we have to take benefit from every opportunity and sometimes we win by investing in small project in my opinion if we diversify our portfolio without searching then the probability of losing money increases. Like if you are investing whole amount in Bitcoin then you will have surety that one day it will give you profit but in a case of altcoins you will think all the time for enhanced price.

You can take the example of Solana in which numerous individuals putted money but now again it reduces so they will definitely be in worries and will wish to recover their money back. But that not the end of crypto world but during Bull season you can take profit from all type of coin whether it is big coin of smaller one but preferring lower one more than bigger coin is not a good technology of earning.

Bushdark

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Quote from: Rasa nanas on January 03, 2024, 07:39:46 PM

Sometimes problems happen suddenly, and I think no matter how sophisticated technology is it will still have problems. I think it's not a big problem as long as the team quickly resolves the problems that occur and makes efforts to ensure that similar problems don't happen again. So far Polygon is the network that I like the most because the transactions are very fast and the transaction fees are very low.

There are quite a number of good coins in the market we don't have to outlook because of the nature of the market. Market decisions should not be limited to big projects only since we can always mark money too from smaller cryptocurrency projects in the market.
It is wise if we invest in numerous projects rather than few in the market. This will help us to make money than what we ha e expected to make. Many there coins that still have potentials in the market that we might have not seen for now looking at how hidden they could be.

Essential10

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Currently noticing congestion or high transaction fees on the Bitcoin or Ethereum network during network crises. An alternative method can be followed for transaction altcoins. Altcoins can use different consensus protocols, which can provide faster transaction times and lower fees than the protocols used by Bitcoin and Ethereum. For example, altcoins like Litecoin or Bitcoin Cash have faster transaction times and lower fees than their counterparts. This makes it a viable option for users who want to transact quickly and affordably when major networks experience problems. Overall, the use of altcoins as an alternative during network crises can help maintain the functionality of the cryptocurrency ecosystem and provide users with more options for conducting transactions during times of network congestion or high fees.

Rasa nanas

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Sometimes problems happen suddenly, and I think no matter how sophisticated technology is it will still have problems. I think it's not a big problem as long as the team quickly resolves the problems that occur and makes efforts to ensure that similar problems don't happen again. So far Polygon is the network that I like the most because the transactions are very fast and the transaction fees are very low.

Wiwo

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Quote from: wheelz1200 on January 03, 2024, 04:46:11 PM

Quote from: Wiwo on December 27, 2023, 01:52:47 PM

A lot of times we have been down so much away from the role altcoins play in the cryptocurrency industry, because there is no doubt the fact that many times, we have come face to face with issues and challenges that make us to look for an alternatives, and which is the reason for altcoins creations already, such as fees, congestion and speeds.

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

Using litecoin to move bitcoin is a tried and true way to move in and out of positions rather cheaply. The problem that exist at least for US customers is that every trade triggers a taxable event. So when you move from bitcoin into litecoin and then to and exchange into another coin you've essentially doubled your taxable responsibilities. As long as you can track everything cleanly it's not that bad but tax laws make it annoying to do so.

Agreed on the presence of double taxation when you move coins around in a region where cryptocurrency trading are well taxed, and regardless of what it may in terms of amount in taxation, when compared with how difficult and tiring that process could be, one may decide to just use Bitcoin and pay the network fees regardless of how much it may be at some point.

Although those altcoins are there to offer alternatives to Bitcoin in the best possible manner at the needed and right time for both investor traderswhoseo Bitcoin is already on the exchange and not on custodial wallets.

wheelz1200

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Quote from: Wiwo on December 27, 2023, 01:52:47 PM

A lot of times we have been down so much away from the role altcoins play in the cryptocurrency industry, because there is no doubt the fact that many times, we have come face to face with issues and challenges that make us to look for an alternatives, and which is the reason for altcoins creations already, such as fees, congestion and speeds.

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

Using litecoin to move bitcoin is a tried and true way to move in and out of positions rather cheaply. The problem that exist at least for US customers is that every trade triggers a taxable event. So when you move from bitcoin into litecoin and then to and exchange into another coin you've essentially doubled your taxable responsibilities. As long as you can track everything cleanly it's not that bad but tax laws make it annoying to do so.

Webetcoins

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Who overlooks the value of altcoins in the industry? The industry is nothing anymore without altcoins because if you remove all the altcoins, it's only Bitcoin and as you said, we can't always use Bitcoin for day-to-day transactions due to network congestion and high transaction fees and that is the fundamental reason why other cryptocurrencies were created, they were all created to serve some purpose in the industry, some for scalability, some for speed, and other different reasons and purposes.

So, there is no doubt that most of the altcoins, especially the top ones, are here to stay with Bitcoin because they do serve their purpose and that is the reason why they have millions of users around the globe. Altcoins are risky for trading because they are unpredictable, but other than that, they are useful, no doubt about that.

Samlucky O

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There are a lot of altcoins to use as an alternative to network fee to by pass the mempool congestion, such as LTC or tron for me this two are most likely used by many participants and they are very fast in transaction and easy to use comperad to other crypto currencies.

batang_bitcoin

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I was confused, we've got meme coins and then meme pool. I just realized it's a mistyped of mempool.
Going with a lot of alternatives for transfers, LTC is a good one but sometimes I find it to slow when the exchange that I use is requiring it like 6-14 confirmations before it is credited to my account.
I hate xrp in some point of my life for being centralized but I guess that there is some use on it in dire times.

Kelvinid

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That is the case for now, as the fees increase in BTC and ETH, we then appreciate the use of some altcoins like TRX, XRP, etc as an alternative.
Not to blame the situation but at least the surge in fees helps these coins to get noticed and contribute something to the community. Well, maybe some had just known these altcoins this time but I was using them already for a long time.

We could say that not all altcoins are useless, some of them are very useful in the crypto space but we just ignore them.
Well, the current situation had proven it then.

Dave1

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Quote from: Wiwo on December 27, 2023, 01:52:47 PM

A lot of times we have been down so much away from the role altcoins play in the cryptocurrency industry, because there is no doubt the fact that many times, we have come face to face with issues and challenges that make us to look for an alternatives, and which is the reason for altcoins creations already, such as fees, congestion and speeds.

These have been most of the challenges that we face in the cryptocurrency industry with majority of the time our preferred coin may face network issues and we need to look for alternatives, this has made it very important for us to discuss the best possible means to make use of altcoins as alternatives when there be network crisis.

What are the best coins to use at a time when there is network congestion in the main meme pool?

I think go back to the basics, or at least proven altcoins already,

a. ADA
b. SOL
c. DOT

And I do agree about the challenges that some of our favorite coins are going right now, congestion or network issues. I do think though that this has been anticipated, but with the growth of crypto investors, they really can't cope with it, thus fees are skyrocketing right now.

tjtonmoy

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Alternative solution? Yes! But the question is, is it the perfect solution? Well I don't think so. The potential that each and every alternative coins hold are not similar and not everything could be used as an alternative to certain situations that we are facing right now. I meant you cannot just hop in and buy some alternative coin and use that for the time being. It has to have a history so that we can trust it.

Maybe the top 10 or if you want to be more safe, top five or top three has to be the best choice. Something that is fast, cheap and most importantly reliable. There are different options so you may want to check before you choose one from them.

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I remember when this all Started, First it was Bitcoin and You could Mine it with a Laptop. Then Butterfly Labs made the ASICs, and Litecoin was made so People could still use their Laptops. There was a Time there when GPUs were the New Things, and all You Needed was a GPU or a few, and you were Fine. But Eventually Litecoin was Needed. Then, ASICs were made for Litecoin. So they made Feather Coin.

To avoid BTC Transaction Fees, I have used Litecoin, USDT, Dash, STEEM/HIVE/BLURT, DOGE, maybe ETH and TRX but I am not sure about ETH Fees anymore, those might be too high.

Wexnident

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Quote from: Wiwo on December 27, 2023, 01:52:47 PM

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There are already a lot of coins that we can use if the issue is network congestion or high fees really. I hardly doubt these coins would be replaced unless some really good altcoin suddenly pops out or said coins were to go out due to some bad business models they're going to adopt. I've used Matic, SOL, Litecoin, BNB, and a few others before for transfers and I've never had any big issues with them before. As for "best", I don't think there's a single best one out of all, it's a matter of preference among those that can be described as good alternatives instead.

As for altcoins that are overlooked in general, well, that can't be helped. Marketing is one thing that is needed and if they can't properly push for it, any coin, no matter how good, would inevitably stay dead especially if you consider how the altcoin scene is already full of hundreds of coins itself.

Out of mind

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If you are facing most of the problems with transaction fees in the cryptocurrency industry, there are also many solutions. There are many alternative platforms from which you can transact your money easily with low fees. Whenever you complete a transaction from the Ethereum platform you will need high fees, because most people transact here and its traffic is high which is why high fees are required. But if you trade with SOL, BNB, USDT, etc platforms, you have to pay a small fee, so you can use them and get a lot of benefits, I believe.

yazher

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I used to go for XRP and BNB but times have changed now as so as the other altcoins that we were using to convert bitcoins to them and you have a variety of choices that you can use to quickly sell your bitcoins or if you want, you can use stablecoins if you are afraid of losing your current profit because the price of bitcoins has reached new ATH for example and you are afraid that you could lose the chance to gain high profit because of network congestion, then you can just temporarily convert it to BUSD or any stablecoins you prefer.

Topic: Have we overlooked the many potentials of altcoins? (Read 370 times)