Is ETH better than BTC for payment? | Bitcointalksearch.org

$anounimus$

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Quote from: Little Mouse on June 09, 2020, 12:12:24 AM

Very often we see people sugget to use ETH or any alternative coin for cheap and faster tx. I am going to share some information which will proof that it is no better. I may be wrong too, I am not an expert here. Just sharing what I have got.

BTC Avg. Block time- 10 minutes
ETH Avg. Block time- ~14 seconds (now)

So, ETH will get around 43 blocks = 1 BTC block

BTC block size- 1 MB (Let's say we use Legacy only)
ETH Block size- 20 to 30 kb (Let's say 25kb on average)

How much byte can both proceed within 10 minutes?
Both BTC and ETH will be able to proceed 1 MB tx data on average.

Is not both same in term of handling tx? Sometimes BTC is even better with segwit.
Just sharing some random thoughts, I am not expert technically. So, I may be wrong in many ways.

What is said is a transaction process and it takes time to review it and it is very good. For me, BTC and ETH are still my favorites either in investing or making transactions

Davian144

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Quote from: qomariah95 on July 09, 2020, 04:34:13 AM

I personally consider the cost of using ETH or BTC very large. I have never even done a payment transaction using ETH or BTC, because I prefer to use stable coins like USDT or USDC for payments. This is from my personal experience, and therefore never use ETH or BTC in a payment.

If you want a lower cost, then you can use Altcoin like DOGE, XLM, XRP and TRX, all of the Altcoins that I mentioned are very cheap transaction costs, and I myself often make withdrawals and payments in the four Altcoin models, very fast and very cheap.

mezzaluna

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That actually also depends on which platform we are using it on. Some platforms set their own gas pricing that can either make our transactions faster or be in a normal speed but not that long. Gas prices are specifically made to whether we want our transactions to be prioritized in the blocks creating our transaction. Using ETH was faster based on my experience when doing transactions internationally. The travel time of Bitcoin is somewhat slower and sometimes it comes fast so I guess i'm picking ETH over BTC.

qomariah95

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I personally consider the cost of using ETH or BTC very large. I have never even done a payment transaction using ETH or BTC, because I prefer to use stable coins like USDT or USDC for payments. This is from my personal experience, and therefore never use ETH or BTC in a payment.

WalkerIVIV

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Quote from: minatour on July 08, 2020, 06:22:59 PM

I will go for Eth because transaction fee is always low, transaction speed aswell needs to be considered in which also goes to Eth, so for anybody sending out payment, Is better to use Eth than BTC.

As long as the network is not getting clogged and it will always on the low fees to create a transaction but you should remember ethereum chain has a limit and it can be clogged anytime when there was a lot of traffic on the blockchain.

Kong Hey Pakboy

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Ethereum and Bitcoin are both good cryptocurrencies and top coins in the market, but when it comes to making transactions ETH is way better than bitcoin because ETH is much faster and cheaper in making transactions. Unlike Bitcoin, it has high fees and it takes so long to make transactions due to it's increasing of supply and demand.

Oppo57

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ETH and BTC are two big places in the cryptocurrency market. ETH and BTC The cryptocurrency current cannot be thought of without him. It is very easy to make payment through these two. I wish these two platforms well.

Synaesthesia

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Quote from: Aaroenz0r on July 08, 2020, 10:34:31 PM

Quote from: BigBos on July 08, 2020, 10:25:19 PM

Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

yes, it seems like it's common knowledge that besides speed, ethereum fees are also cheaper than bitcoin. between bitcoin and ethereum, traders may prefer to use ethereum to save fees. actually there are some other altcoins that have smaller fees, it's just that I think for ethereum is good enough.

Same as me. I think between BTC and ETH. I would prefer using ETH to make transactions because of its lower fee. Also, I think a lot of traders do the same as well. You're right that the speed of making an ETH transaction is faster than a BTC transaction. Those are the advantages that we can clearly see. There are a lot of coins which has smaller fees however they are not as trustworthy as ETH.

I agree with you. Using ETH will be faster and very cheap so generally, you will not have to spend too much time waiting. In addition, there are still plenty of other options for everyone at this time because coins like Ripple, BCH, LTC are all very popular and can completely outperform ETH. However, there are still not many countries using these coins for payment and it will probably take a few more years for everyone to know.

TeamMollyMassive

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Even if we realize the fact that eth has lower fees currently and is 100x IMO more useful that bitcoin it still has some scalability issues that could make the fees very undesirable. There are some solutions to be proposed to fix this issue being implemented now and in the future so until something better comes along ETH is #1 for user experience and the onboarding of potential mainstream adoption through DEFI and DAPPS.

Aaroenz0r

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Quote from: BigBos on July 08, 2020, 10:25:19 PM

Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

yes, it seems like it's common knowledge that besides speed, ethereum fees are also cheaper than bitcoin. between bitcoin and ethereum, traders may prefer to use ethereum to save fees. actually there are some other altcoins that have smaller fees, it's just that I think for ethereum is good enough.

Same as me. I think between BTC and ETH. I would prefer using ETH to make transactions because of its lower fee. Also, I think a lot of traders do the same as well. You're right that the speed of making an ETH transaction is faster than a BTC transaction. Those are the advantages that we can clearly see. There are a lot of coins which has smaller fees however they are not as trustworthy as ETH.

BigBos

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Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

yes, it seems like it's common knowledge that besides speed, ethereum fees are also cheaper than bitcoin. between bitcoin and ethereum, traders may prefer to use ethereum to save fees. actually there are some other altcoins that have smaller fees, it's just that I think for ethereum is good enough.

CuriousGeorge

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Quote from: minatour on July 08, 2020, 06:22:59 PM

I will go for Eth because transaction fee is always low, transaction speed aswell needs to be considered in which also goes to Eth, so for anybody sending out payment, Is better to use Eth than BTC.

The main concern was on the scalability but it looks like it must be compared with the bitcoin lightning network as it is much faster for bitcoin to receive or send any transaction into the network.
I guess ethereum is a winner in this case.

minatour

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I will go for Eth because transaction fee is always low, transaction speed aswell needs to be considered in which also goes to Eth, so for anybody sending out payment, Is better to use Eth than BTC.

sayulita

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Quote from: bgaf on July 05, 2020, 01:48:58 AM

Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

I agree more, ethereum is faster and the fees were not that high compared to btc. We can see the specks and differentation of their techncial aspect when it comes to speed and size. My only concern is if eth already move on pos will it affect the transaction and scalability? I mean will it improve or just be worse? Miners will probably get sad when this time happened.

Why would the miners get sad! I think there will be higher rewards for the miners for their work and less for the people who are staking the Ethers. I guess this hybrid system is actually going to help increase the price of ethereum as it will give power to mine ethers to both the parties, the miners as well as the whales who will be staking their ethers. So I don't think that there would be any affect on the transaction and scalability of ethereum after the introduction of POS. Moreover I think that it will be improved by the POS going on along with POW.

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Quote from: ?? on ??

Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

Major reason why ETH is preferred over the btc is due to the transaction fees. In between it has happened that if transferring btc the fees were much more than the transfer amount and thus ETH was the much better and faster as well for transferring form one address to another.

Lately, there was a rumor last month that Ethereum fees/gas are greater than the fee of Bitcoin, or greater than the value sent. I don't know what exactly happens to Ethereum, here. Everyone excited the result of 2.0 volume of Ethereum when it is upgraded and transfer into a new network, called POW.

Probably, I stick always to Bitcoin than the Ethereum though the changes of Ethereum nearly came, I don't know what volume 2.0 has of Ethereum when it is successfully upgraded.

BitcoinTurk

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In some cases, I prefer to transfer money with Bitcoin, although in some cases the other transfers with more mining fees. Of course, I am not even looking at the details of the block sizes of the processes, not being able to get stuck in many technical details. If I need to give some other advice other than cryptocurrencies compared within the subject, I can recommend using TRX as both speed and transfer fee is easy and convenient. The reason I recommend using TRX is because it is fast as I mentioned and it is possible to transfer with almost no transfer fees.

coinfinger

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Quote from: shushu9977 on June 27, 2020, 03:44:09 AM

Yes, the transaction of Ethereum is more faster than Bitcoin. Btc takes much time than other crypto-currencies. I wil always try to exchange with ethereum, because it is more profitable for withdraw and getting ethereum in my wallet quickly.

Yeah, that's true and that is the reason I am doing most of my possible transactions with Tron now a days because Tron has basically no fees on transactions and confirmations are just amazingly fast. I am not into technical analysis or anything but the coin I see more benefits I usually go with those for my transactions regarding trading and gambling. Bitcoin is the all time favorite without a doubt but having an additional coin always helps in managing transaction fees and confirmation timing.

Quote from: greenlanternlight01 on July 04, 2020, 07:57:14 AM

Transaction wise, I would also have to go with Eth. Given that it is available on most local wallets specially here in our country, it is really the most convenient way to transact online.

Yeah and now a days ETH is almost as famous as BTC so we don't have to work any harder to have the problem of availability, anyone who accepts BTC almost also accepts ETH, XRP and few other altcoins including dogecoins especially when you check crypto gambling houses. I choose dogecoins for my gambling as provides me the opportunity of enjoying gambling for lesser expensive.

posporo

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In my opinion, it is depends on how much the transaction fee is given because if the transaction fee is much higher the transaction will be much faster but if we talk about comparing the eth to btc payment, I guess eth is much faster than bitcoin when it comes to payment because it takes 14 seconds per transaction while btc takes 10 minutes or more but we must appreciate both of it because every coin has a different fields so it would be better to not compare any but to appreciate it.

bgaf

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Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

I agree more, ethereum is faster and the fees were not that high compared to btc. We can see the specks and differentation of their techncial aspect when it comes to speed and size. My only concern is if eth already move on pos will it affect the transaction and scalability? I mean will it improve or just be worse? Miners will probably get sad when this time happened.

btc78

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Quote from: IamAltcoinfan on July 05, 2020, 01:03:52 AM

Ethereum is better for transaction not only because of time and block confirmation the main readon I am considering ethereum is for transaction is that fees whole comparing by converting to fiat currency transaction fees is cheaper in ethereum . May in future if ethereum price increases then it may increase now ethereum is better for me crypto currency transaction.

+1 on this mate because i have tried this several time (and most of them are when the market is congested like last March)

Bitcoin is way better if the transaction are consistent,but this won't guarantee users thats why there is an option and that is ethereum.

Quote from: joinfree on July 04, 2020, 06:27:25 PM

In a nut shell, yes because considering the speed and time it takes for transactions to confirm on bitcoin network and that of Ethereum network the latter will definitely serve as a better payment method than the former. The scalability of Ethereum network exceeds that of Bitcoin.

Yet People still don't realize this,or maybe they are just blinded by many good things says regarding bitcoin that is why their loyalty remains even the truth is already uncovered .

Topic: Is ETH better than BTC for payment? (Read 1357 times)