Is ETH better than BTC for payment? - page 7.

KenshinKen

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Quote from: Mauser on June 09, 2020, 09:34:36 AM

That's quite interesting, it's true that the block size for BTC is fairly large.

Personally, I haven't used ETH for payment yet. For larger amounts I just use BTC and for smaller payments I use Bitcoin Cash BCH.

What are your thoughts on BTC vs ETH?

It will be quiet interesting if you'll use Bitcoin & Ethereum at the same time as a payment method. For faster transaction if it's peer-to-peer or third-party-programs; you might wanna recommend to use Ethereum for quick transaction. In the other hand, Bitcoin is kinda sluggish for blockchain transaction.

Thomas-s

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Quote from: killerfrost on June 18, 2020, 08:36:47 AM

ETH will undoubtedly be the choice of many people, it's a lot faster than BTC. It only took me 1-2 minutes to complete my invoices with the site. I also prefer to use stablecoins for payment because its price is stable and doesn't change too much

The problem is that ETH commissions inside the network change very often. transactions often stay too long in the blockchain and it is impossible to sell some ERC-20 tokens because very often commissions in the network are higher than the cost of tokens

cryptothreads

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Quote from: Davian144 on June 18, 2020, 08:37:17 AM

Quote from: DDante on June 18, 2020, 06:15:55 AM

Any good payment solutions shouldn't plan on implementing Bitcoin only or Ethereum only in their service, some people will have Bitcoin and some will have other coins, any crypto means of payment should accept as many as possible crypto coins, you can never tell which coin a customer is carrying.

Why not plan to implement Bitcoin or Ethereum for a good payment solution? Is not it very preferred by all bounty hunters because Bitcoin and Ethereum are clear in value and already exist in all market sectors, both small and top markets.

I think it will be difficult for people to use ETH or BTC to pay because currently, less than 1% of the world's population knows about the existence of this market.

If you choose the payment method, people will still prefer to use a fiat or credit card because it is much faster. Of course, this market still has a lot of unexplored things, but one day I hope BTC will have a big role in human history.

Vishnu.Reang

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During the last three and half years, I have used BTC, BCH, ETH and LTC for making payments. Each of these currencies had one or more issues associated with them, and I couldn't find one that was 100% satisfactory. With BTC, the problem was always with the delay in getting confirmations and the ultra-high transaction fee. With ETH, the issue was related to security. Storing ETH in wallets such as MEW is not totally safe.

Davian144

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Quote from: DDante on June 18, 2020, 06:15:55 AM

Any good payment solutions shouldn't plan on implementing Bitcoin only or Ethereum only in their service, some people will have Bitcoin and some will have other coins, any crypto means of payment should accept as many as possible crypto coins, you can never tell which coin a customer is carrying.

Why not plan to implement Bitcoin or Ethereum for a good payment solution? Is not it very preferred by all bounty hunters because Bitcoin and Ethereum are clear in value and already exist in all market sectors, both small and top markets.

killerfrost

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ETH will undoubtedly be the choice of many people, it's a lot faster than BTC. It only took me 1-2 minutes to complete my invoices with the site. I also prefer to use stablecoins for payment because its price is stable and doesn't change too much

sempak

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Right now I see ethereum instead. because the fees are also quite high forcing people to come back to see whether it is suitable if we say better than bitcoin? I think the choice of people still prioritizes bitcoin for transactions or investments. I am not saying that ethereum is also bad for investment but we are talking about these two options

Saisher

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Quote from: Blank-Head on June 09, 2020, 01:12:27 AM

When it's about Bitcoin and Eth I always suggest Eth for payment because of its fastest block time and lower transection fees.But My personal suggestion for payment is to use Nano coin.
Because it's the fastest and Nano has zero transection cost or fee.

Again Neo has also faster transection feature which is only 15 seconds required to process a transection on avarege for the next neo block.

I have the same view in fact, in choosing between Ethereum and Bitcoin my vote is on Ethereum when paying stuff but if I'm not in a hurry i can still go for Bitcoin, in fact I just bought one domain using Bitcoin although transaction took me 30 minutes, Nano is also good and it has a good potential in the future because of it's being fast and no transaction, they need more to market the coin.

XCANA

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The issue surrounding ethererum scalability will be resolve or solve during the next upgrade as we all know that the current situation of ethereum as a project has it shortcomings. That aside, I will always choose ethereum over Bitcoin because of the fast confirmation on it block compared to the Bitcoin block. Their fee will also make me choose ethereum over Bitcoin because of bitcoin high fee for transaction.

cheezcarls

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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.

When it comes to speed and transaction fee, I would opt for Stellar Lumens (XLM). They’re pretty much stable, quicker and cheaper. Price is way too undervalued as well.

Between BTC and ETH, I can say ETH. They will be introducing the 2.0 version of it and transactions may be much more quicker and cheaper right now. The only downside of ETH is network congestion where there is a high volume of transactions that forces you to pay a higher gas fee to proceed with the transaction.

BTC right now averages between 30 minutes to almost an hour, which also depends on the network as well. When I tried withdrawing from a crypto ATM in Singapore, took me almost an hour of waiting before reaching the number of required confirmations to convert into fiat.

FairUser

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I find the transaction speed of ETH much better than that of BTC. So using ETH in payment will be a lot better than BTC, people's orders will be processed more quickly.

torrantz

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Quote from: DDante on June 18, 2020, 06:15:55 AM

Any good payment solutions shouldn't plan on implementing Bitcoin only or Ethereum only in their service, some people will have Bitcoin and some will have other coins, any crypto means of payment should accept as many as possible crypto coins, you can never tell which coin a customer is carrying.

Dude, we talking about the comparison between but. The service will also accept another coin which has huge liquidity in the market too. In this comparison, I can say ethereum is much more superior than bitcoin to be a payment system consider its scalability can help the merchant to avoid the volatility

BobBct

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I feel ETH has the flexibility at being a pay-coin. Mainly because of the price. And also the market of BTC is much more volatile than ETH. Which means that your wallet will be affected more. And also i feel like that the transactions on ETH's blockchain is faster than BTC's.

DDante

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Any good payment solutions shouldn't plan on implementing Bitcoin only or Ethereum only in their service, some people will have Bitcoin and some will have other coins, any crypto means of payment should accept as many as possible crypto coins, you can never tell which coin a customer is carrying.

Towerbreeze

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Many will make choice base on lower fee and some will choose speed over lesser fee but there are other better close that has less fee and faster speed too but since this post is about Ethereum vs Bitcoin I will prefer Bitcoin, maybe if ethereum fixed their scalability problem in future

tsaroz

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Yes, scalability has been a problem for Ethereum but they are trying to solve it with the next update. Another advantage of Ethereum payment would be it's lower fees. With a much higher supply than of bitcoin, we can expect a unit of Ethereum coin's price to remain a lot cheaper than bitcoin on anytime as bitcoin's supply is fixed while Ethereum is ever rising. Solve the scalability problem, ETH would be the best transacting coin.

Tomohisa

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ETH kinda in the middle. If people want a lightweight, fast, and low tx fee, they go for LTC. Now everyone was talking, I don't remember that I ever use ETH for payment at all. I only use ETH to transfer token or deposit/withdraw from my balance. Weird, I brought an online sms to verify service and although it cost me $50, I used BTC as payment instead of ETH.

KaratX

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Sovryn - Brings DeFi to Bitcoin

For payment you would want to use a faster blockchain, you don't want to wait around for block verification after paying at a vendor or store right? Many options are on coinmarketcap, way better and faster than bitcoin and ethereum

Lucius

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In my roughly 6 years as I am in the crypto world I have never used ETH to pay anything, and I used LTC, DOGE and BCH when I wanted to get rid of it and the BTC blockchain was under constant spam attack, and the fees for the next block confirmation are jump to $50. It was also the case before that more or less all online merchants only accepted Bitcoin, so ETH never really came to life as a means of payment.

Quote from: pooya87 on June 09, 2020, 01:57:40 AM

when speaking of confirmation we care about the number when the transaction becomes irreversible. in bitcoin a transaction with 1 confirmation is considered already irreversible because of how extremely difficult and costly it would be to reverse that 1 block. there is no altcoin in existence that shares the same number...

Very important information that should definitely be remembered from the aspect of security. What benefits do we get from a cheap and fast transaction that someone can change at any time in the future? I think a lot of people have no idea how hard or almost impossible it is to manipulate BTC transactions when we get only 1 confirmation, compared to more or less all altcoins.

Greatdev

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Sovryn - Brings DeFi to Bitcoin

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.

OP your points here are talking about the speed of transfer not the coin use case or reliability, if that's the case many coins out there beats both ethereum and Bitcoin in terms of speed, even ripple beats this two hands down

Topic: Is ETH better than BTC for payment? - page 7. (Read 1357 times)