The purpose of altcoins ? - page 2. | Bitcointalksearch.org

Spoetnik

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Quote from: The Sceptical Chymist on January 22, 2017, 04:44:43 PM

Was there not just another topic about this? Altcoins are for buying bitcoin. And for gambling and trading, that's about it. In the other thread I said you can't spend altcoins anywhere because no one accepts them. There are very few places that take coins like doge, dash, and litecoin. If a business accepts crypto at all, it's usually just bitcoin. I don't see any real use for 99.99% of altcoins.

I was thinking the same thing too.
The noobs here really do re-post the same simple questions over & over.
And many don't read the Sticky topic "titles" either. (AKA: MOD Note on Speculation Topics)

I think the issue is whether or not Bitcoin can & will be changed later to address the issues brought up..
such as slower confirmation wait times and fee's.
I started using Doge coin occasionally to get coins from one exchange to another way back (years ago) for example.
The cost of moving *small amounts* of coins with Bitcoin is high.
I chose Doge because the crypto scene decided to give it liquidity. (support)
And yeah sometimes it back fired and i took a loss doing that LOL

I mean Bitcoin was / is Open Source code.
It got popular so... bring on the clones.
This always happens on the web.. predictable really.

99.99% of altcoins are used for trading on exchanges for profits.. traded against Bitcoin.
Because Bitcoin can be easily exchanged to FIAT (real paper money etc)

I have often said, this crypto shit is the easiest way in human history to make money.

PS:
@Flyskyhigh
People "Profiteers" like a lawless shady sketchy environment to do deals to get ROI'z.
Don't feed us all the freedom speech ..don't kid yourself this is not about ideology.

Flyskyhigh

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Because people like freedom to choose different options. There is no single coin that will be all things to all people.

kidoseagle0312

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Quote from: User365 on January 22, 2017, 12:47:36 PM

Hey there,

can somone explain me the purpose of altcoins, please ?

From my point of view i cant understand why you should support something other than bitcoin.

According to https://www.coingecko.com bitcoin has a MktCap of ฿16,118,987. the 2.best one is ether with ฿1,031,757 (i could understand mining that, it has some value)
But already the third one LiteCoin has ฿208,064 which is only 1,2% of bitcoin.

So why would someone invest in altcoins ? Are there some big issues with bitcoin (or big advantages of any altcoin ?) or just a lot of people wanna invent their own crypotcurrencies ?

I would like to express to anyone here in this thread about my opinion regarding about the purpose of altcoins. As we going to look at it literally, altcoins for me is created to buy bitcoin in all exchange platform, also altcoin was made to buy altcoins too aside from bitcoin. Because obviously, bitcoin has a high price value than altcoins, but altcoins can be a tools for us to buy bitcoin. Tha''s what I thought.

kiklo

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Quote from: Rockie1234 on January 22, 2017, 05:40:11 PM

Okay, it has a technological disadvantage, but does this really matter? You tell me how long it will take for some alt coin to overtake bitcoins market cap of 10 billion.
People invest in Bitcoin because of the reputation, and probably because most ordinary people don't know about alt coins.

Yes , it will really matter , because BTC price is too high already for the majority of the world.
Transaction Fees keep increasing. Price & speed wise LTC already beats it hands down.

If I have to use my crystal ball, another alt's market cap will be matching BTC within 3½ years after it's last big pump.
And not long after BTC will begin it decline to nothingness.

Reputation = Hype, Hype fades as reality sets in

Most ordinary people don't know about crypto coins , BTC or otherwise. Wink

robelneo

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This is to strengthen and make the crypto currency more popular and with a lot of options,this technology is innovating as it progresses as you can see there are a lot of legit altcoins coming up with new innovation and features like Burst,etherium monero and some other good coins and this is not to compete with bitcoin but to support it's usage.

asriloni

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With more cheaper coin and they can grab more profit with the same amount, totally the highest price of btc makes everyone are so difficult to trading it and especially about the middle until the lower trader and they're not having the sufficient amount to trade btc.

altcoin = ALTERNATIVE coin

Rockie1234

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Quote from: kiklo on January 22, 2017, 05:31:20 PM

BTC is a Failure and an evolutionary dead end from a Technical Standpoint.

The successors to BTC will be found in the Alt coin community, that are faster more energy efficient and higher transaction capacity.

The purpose of Alts is to battle each other to see who the next crypto champion becomes.

Okay, it has a technological disadvantage, but does this really matter? You tell me how long it will take for some alt coin to overtake bitcoins market cap of 10 billion.
People invest in Bitcoin because of the reputation, and probably because most ordinary people don't know about alt coins.

Cool

kiklo

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BTC is a Failure and an evolutionary dead end from a Technical Standpoint.

The successors to BTC will be found in the Alt coin community, that are faster more energy efficient and higher transaction capacity.

The purpose of Alts is to battle each other to see who the next crypto champion becomes.

Cool

The Sceptical Chymist

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Was there not just another topic about this? Altcoins are for buying bitcoin. And for gambling and trading, that's about it. In the other thread I said you can't spend altcoins anywhere because no one accepts them. There are very few places that take coins like doge, dash, and litecoin. If a business accepts crypto at all, it's usually just bitcoin. I don't see any real use for 99.99% of altcoins.

alyssa85

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Bitcoin has a lot of problems:

1. centralization of mining behind the great firewall of China
2. centralization of trading in China (which is an authoritarian state with capital controls)
3. small block size means it can't handle more than 250,000 transactions a day, whereas the VISA network manages to cope with billions
4. slow confirmation times - you sometimes wait 40 minutes or longer for your transaction to confirm
5. high fees, the fees are now bigger than banks or credit cards

Alts are an attempt to solve all these problems.One day one will, and will overtake bitcoin.

ttookk

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I'd say:

80% are trying to get a piece of the cryptocurrency cake; somehow create money out of nothing: Copy/paste some coins code, get people involved and try to make as much money as possible, before the whole thing goes tulips.

~~15%~~ 10% are trying to be "the next bitcoin", classic digital money, believing, that faster blocktimes and more efficient PoW/PoS algorithms can beat network effect.

5% Actually have unique ideas how to utilize blockchain beyond value transfer, which makes them more of a kind of tokens than altcoins as in "alternative money".

EDIT: I forgot:

5% try to look like they have unique ideas but either have no idea on how to achieve their goals, or don't plan on developing anything, because they are scams.

Zaducis

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Quote from: klarki on January 22, 2017, 03:18:24 PM

Is it bad to explore something new?
Bitcoin has opened a lot of opportunities)

In my opinion there are several reasons for this:
1) Now Bitcoin is worth about $ 1,000 and capability for multiple profit is much smaller with altcoins.
2) New technologies and possibility always attracted large numbers of people.
3) Problems with privacy in Bitcoin transactions.

klarki

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Is it bad to explore something new?
Bitcoin has opened a lot of opportunities)

Pente

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I see 4 main reasons:

1) Some altcoins like Dash have built in privacy features

2) Transaction costs for Bitcoin keep going up, this is already becoming a problem with my dealings in 3rd world countries. Altcoins can have a much higher rate of transactions without fee pressure.

3) Some altcoins like Ethereum are turing complete which means you can actually run some types of programs on their blockchain. I would stay away unless you have some specific use case though.

4) Testing new ideas like Myriad's 5 different POWs.

User365

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Hey there,

can somone explain me the purpose of altcoins, please ?

From my point of view i cant understand why you should support something other than bitcoin.

According to https://www.coingecko.com bitcoin has a MktCap of ฿16,118,987. the 2.best one is ether with ฿1,031,757 (i could understand mining that, it has some value)
But already the third one LiteCoin has ฿208,064 which is only 1,2% of bitcoin.

So why would someone invest in altcoins ? Are there some big issues with bitcoin (or big advantages of any altcoin ?) or just a lot of people wanna invent their own crypotcurrencies ?

Topic: The purpose of altcoins ? - page 2. (Read 1759 times)