Using an Altcoin to Save a Few Cents May Not Be Worth It

kingcolex

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Quote from: andrei56 on March 15, 2017, 06:55:44 PM

Quote from: kelsey on March 11, 2017, 08:58:27 AM

Quote from: aioc on March 11, 2017, 08:19:01 AM

If this is the case then it's bad news for all altcoin,the only preferable crypto currency is Bitcoin,but these altcoin can set up their own usage,I doubt if they can match Bitcoin in terms of merchant adoptions,bitcoin has 100k plus so a long shot for all altcoins.

sorry r u saying bitcoin has 100k plus merchant adoption? lol seriously is there even 100 people on the planet actively regularly using bitcoin as a proper currency Undecided

be pretty poor sales in btc for those 100k merchants Roll Eyes

Of course there are probably more than 100 people just in this forum alone, do you ever go and see the digital goods section there are many offers with good products there, and that is without taking into account other websites and the dark web.

Aren't there a few cities where Bitcoin is popular? I know San Francisco and a couple of cities in Europe has a lot of merchants.

andrei56

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Quote from: kelsey on March 11, 2017, 08:58:27 AM

Quote from: aioc on March 11, 2017, 08:19:01 AM

If this is the case then it's bad news for all altcoin,the only preferable crypto currency is Bitcoin,but these altcoin can set up their own usage,I doubt if they can match Bitcoin in terms of merchant adoptions,bitcoin has 100k plus so a long shot for all altcoins.

sorry r u saying bitcoin has 100k plus merchant adoption? lol seriously is there even 100 people on the planet actively regularly using bitcoin as a proper currency Undecided

be pretty poor sales in btc for those 100k merchants Roll Eyes

Of course there are probably more than 100 people just in this forum alone, do you ever go and see the digital goods section there are many offers with good products there, and that is without taking into account other websites and the dark web.

BitcoinNational

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Quote from: BitcoinHodler on March 11, 2017, 09:10:59 AM

Quote from: TwoTimes on March 11, 2017, 07:35:51 AM

As the Bitcoin network experiences transaction congestion and higher fees many people have considered alternatives to avoid these issues.

well this is wrong, or at the very least you are just making a guess.
because all we have seen so far are either random brand new (throwaway) accounts created to say things like this or known shills saying "..switch to altcoins to..."

Quote from: TwoTimes on March 11, 2017, 07:35:51 AM

using an altcoin to save a few cents on a transaction may be more of a hassle than you think.

i completely agree with this.
if you want to buy something or pay for a service with bitcoin, they barely accept bitcoin, let alone any of the altcoin so it is literary impossible to use altcoins instead of bitcoin.
and if you want to transfer money, then you will end up paying more fees:
1. deposit fee of money to exchange
2. exchange fee (0.15% to 0.2%) from fiat to bitcoin
3. transaction fee of transferring bitcoin from bitcoin exchange (eg coinbase) to altcoin exchange (poloniex)
4. exchange fee (0.15% to 0.2%) from bitcoin to altcoin
5. transaction of altcoin network to transfer to other person.
{waiting a lot longer for a lot more confirmation since altcoin networks are not trusted and they have lots of orphans)
6. the other person exchange fee (0.15% to 0.2%) from altcoin to bitcoin
7. transaction fee of transferring bitcoin from altcoin exchange (poloniex) to bitcoin exchange (eg coinbase)
8. exchange fee (0.15% to 0.2%) from bitcoin to fiat
9. huge bank fee for cashing out fiat to your bank.

Hey. Bro.
Once in the system you don't exit.

Spoet might be right. If Google (or Apple) enters the Paypal sector with vigor. There is NO WAY btc can compete in the internet monies to fiat bank account statements GAME.

The bigger picture is:
Have internet monies, known ledger (public), value increases (savings account), because units are hard coded in terms of inflation, fiat fucks off and dies.

I spent 30 minutes in line waiting to get cash from my bank account. I could pay $25/month for ATM service and avoid the problem. But half the ATMs are broken at any given time. Think of the overhead to run the traditional bank services!!

Even BTC, with $millions per day, has better math.

Google is just pluggin into a dinosaur.

BitcoinNational

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IT COST MORE THAN PAYPAL!

hello?

--
2nd

you dipshits.

check the daily volume:

we are approaching 10 coins with +$1M in liquidity.
we are approaching REasonable point in time were BTC might not be the volume trade leader for the day.

you dumb fucks. welcome to Altcoin Discussion.

machinek20

hero member

Activity: 840

Merit: 501

Using alt coin is not really a good idea, the first problem is not all people have the coin wallet because when we talk alt coin there are hundreds of coin, and the second problem is the alt coin price swing is very fast, so it can lowered the value that we sent or the one we received and it is a problem to find a place to cash out various of alt coin into fiat

Spoetnik

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FUD Philanthropist™

I've done it lots before too because the fee to withdraw BTC from exchanges can be high sometimes too..

Dmitry.Vastov

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No. I will not waste my time growing my cents on altcoin. Not worth of your effort. It would be better if you have a good capital. Maybe good for practice purpose only. I just start altcoin trading with $30 worth of bitcoin. And so far in 2 days of trading. I already earned $6 only. Not really huge amount. But if i have huge capital. I provably earned a lot but dont have huge amount of capital. So if you want to earn huge. Huge capital is needed.

nelson4lov

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Activity: 2310

Merit: 832

🌀 Cosmic Casino

I don't see any altcoin suitable enough to replace Bitcoin even though the transactions fees have doubled plus a snarl-like confirmation and certainly, The hassle & stress one has to go in order to save some cents using altcoins isn't worth it one bit coz one way or another, You'll still be Paying the equivalent or higher of Bitcoin's fees.

So I'd agree with OP on this.

BitcoinHodler

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HODLing is an art, not just a word...

Quote from: TwoTimes on March 11, 2017, 07:35:51 AM

As the Bitcoin network experiences transaction congestion and higher fees many people have considered alternatives to avoid these issues.

well this is wrong, or at the very least you are just making a guess.
because all we have seen so far are either random brand new (throwaway) accounts created to say things like this or known shills saying "..switch to altcoins to..."

Quote from: TwoTimes on March 11, 2017, 07:35:51 AM

using an altcoin to save a few cents on a transaction may be more of a hassle than you think.

i completely agree with this.
if you want to buy something or pay for a service with bitcoin, they barely accept bitcoin, let alone any of the altcoin so it is literary impossible to use altcoins instead of bitcoin.
and if you want to transfer money, then you will end up paying more fees:
1. deposit fee of money to exchange
2. exchange fee (0.15% to 0.2%) from fiat to bitcoin
3. transaction fee of transferring bitcoin from bitcoin exchange (eg coinbase) to altcoin exchange (poloniex)
4. exchange fee (0.15% to 0.2%) from bitcoin to altcoin
5. transaction of altcoin network to transfer to other person.
{waiting a lot longer for a lot more confirmation since altcoin networks are not trusted and they have lots of orphans)
6. the other person exchange fee (0.15% to 0.2%) from altcoin to bitcoin
7. transaction fee of transferring bitcoin from altcoin exchange (poloniex) to bitcoin exchange (eg coinbase)
8. exchange fee (0.15% to 0.2%) from bitcoin to fiat
9. huge bank fee for cashing out fiat to your bank.

kelsey

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Activity: 1876

Merit: 1000

Quote from: aioc on March 11, 2017, 08:19:01 AM

If this is the case then it's bad news for all altcoin,the only preferable crypto currency is Bitcoin,but these altcoin can set up their own usage,I doubt if they can match Bitcoin in terms of merchant adoptions,bitcoin has 100k plus so a long shot for all altcoins.

sorry r u saying bitcoin has 100k plus merchant adoption? lol seriously is there even 100 people on the planet actively regularly using bitcoin as a proper currency Undecided

be pretty poor sales in btc for those 100k merchants Roll Eyes

kubercoin

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yeah "transaction congestion and higher fees" are two thing we go through, but nothing can be done till btc development step towards scaling. Undecided

aioc

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If this is the case then it's bad news for all altcoin,the only preferable crypto currency is Bitcoin,but these altcoin can set up their own usage,I doubt if they can match Bitcoin in terms of merchant adoptions,bitcoin has 100k plus so a long shot for all altcoins.

kelsey

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Activity: 1876

Merit: 1000

using bitcoin hasn't been worth the hassle for the longest time Shocked

move onto something that works and let wallstreet have this sucker Kiss

dinofelis

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Quote from: TwoTimes on March 11, 2017, 07:35:51 AM

Lately, there have been a lot of complaints towards the rising fee market and slow confirmation times when it comes to sending a bitcoin transaction. Some say it’s best to patiently wait for Bitcoin developers to implement scaling solutions, but no one knows when this will happen.

http://s2.quickmeme.com/img/b7/b769e5c99f9441e5bfd96687128eff71a75ba76a37fcd4193a5b3d109c107ec4.jpg

TwoTimes

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Merit: 100

As the Bitcoin network experiences transaction congestion and higher fees many people have considered alternatives to avoid these issues. During transaction traffic peaks, a few cryptocurrency supporters have recommended using altcoins to save money from bitcoin miner fees and speed up settlement times. However, using an altcoin to save a few cents on a transaction may be more of a hassle than you think.

Lately, there have been a lot of complaints towards the rising fee market and slow confirmation times when it comes to sending a bitcoin transaction. Some say it’s best to patiently wait for Bitcoin developers to implement scaling solutions, but no one knows when this will happen. Now some people are advocating the use of an altcoin to conduct faster transactions with lower fees. But is it worth it?

Read More Here: https://news.bitcoin.com/using-an-altcoin-to-save-a-few-cents-may-not-be-worth-it/

Topic: Using an Altcoin to Save a Few Cents May Not Be Worth It (Read 671 times)