What is altcoin used for? - page 2. | Bitcointalksearch.org

noictib

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Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

True , it has hundreds of advantage but the main purpose of altcoin to launch is to make money by the owner .
Suppose you launched your altcoin , if people will use your coin more and more then you will get profit of transactions charges which has been deduced from the account of the altcoin user . In this way you can make unlimited profit but condition is that your coin should be use as much as possible .
Here is no doubt that altcoin have much advantage for the bicoiners and I think most of the bitcoiners are making profit in legit way only through the altcoin investment ( which us know as trading ) .

Reid

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Gambling and trading. But I do hope there will be more to this. Maybe like a game in which they will use this kind of currencies. Sure it will grow the popularity of it and many will trust it. It just need to make sure that the game will be good to whereany will play it.
It is really advanced now and the games are still using copper, silver and gold. That should be changed.

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Quote from: ridery99 on February 13, 2017, 02:39:58 AM

Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

It is mainly used for innovative technology and different coins have different purposes for example liteCoin is silver to the bitCoin's gold etc

What's the technology has offered by litecoin? Even the coin was similar into bitcoin and i don't see something is innovation although with the fastest block rather than bitcoin has make it different with bitcoin.

ridery99

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Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

It is mainly used for innovative technology and different coins have different purposes for example liteCoin is silver to the bitCoin's gold etc

dearbesz1219

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Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

In crypto world there are many altcoins out there that has been rise up, and most of it called shit coins but there is several few altcoin that are legit, also some are accepting altcoins as mode of payment too, like eth, dash, and lastly altcoin main purpose is to make us easily to buy bitcoin through altcoin it may not direct to get it but with altcoin we get bitcoin as well.

merlinsbeard

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I see altcoins as something similar to stocks. You can choose to invest and bet on the future, possibly the next bitcoin.

You can't use stocks for much, except to cash it in or hold it. Until an altcoin becomes more convenient and useful than bitcoin, there is little reason to accept something other than btc.

asdalani

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Altcoins are usually just personal preference of payment. Merchants don't have to use USD/JPY/EUR to purchase things online, they could just pay everything via altcoin and the people will get discounts if the price rises.

There is an Altcoin called GCoin: https://bitcointalksearch.org/topic/wwwgcnzone-or-wwwgcncoincom-our-exchange-is-called-wwwircexcom-665858

GCoin allowed people to purchase some electronics within their online store with a discount and the people that used GCoin also have a community of people to share there experience with. That coin is a good example to show what it is that I am writing to you about.

lambofan

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Quote from: modsa26 on January 31, 2017, 08:16:51 PM

Actually, Altcoins are created for fixing Bitcoin's error and moved to forward cryptocurrency technology. but Im GENERALLY (not completely) using for avoid by Bitcoin's dump. Except (ETH,ETC,XMR,LTC).

I do not think it's the best way to describe it, maybe instead of "error" word should be try to improve some aspects such as efficiency and capacity of BTC, some others will refer to the privacy approach maybe.

bravehearth0319

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Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

Practically, yes there are few some places that altcoins is accepted as payment in the other country, like dogecoin, litecoin, I don't know eth, dao etc. and altcoin also use for buying bitcoin once its being sold in the trading platform.

MarMoCoin

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They are a vehicle for slow learners to use in their bearing of grievances.

Or they are a way for quick learners to use in their seeking of fortune.

danherbias07

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Online stores have their own choices of what altcoin they would prefer for their transaction. Besides, it is an online store so they would need one. If that certain store is supporting one altcoin then they would use it for the sake of pumping it even for just a bit.
One more reason to use it is for trading. I see that with this alts you can somehow create profits even if you have just a small amount of bitcoin. They are not too expensive unlike bitcoin.

modsa26

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Actually, Altcoins are created for fixing Bitcoin's error and moved to forward cryptocurrency technology. but Im GENERALLY (not completely) using for avoid by Bitcoin's dump. Except (ETH,ETC,XMR,LTC).

AUDREY23

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Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

when likened to the bitcoin as usd and altcoin it as the currency of any country and the system is almost the same, usd as the reference price is the same as that for the reference price bitcoin altcoin.
it is my opinion?

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1.To store value and as a hedge against inflation.
2.To create and experiment with decentralised applications

wh04m1

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Quote from: Herbert2020 on January 22, 2017, 03:18:51 AM

altcoins are supposed to be used for newer technologies, trying out new ideas, improving the blockchain technology that bitcoin introduced to public, and many more things. and you can see many of these in many of the altcoins. but what happens in reality is that altcoins are used for trading only, there is no transaction apart from a trader sending to exchange or from exchange to their wallet to sell later.

and to be fair there are some potential here and there but they all have so many weak points.

In fact, each new altcoins comes out to solve a specific problem. And the main purpose is to become as popular as btc one day. But over time, it becomes more of a transport medium for bitcoins in the exchange sites.

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Quote from: zombijs on January 22, 2017, 02:11:38 AM

Some of them can be used for buying. Like Potcoin and Hempcoin for some Marijuana stuff. Gamecredits for some games (probably crapy ones). Guldens are accepted in some stores in NED. Probably other coins also somwhere. But mostly used for profit, by miners,,traders and scammers.

But why using those coins when you can use bitcoin? i could understand if it was zetacash or zerocoin or monero, because those are anonymous and can be used on the dark web and bitcoin can not compete really well with them, but the coin you mentioned doesn't have any advantage over bitcoin, their only purpose imho, is that you need bitcoin to acquire some of those altcoin, which mean that they will indirectly increase the bitcoin value, they are good for the bitcoin market

another reason is that they are good for a minor investment to have more bitcoin, when you find a very cheap one that might increase ten or hundredfold in the future

hisuka

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Quote from: btcdiggingmaster on January 21, 2017, 10:01:41 PM

Quote from: wh04m1 on January 21, 2017, 05:54:53 PM

There are hundreds of altcoins. What is the use of altcoins?
For example, are there places that accept payments with altcoins? Or is it just used to convert bitcoin?

As of now altcoin is used for trading to make profits, till now altcoin is not implemented like bitcoin because we can make purchases with bitcoin. With altcoin it is not possible to buy any thing only to convert them to btc.

This is also my understanding about altcoins. Altcoins is not yet to used to buy anything like bitcoin. We used altcoins to trade it in exchanger to gain some profits. We convert altcoin into bitcoin generally. Thus, altcoins is mainly used for trading the dump and pump scheme.

shanem

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Altcoins are created and used by whales to accumulate more btc for themselves. None of these altcoins are usable and accepted by others at the moment. Most of the coins are nothing but promises and hypes used to dump on newbies. There may be some alts that has potential but most of them are scams.

lambofan

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Quote from: olushakes on January 22, 2017, 04:23:18 AM

From what others have said I believe that is exactly what the developers themselves have in mind for creating it in the first place. Their motive is create a coin, we get it listed and thats it thinking people will start using it as currency as a substitute to bitcoin. Nothing else and thats basically the extent that the coin will go and immediately the support is not coming the coin just turn to shit. Its just something created to make some profit in bitcoins and nothing else.

Despite being many of those "Alts" maybe really a few have a purpose similar to BTC or try to improve some aspects in their own way, but still there are many aspects that would define the success or failure of these, two clear examples LTC and Doge can be considered successful for some, but for others not so much, so for now and as you mention it, yes some peoples use these just to make a profit.

marcoman22

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Altcoins are mainly used for trading by pumping and dumping and gaining huge profits.Some altcoins are said to have transactions which is anonymous and kept secret and no one can know trace transactions and find the holders whereas in bitcoins, every transaction is found in a public ledger and holder can easily be traced.For example, Monero is said to have ring signature and its transactions is said to be anonymous and for that reason only such coins are welcomed by dark markets.

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