What is the advantage of other cryptocurrencies?

stephanirain

sr. member

Activity: 756

Merit: 257

Freshdice.com

Quote from: Bitconian on January 26, 2013, 07:36:34 PM

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

   *. Is it worth it to mine in other currencies besides bitcoins?
   *. Wouldn't be better if we only use only 1 instead of 8?
   *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.

May anybody tell me the advantage?

Thanks!!

The demand for cryptocurrency is high that the supply of bitcoin sometimes cannot meet it. One reson for this is people hold them for investment. This is why there is a need of other cryptocurrency and by doing so, creating an industry of various and dynamic markets. This variety of cryptos opened many opportunities for a lot of people and became a passion and a new career. There is no real advantage of being an alt coin and they do not necessarily weaken btc.

#Darren

sr. member

Activity: 784

Merit: 250

DIA | Data infrastructure for DeFi

The answer to the first question is yes, there is enough quality mining equipment that can provide you enough profit from most famous altcoins like Ethereum, Zcash or Monero. Search for some mining profitability calculators and you would be amazed

calandra78

copper member

Activity: 840

Merit: 114

Quote from: Pinkris128 on November 09, 2019, 02:06:30 PM

Using different cryptocurrencies can and will make the market more alive than dull. There are cryptocurrencies that are created specifically for a task. The nature that I observed for btc is for transactions that are quick and anonymous. While other cryptocurrencies are for bigger or even daily transactions like buying specific stuff. This variety of coins is making the industry dynamic. If we're going to be stuck in one coin, I don't think there won't be much new things we would talk about.

for a trader, of course, they have the main coins like bitcoin or USDT they have for trading capital. especially for day traders, of course, they choose many assets to switch from one coin to another coin. and this is normal for traders to get better profits. because in trading we will not always profit in one asset or all assets that we trade. therefore trading with many assets will help us reduce losses.

Pinkris128

sr. member

Activity: 812

Merit: 262

Quote from: Bitconian on January 26, 2013, 07:36:34 PM

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

   *. Is it worth it to mine in other currencies besides bitcoins?
   *. Wouldn't be better if we only use only 1 instead of 8?
   *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.

May anybody tell me the advantage?

Thanks!!

Using different cryptocurrencies can and will make the market more alive than dull. There are cryptocurrencies that are created specifically for a task. The nature that I observed for btc is for transactions that are quick and anonymous. While other cryptocurrencies are for bigger or even daily transactions like buying specific stuff. This variety of coins is making the industry dynamic. If we're going to be stuck in one coin, I don't think there won't be much new things we would talk about.

candy27

member

Activity: 104

Merit: 13

Quote from: Bitconian on January 26, 2013, 07:36:34 PM

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

   *. Is it worth it to mine in other currencies besides bitcoins?
   *. Wouldn't be better if we only use only 1 instead of 8?
   *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.

May anybody tell me the advantage?

Thanks!!

Back in December 2017, when the bitcoin mempool was so large you had to wait three weeks or more for your transaction to be processed, the other altcoins showed their merit. Because if you had money in an alt exchange and wanted to move it, you were better off converting it to litecoin and sending it to an exchange where you could sell it directly for fiat, than sending bitcoin.

Simply put, the other alts exist because bitcoin still hasn't fixed the issue of scaling. So scaling is being done with alts.

bonyaserg

jr. member

Activity: 1876

Merit: 5

Personally, I think that the most promising coins are Bitcoin and Ethereum. So if you have good investments, you can invest in the future of these coins and you can get excellent profit on the way out. Well, what about mining, I want to say that now it has become very unprofitable and it is better to earn cryptocurrency on ordinary projects.

barnes13

hero member

Activity: 1274

Merit: 521

7enius - Your Cryptocurrency Marketing Consultant

It depends on the utility of the coin. At present many cryptocurrency is emerging, but most of them are just imitators of existing coins. The utility they offer to users is not attractive either. So, to make sure it's appropriate or not, you need to learn more about the coin first and find out how it works in making solutions in a case. In my opinion, the number of coins that already exist today has no negative impact on Bitcoin. Because Bitcoin has become the main symbol as a pioneer of cryptocurrency. It will still have value, even if I see the current level of bitcoin demand increasing. And there is a possibility that prices will continue to rise along with a limited total supply.

Suharti12

member

Activity: 350

Merit: 10

Of course there are many advantages of Cryptocurrency other than Bitcoin that we can get, for example in Cryptocurrency trading. With so many Cryptocurrency coins besides Bitcoin, there will be many choices and opportunities for us to get profit from trading coins. If you want to mine other coins besides Bitcoin, of course we can also get profits. But fortunately mining requires large capital.

Latines

jr. member

Activity: 980

Merit: 1

It’s better to mine the ethereum classic. Bitcoin is now very unreliable. And if you want to understand all the coins, understand the whole crypto world, then you need to read a lot, no one will be able to describe in the chat everything you need to know.

Walter Rothbard

sr. member

Activity: 476

Merit: 250

Bytecoin: 8VofSsbQvTd8YwAcxiCcxrqZ9MnGPjaAQm

Quote from: -ck on January 26, 2013, 08:18:19 PM

Except that the cryptocurrency microcosm at the moment is a finite relatively small number of people and generally when people choose an altchain they are doing it at the expense of supporting the bitcoin ecosystem (on whatever level you consider them "supporting" it).

Thought question: I played with testnet last night. Did that come at the expense of supporting the bitcoin ecosystem?

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: Atruk on February 01, 2013, 10:45:26 AM

Quote from: crazy_rabbit on February 01, 2013, 09:53:41 AM

Litecoin isn't ASIC proof by any means. It's just is too worthless to bother developing an ASIC for it. Not to mention ASIC's are GOOD for a coin. It means the network is even more secure. You should WANT an ASIC for litecoin, it would make it stronger and more secure.

Alt-coins will always exist. They are people experimenting with Bitcoin. If you want to get rich, you should go do something useful with BTC.

Alt-coins will always exist.

The way litecoin handles the memory versus processing power trade-off means any litecoin ASIC would be a weird mix of logic circuits and RAM, and even if you try to optomize it for a substantial number of nonces processing power will necessarily beat memory and very slow cycles will happen. This shit is a nightmare if you are an employed engineer and a wet dream if you are a contracting engineer.

I like altcoins, and I think some have very good ideas behind them. I'm pretty sure we both agree that FRC is crap. The big difference between us I see reading your posts is that you see something magic with TRC that I don't while I'm turning BTC into NMC because NMC are useful.

+1

(NMC probably really should be the alt-coin that people focus on)

Atruk

hero member

Activity: 700

Merit: 500

Quote from: crazy_rabbit on February 01, 2013, 09:53:41 AM

Litecoin isn't ASIC proof by any means. It's just is too worthless to bother developing an ASIC for it. Not to mention ASIC's are GOOD for a coin. It means the network is even more secure. You should WANT an ASIC for litecoin, it would make it stronger and more secure.

Alt-coins will always exist. They are people experimenting with Bitcoin. If you want to get rich, you should go do something useful with BTC.

Alt-coins will always exist.

The way litecoin handles the memory versus processing power trade-off means any litecoin ASIC would be a weird mix of logic circuits and RAM, and even if you try to optomize it for a substantial number of nonces processing power will necessarily beat memory and very slow cycles will happen. This shit is a nightmare if you are an employed engineer and a wet dream if you are a contracting engineer.

I like altcoins, and I think some have very good ideas behind them. I'm pretty sure we both agree that FRC is crap. The big difference between us I see reading your posts is that you see something magic with TRC that I don't while I'm turning BTC into NMC because NMC are useful.

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: Atruk on February 01, 2013, 09:12:10 AM

Quote from: Vitalicus on February 01, 2013, 07:49:57 AM

Only 2 altcoin will survive.
LTC - it have a diferent algoritm of hashing: "scrypt"
PPC - algoritm "sha256" (BTC is "double sha256") + proof of stake,

The others alcoin cryptocurrencies are copy of bitcoin Sad

They might continue, but I'm not sure what they have ought to be considered a life.

The altcoin that can thrive is probably going to be namecoin, simply because it has fucking uses.

Litecoin was started fairly, but is only asic resistant for people who care about that. PPCoin has had security flaws in its proof of stake before and if it ever becomes worth anything will probably have crippling exploits found.

Meanwhile boring old grandpa namecoin can act as a torrent tracker. Grandpa can translate .onion links. Namecoin will let you store whatever shit you need in its blockchain like fucking time stamps. Other than the fact that Litecoin is ASIC proof no altchain presents a convincing reason to mime it unless it is merged mineable.

Litecoin isn't ASIC proof by any means. It's just is too worthless to bother developing an ASIC for it. Not to mention ASIC's are GOOD for a coin. It means the network is even more secure. You should WANT an ASIC for litecoin, it would make it stronger and more secure.

Alt-coins will always exist. They are people experimenting with Bitcoin. If you want to get rich, you should go do something useful with BTC.

Atruk

hero member

Activity: 700

Merit: 500

Quote from: Vitalicus on February 01, 2013, 07:49:57 AM

Only 2 altcoin will survive.
LTC - it have a diferent algoritm of hashing: "scrypt"
PPC - algoritm "sha256" (BTC is "double sha256") + proof of stake,

The others alcoin cryptocurrencies are copy of bitcoin Sad

They might continue, but I'm not sure what they have ought to be considered a life.

The altcoin that can thrive is probably going to be namecoin, simply because it has fucking uses.

Litecoin was started fairly, but is only asic resistant for people who care about that. PPCoin has had security flaws in its proof of stake before and if it ever becomes worth anything will probably have crippling exploits found.

Meanwhile boring old grandpa namecoin can act as a torrent tracker. Grandpa can translate .onion links. Namecoin will let you store whatever shit you need in its blockchain like fucking time stamps. Other than the fact that Litecoin is ASIC proof no altchain presents a convincing reason to mime it unless it is merged mineable.

Vitalicus

full member

Activity: 467

Merit: 100

DIA | Data infrastructure for DeFi

Only 2 altcoin will survive.
LTC - it have a diferent algoritm of hashing: "scrypt"
PPC - algoritm "sha256" (BTC is "double sha256") + proof of stake,

The others alcoin cryptocurrencies are copy of bitcoin Sad

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Experimentation is a good reason. Bitcoin after all is still an experiment in the idea of Crypto currency. Alt-Coins are experiments in Bitcoin.

DryPowder

full member

Activity: 144

Merit: 100

Well, you need to analyze the markets and study the fundaments of all Alt. Coins; the most important question that you will ask yourself is WHY ALT. COINS EXIST? Huh

I don’t want to make a statement in this topic because I will catch some fire in the process, but the idea here is to diversify and succeed as an Alt. Coin.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Walter Rothbard on January 30, 2013, 03:15:08 PM

One great advantage of altcoins is that they put to rest a common newbie gripe about bitcoins: namely, that the supply of bitcoins is limited. Most of us think this is a feature, not a flaw, but for those who can't be convinced, we can always point to the unlimited supply of altcoins. Anybody who wants to go to an alternative currency that generates 50 coins per block forever is welcome to. Or whatever arrangement they please. If some day there's only handful of ultra-valuable satoshis left to circulate in the bitcoin chain and people can't work out a way to subdivide them, they can make change with altcoins. Somebody could even start an altcoin with rules identical to bitcoin specifically for this purpose. There's no real 21 million limit this way.

Another great advantage of altcoins is that it takes a lot of work to become technically proficient enough to create an altcoin. Everybody who does this acquires a valuable skill as a bitcoin developer, even if their altcoin fails, and this increases the skillset available to the entire community.

Well people who do think bitcoin should survive alone and no other alternatives should be allowed are fucked up in the mind.

That is equivalent of trying to saying there can only be one world religion. People will believe what they want to believe. Free markets dont ever choose just one thing. Good example, silver and gold. The free markets chose those TWO things to be Money. That means more than 1 crypto can be accepted as payment.

If people want to transact in soiledcoins I wont tell them otherwise. But I wouldn't given its design. Just to address an example.

Mjbmonetarymetals

legendary

Activity: 1096

Merit: 1067

I like peanut butter but I also like jam.

Walter Rothbard

sr. member

Activity: 476

Merit: 250

Bytecoin: 8VofSsbQvTd8YwAcxiCcxrqZ9MnGPjaAQm

One great advantage of altcoins is that they put to rest a common newbie gripe about bitcoins: namely, that the supply of bitcoins is limited. Most of us think this is a feature, not a flaw, but for those who can't be convinced, we can always point to the unlimited supply of altcoins. Anybody who wants to go to an alternative currency that generates 50 coins per block forever is welcome to. Or whatever arrangement they please. If some day there's only handful of ultra-valuable satoshis left to circulate in the bitcoin chain and people can't work out a way to subdivide them, they can make change with altcoins. Somebody could even start an altcoin with rules identical to bitcoin specifically for this purpose. There's no real 21 million limit this way.

Another great advantage of altcoins is that it takes a lot of work to become technically proficient enough to create an altcoin. Everybody who does this acquires a valuable skill as a bitcoin developer, even if their altcoin fails, and this increases the skillset available to the entire community.

Topic: What is the advantage of other cryptocurrencies? (Read 2238 times)