Which currency do you prefer to use for BTC/LTC/ETH transactions?

Abiky

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Quote from: tsaroz on January 14, 2024, 08:42:51 PM

LTC had been my goto coin for over a year now. They have one of the lowest fees, Less than 1 cents and the transaction are quick.
It's amazing how we still can transfer large amount of value quickly spending less than a cent. Compare that to a BTC transaction which takes over $10.
LTC is accepted almost everywhere. The 2nd most used coin specially transferring in and among defi are BNB and BSC tokens. They take about 10 cents on average to move.

Funny thing is that LTC has even greater acceptance and liquidity than most of the overhyped coins trading on the market today. It's why many proclaim Litecoin to be "Silver to Bitcoin's Gold". With cheap fees and fast confirmation times, LTC proves to be a great Bitcoin alternative. If it becomes congested, you can always use Dogecoin or another cost-effective altcoin. That's the beauty of open source + decentralization.

Hopefully, Bitcoin fees would decline as developers introduce a series of network upgrades that will help tackle the problem. We may have to wait until the halving ends to experience a relief in our "pockets". Despite the high fees, Bitcoin is still the most popular cryptocurrency in the world. Who knows what lies ahead for the entire crypto/Blockchain industry? Cheesy

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LTC had been my goto coin for over a year now. They have one of the lowest fees, Less than 1 cents and the transaction are quick.
It's amazing how we still can transfer large amount of value quickly spending less than a cent. Compare that to a BTC transaction which takes over $10.
LTC is accepted almost everywhere. The 2nd most used coin specially transferring in and among defi are BNB and BSC tokens. They take about 10 cents on average to move.

Abiky

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Quote from: wheelz1200 on January 04, 2024, 03:39:06 PM

Using Litecoin to move crypto around is never a bad idea. Keep crypto in bitcoin than shift to litecoin when ypu want to move crypto and back into bitcoin. 2 problems with that is spread rate between the 2. And the second and even more important is every move into another currency drives a taxable event at least in the US. I'd keep some liquid in litecoin but the downward risk is too great to keep too much in LTC.

Taxable only if you use centralized exchanges. Keeping everything non-custodial (decentralized) and P2P is the way to go. I think with all of the publicity Bitcoin has (especially with the recent approval of spot ETFs by the SEC), fees will stay high for a prolonged period of time. One would hope Litecoin doesn't experience these issues in the long run.

Bitcoin developers are going to need to introduce a series of network upgrades to address the "high fee problem". The LN is not the ideal solution for this, especially when it requires users to pay high on-chain fees to open/close channels. I guess this inconvenience forcee people to choose an altcoin like Litecoin or Solana instead of the LN. Fingers crossed things will get better in the long run. Wink

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Using Litecoin to move crypto around is never a bad idea. Keep crypto in bitcoin than shift to litecoin when ypu want to move crypto and back into bitcoin. 2 problems with that is spread rate between the 2. And the second and even more important is every move into another currency drives a taxable event at least in the US. I'd keep some liquid in litecoin but the downward risk is too great to keep too much in LTC.

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Quote from: Bushdark on December 30, 2023, 02:06:24 PM

Quote from: Abiky on December 29, 2023, 02:38:53 PM

Quote from: mich on December 27, 2023, 01:44:35 AM

Well I will say it is BTC or LTC for when I want to send transactions. But now it does cost $6 for a BTC and only few cents for the LTC one. So I have been sending my crypto using LTC for a short time now.
https://privacypros.io/tools/bitcoin-fee-estimator/
https://litecoinspace.org/

LTC seems to be the best choice right now. Especially when it's accepted by many merchants/businesses online. While some other coins are cheaper and faster than LTC, they often lack mainstream acceptance. You can basically buy almost anything with LTC. Just like Bitcoin. Not only that, but Litecoin is available in almost every crypto exchange you can imagine.

I hope fees stay low on the LTC blockchain forever. It could live up to its name of being "Silver to Bitcoin's Gold". The Ordinals hype on the Bitcoin blockchain might not last for long, as people move on to the next big thing in crypto. Who knows what the future holds for the premier cryptocurrency? Cheesy

Since Bitcoin network fee had been increased lately, I don't think anyone would want to go for Bitcoin which we all know that it has good liquidity and more safer for us to hold. Anyone that would choose Bitcoin irrespective of the height of transaction fee would be reddy to face it all. Lite coin is the best option anyone would want to go for looking at how low the network fee is and the spend of transaction.
People would have to prefer Bitcoin if the transaction fee is finally lowered.

Bitcoin lightening network's gas fees is still considerably cheap and most of the major exchanges support bitcoin lightening network so bitcoin Maxis can still use bitcoin for any form of transaction. Transaction fees of LTC is low but they can not be used everywhere. So the best option is to use USDT or USDC in solana or tron network as those blockchains are one of the fastest right now and USDT and USDC are widely used crypto assets used by exchanges and their partner companies including banks.

Abiky

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Quote from: Webetcoins on December 30, 2023, 03:13:32 AM

Same here, because the two coins are always available on so many exchanges and wallets that I use. But if in case Tron USDT or simply Tron is available, I will also choose it. My other alternatives would be XRP and Matic. It is sad that many of us small users are rarely using ETH.

We already know why. But before, ETH is is mostly our alternative next to Bitcoin. The only thing that we can do right now is to reminisce those times. We can only hope that there will be a fixed that will happen in ETH and maybe in BTC too since there are ordinals which may be the reason on why the transaction fees are getting costly and I'm afraid it will remain like this if no actions were taken.

ETH was good until it became plagued by NFTs and worthless "meme" coins. Bitcoin is heading to the same path with Ordinals inscriptions. You'd have to choose an unpopular blockchain like Litecoin or TRON if you're eager to save money on fees. I'd say LTC is the most decentralized and cost-effective alternative compared to the rest of the pack. It's widely accepted across a number of merchants/businesses worldwide.

Hopefully, Bitcoin Core developers would solve the "high fee" problem before it gets too late. As I've said before, the Lightning Network is not a solution to all of Bitcoin's problems. It's highly-dependent on the main chain to survive (you'd need to pay an on-chain fee to open/close channels). On-chain scaling is the only way to go. It must be done in a balanced manner to avoid sacrificing decentralization in the long run. Who knows what the future holds for the entire crypto/Blockchain industry?

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Quote from: Abiky on December 29, 2023, 02:38:53 PM

Quote from: mich on December 27, 2023, 01:44:35 AM

Well I will say it is BTC or LTC for when I want to send transactions. But now it does cost $6 for a BTC and only few cents for the LTC one. So I have been sending my crypto using LTC for a short time now.
https://privacypros.io/tools/bitcoin-fee-estimator/
https://litecoinspace.org/

LTC seems to be the best choice right now. Especially when it's accepted by many merchants/businesses online. While some other coins are cheaper and faster than LTC, they often lack mainstream acceptance. You can basically buy almost anything with LTC. Just like Bitcoin. Not only that, but Litecoin is available in almost every crypto exchange you can imagine.

I hope fees stay low on the LTC blockchain forever. It could live up to its name of being "Silver to Bitcoin's Gold". The Ordinals hype on the Bitcoin blockchain might not last for long, as people move on to the next big thing in crypto. Who knows what the future holds for the premier cryptocurrency? Cheesy

Since Bitcoin network fee had been increased lately, I don't think anyone would want to go for Bitcoin which we all know that it has good liquidity and more safer for us to hold. Anyone that would choose Bitcoin irrespective of the height of transaction fee would be reddy to face it all. Lite coin is the best option anyone would want to go for looking at how low the network fee is and the spend of transaction.
People would have to prefer Bitcoin if the transaction fee is finally lowered.

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Despite bitcoin high transaction fee I see no reason why I will prefer to use any other coin rather than bitcoin, since I don't spend bitcoin all the time I will just stick to bitcoin because the transaction fee is something I spend often. I haven't seen anything yet that will make me to consider any other coin to bitcoin. Right now bitcoin has the highest transaction fee but I still choose it to any other one.

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Quote from: mich on December 27, 2023, 01:44:35 AM

Well I will say it is BTC or LTC for when I want to send transactions. But now it does cost $6 for a BTC and only few cents for the LTC one. So I have been sending my crypto using LTC for a short time now.
https://privacypros.io/tools/bitcoin-fee-estimator/
https://litecoinspace.org/

Same here, because the two coins are always available on so many exchanges and wallets that I use. But if in case Tron USDT or simply Tron is available, I will also choose it. My other alternatives would be XRP and Matic. It is sad that many of us small users are rarely using ETH.

We already know why. But before, ETH is is mostly our alternative next to Bitcoin. The only thing that we can do right now is to reminisce those times. We can only hope that there will be a fixed that will happen in ETH and maybe in BTC too since there are ordinals which may be the reason on why the transaction fees are getting costly and I'm afraid it will remain like this if no actions were taken.

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Quote from: MFahad on December 27, 2023, 01:59:44 AM

My most Go to Blockchain has been Tron (TRX). it is fast, has a low fees (almost none) and supports most of the tokens/coins I use (Mostly stable coins, USDT, USDC) beside this I use the Binance chain often. Ethereum and Bitcoin are only when necessary (mostly to receive payments from others) otherwise I avoid these two. these are just for holding..
the thing is when you have a Coin and that coin's blockchain is so congested you still have to transfer that to an exchange to convert into the right currency you want to use. and that's something I don't like.
I didn't get to use Litecoin until now in my crypto journey but I have heard a lot of good things about litecoin and hopefully someday I get to use Litcoin blcochain for my regular transactions.

I have used both the TRX and Litecoin, both are pretty good to make use of in this current situation where Bitcoin transaction fees are higher. Spending huge fees just for a little amount of transactions, this changed many into using stuffs like the LTC and TRX which ease the excess spending. while we don't know when Bitcoin transaction fees will go back to normal we continue using anyone of both but personally I would prefer the TRX cause I feel the transaction speed is faster than that of LTC.

Abiky

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Quote from: mich on December 27, 2023, 01:44:35 AM

Well I will say it is BTC or LTC for when I want to send transactions. But now it does cost $6 for a BTC and only few cents for the LTC one. So I have been sending my crypto using LTC for a short time now.
https://privacypros.io/tools/bitcoin-fee-estimator/
https://litecoinspace.org/

LTC seems to be the best choice right now. Especially when it's accepted by many merchants/businesses online. While some other coins are cheaper and faster than LTC, they often lack mainstream acceptance. You can basically buy almost anything with LTC. Just like Bitcoin. Not only that, but Litecoin is available in almost every crypto exchange you can imagine.

I hope fees stay low on the LTC blockchain forever. It could live up to its name of being "Silver to Bitcoin's Gold". The Ordinals hype on the Bitcoin blockchain might not last for long, as people move on to the next big thing in crypto. Who knows what the future holds for the premier cryptocurrency? Cheesy

MFahad

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Quote from: 23 preguntas on August 14, 2023, 08:57:06 AM

Hi, I have been using cryptocurrencies for about a year now where I usually do transactions from time to time in this period of time I have only used Bitcoin and Litecoin, I have seen quite a few people using Ethereum as well and I wanted to know what do you guys use to receive or send money with cryptos. I usually prefer to use Litecoin because it has almost no fees, in Bitcoin for small transactions of just a few dollars $5-$10 they can charge you up to $2 fees or a few months ago when it was broken they charged you $8 fees or more it was crazy, instead Litecoin does not charge you almost no fees and it is very comfortable to use although it is quite slow. And about Ethereum I have seen a lot of people using it but I don't know how the fees and speed are.

Best regards!

My most Go to Blockchain has been Tron (TRX). it is fast, has a low fees (almost none) and supports most of the tokens/coins I use (Mostly stable coins, USDT, USDC) beside this I use the Binance chain often. Ethereum and Bitcoin are only when necessary (mostly to receive payments from others) otherwise I avoid these two. these are just for holding..
the thing is when you have a Coin and that coin's blockchain is so congested you still have to transfer that to an exchange to convert into the right currency you want to use. and that's something I don't like.
I didn't get to use Litecoin until now in my crypto journey but I have heard a lot of good things about litecoin and hopefully someday I get to use Litcoin blcochain for my regular transactions.

mich

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Well I will say it is BTC or LTC for when I want to send transactions. But now it does cost $6 for a BTC and only few cents for the LTC one. So I have been sending my crypto using LTC for a short time now.
https://privacypros.io/tools/bitcoin-fee-estimator/
https://litecoinspace.org/

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I have tried using many altcoins but I didn't really like having investments spread out across so many wallets and blockchain networks so I just stick with Bitcoin. To save on fees I have started using the lightning network. It's not always the smoothest experience but I still prefer it over using altcoins.

Ethereum fees have been high for many years, sometimes even higher than Bitcoin so it is not a very good substitute. I'm not too interested in dapps but even if I was, most of them are available on Polygon and BSC which have a lower cost.

Litecoin is fine but it's mostly a Bitcoin clone. LTC isn't unique enough to interest me. Having Lightning as an option for smaller payments makes Litecoin unnecessary for me.

Abiky

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Quote from: tsaroz on December 26, 2023, 08:04:34 AM

For trading, I have been using USDT, it makes it easier to know how much profit or loss I've made compared to a fiat equivalent. For withdrawal between exchanges, I mostly prefer LTC as it generally have the lowest fee and wider acceptance. An immediate alternative to LTC is BCH and exchange like Coinex provide zero withdrawal fees for it. My goto dapp platform is BSC and binance provides zero or very low withdrawal fee for BNB and related tokens. Gas fees on BSC are cheaper compared to ETH and the problems are fewer compared to matic.

People often overlook these coins (LTC and BCH), because they consider cryptocurrencies as an investment tool. Not digital cash you can use to pay for goods and/or services. At least, fees are extremely-low in Fiat terms. The lower the market price for a coin, the better.

Once a Blockchain network gets congested, you can say goodbye to low fees for good. That's if developers don't introduce scaling upgrades meant to mitigate the issue. It's what's happening now with both BTC and ETH. At least, we're not tied to a single coin. As long as there are plenty of alternatives to choose from, there should be nothing to worry about. Just my opinion

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Quote from: Kelward on December 26, 2023, 01:25:59 AM

Quote from: batang_bitcoin on December 21, 2023, 03:43:33 PM

It was a question that's been asked months ago but it's very timely. Using BTC now for transactions will be costing you a lot of fees and might be the same for ETH because sometimes fees there are also that much. For LTC, I've used it and it still has cheap fees at all.
If there are other networks like the TRC20, matic sol, and many others. Wherever you can save fees, use them at this moment but eventually for the fees of Bitcoin, I think that they'll be very back soon for being cheap again.

I'm hopeful too about btc transaction fees to come back to being normal again, because it remains the preferred choice, I guess that this lingering congestion is because of the events that concerns Bitcoin that we're expecting next year and investors are flooding it's network for transactions. Litecoin, usage has been unanimously agreed that it has a cheaper fees compared to btc and eth that were preferreble, so as it is now Litecoin, has carried the day in terms of it's cheaper fees, until btc and eth networks stabilizes.

The disruption or congestion in the network is caused by ordinals and inscriptions

Quote

For the uninitiated, Ordinal Inscriptions are a type of digital asset on the blockchain network. While comparable to NFTs, these started with being engraved onto individual satoshis (SATS), the smallest units of Bitcoin (BTC)...
This sudden spike in ordinal inscriptions increased the load on blockchain networks, causing problems.

https://coinchapter.com/ordinal-inscriptions-wreak-havoc-on-blockchain-networks/

The blockchain should have been solely for transactions but because of these inscriptions there's a 20% surge in transactions and it will even go higher, some developers are working to fix this issue like what Cronos chain is doing.

Quote

To face these challenges, blockchain networks are now having to innovate to curtail the surge in traffic. For example, last week, Cronos activated dynamic transaction fees that change with transaction volume to withstand traffic spikes more effectively.

Right now the preferable alternates for Bitcoin are Litecoin and Dogecoin, but many networks and companies adopt USDT, many altcoins are good alternatives right now, it's their time to shine now because of the traffic congestion in Bitcoin blockchain.

tsaroz

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Quote from: 23 preguntas on August 14, 2023, 08:57:06 AM

Hi, I have been using cryptocurrencies for about a year now where I usually do transactions from time to time in this period of time I have only used Bitcoin and Litecoin, I have seen quite a few people using Ethereum as well and I wanted to know what do you guys use to receive or send money with cryptos. I usually prefer to use Litecoin because it has almost no fees, in Bitcoin for small transactions of just a few dollars $5-$10 they can charge you up to $2 fees or a few months ago when it was broken they charged you $8 fees or more it was crazy, instead Litecoin does not charge you almost no fees and it is very comfortable to use although it is quite slow. And about Ethereum I have seen a lot of people using it but I don't know how the fees and speed are.

Best regards!

For trading, I have been using USDT, it makes it easier to know how much profit or loss I've made compared to a fiat equivalent. For withdrawal between exchanges, I mostly prefer LTC as it generally have the lowest fee and wider acceptance. An immediate alternative to LTC is BCH and exchange like Coinex provide zero withdrawal fees for it. My goto dapp platform is BSC and binance provides zero or very low withdrawal fee for BNB and related tokens. Gas fees on BSC are cheaper compared to ETH and the problems are fewer compared to matic.

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Quote from: Kelward on December 26, 2023, 01:25:59 AM

I'm hopeful too about btc transaction fees to come back to being normal again, because it remains the preferred choice, I guess that this lingering congestion is because of the events that concerns Bitcoin that we're expecting next year and investors are flooding it's network for transactions. Litecoin, usage has been unanimously agreed that it has a cheaper fees compared to btc and eth that were preferreble, so as it is now Litecoin, has carried the day in terms of it's cheaper fees, until btc and eth networks stabilizes.

I am not sure if it will come back to "normal", I mean it could come back to something decent, but doesn't mean that it will be "normal" ever again. I think it has to be something that needs to be a bit more logical in the end, and has to be something a bit more decent. I get that it is going to be something that will make sense one way or another, and I have to deal with something that should be a bit more confusing over course of long time.

I guess it is not always that weird, because in the end we are going to see it change either way. Sometimes fee's are higher, sometimes lower, but at this point it can't get back to normal, it is not going to be lower. This is why I try to use the cheapest method I could find and cheapest chain I can find.

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Quote from: batang_bitcoin on December 21, 2023, 03:43:33 PM

It was a question that's been asked months ago but it's very timely. Using BTC now for transactions will be costing you a lot of fees and might be the same for ETH because sometimes fees there are also that much. For LTC, I've used it and it still has cheap fees at all.
If there are other networks like the TRC20, matic sol, and many others. Wherever you can save fees, use them at this moment but eventually for the fees of Bitcoin, I think that they'll be very back soon for being cheap again.

I'm hopeful too about btc transaction fees to come back to being normal again, because it remains the preferred choice, I guess that this lingering congestion is because of the events that concerns Bitcoin that we're expecting next year and investors are flooding it's network for transactions. Litecoin, usage has been unanimously agreed that it has a cheaper fees compared to btc and eth that were preferreble, so as it is now Litecoin, has carried the day in terms of it's cheaper fees, until btc and eth networks stabilizes.

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I have not used Litecoin but I am seen even managers asking Signature Campaign Participants to send them Litecoin wallet address for them to use it as payment wallet in their Campaigns, and from what I am seeing I can notice that Litecoin is one of the best coin in the cryptocurrency ecosystem space. And for now I am only using Bitcoin and no any other coins. And the channels of your transactions are not stable, sometimes Binance, with different vendors. Anyone pays me with the highest price I send the coins to the person wallet and collect my funds.

People were saying that Litecoin Blockchain is not congested so the fee is lite to make transaction.

Topic: Which currency do you prefer to use for BTC/LTC/ETH transactions? (Read 465 times)