Topic: Why isn't bitcoin enough? (Read 471 times)
We dont need we are just accepting them to benefit for its values and uses, and the developer of all the tokens and cryptos are just taking the opportunity to earn and to become part of this fastest growing community.
Because bitcoin will supply population throughout the world and that is trillions of people while the number of bitcoin will not be enough to cover the demand this is the reason why they need to introduce other coin. Even if they adjust the number of satoshis for one bitcoin I think it will never be enough for the increasing population and demand if bitcoin
It is my understanding that
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
Bitcoin is the original cryptocurrency. Bitcoin is good and can cater to a lot of our currency needs but it is not enough. Thus, the birth of altcoins. Some altcoins have real functions that bitcoin does not have. Like ETH have their smart contracts. Some altcoins claim that they are totally anonymous, others claim faster transactions and less fees.
But there are also some alts that are made purely to scam and others have no functions at all but to make money for their devs. Those are sh!t coins.
Though there are lots of altcoins in existence and more are created everyday, this does not mean it diminish the value of bitcoin. But I think compliments what bitcoin cannot do.
Think of it this way: Investing in Bitcoin is like investing in gold
Altcoins also offer plenty of different uses and features than just Bitcoin
Altcoins also offer plenty of different uses and features than just Bitcoin
It is my understanding that
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
Let's compare it to the businesses in the real world, competition is normal in this aspect because other businesses with almost the same thing to offer wants to achieve goals like what the first one/pioneer achieved already.
Bitcoin Gold, Bitcoin Silver, Bitcoin Copper(I don't see this one), Litecoin(this is not Bitcoin) all of this are fruits of Hard Fork except for Litecoin. Bitcoin developers doesn't really want to split the community or even make a confusion to this different Bitcoin names but the splits is inevitable when upgrading(I am not a professional bitcoin though but that's what I understand) for much better explanation go here http://www.businessinsider.com/bitcoin-fork-explained-gold-segwit-segwit2x-cash-the-bit-3-2017-10.
Those coins which have unique relevant qualities will remain in the market. Other garbage created for the purpose of speculation will consign to the past. The market is still young also in it many nonprofessionals, it is difficult for them to make the correct decisions of rather new coins. As soon as the number of professionals increases a problem of scam will decrease.
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
That's why they created their own version of bitcoin or other coins out there, alternative coins short for altcoins were created for what is bitcoin lacking, transaction fees, confirmation speed and key features. Take BTG as an example, they are premined coins that can gather from a GPU mining system which the btc cannot be mined but that coins are just scam created for the sole purpose of money.Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
Because bitcoin cannot cater the needs of the majority based on its features that's why it's not enough. altcoins are created to fill that holes and needs.
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
when "Fed" prints money, the money they print is identical to the money that you were using all along. you can still take that money into shop and buy shit with it the same as before.
when they fork bitcoin like this and create bitcoin cash, bitcoin gold, bitcoin silver, bitcoin blank you can take bitcoin to a shop and buy shit with it but if you take any of the forked coin to a shop you can't buy shit with it.
and that is the main difference.
the point of most of them is to create something to make money from. BCH was created to be mined at lower difficulty and make money. BTG was created by the dev to premine 200,000 of it and make money from that, and lost of others with similar reasons.
Its mainly because of the massive fees that are beginning to appear for bitcoin. In the early days, you could send BTC for free, I remember this vividly. Bitcoin has essentially now become a savings vehicle, or a settlement for LARGE funds.
Bitcoin is a store of value. Bitcoin is not convenient to use, high fees, at least now.
Litecoin has almost zero payment cost and facilitates payments few times faster than Bitcoin.
Litecoin has almost zero payment cost and facilitates payments few times faster than Bitcoin.
That's a very good explanation. I must say, who would want to pay a pizza with bitcoin when you know that in 1 years, you could've had bought 10000 pizzas with the same amount of bitcoin.
There are other cryptocurrencies out there because
bitcoin alone does not have all the features and
solutions which other altcoins offer.
The blockchain technology can do far more than
just being used as a cryptocurrency, it is just the
tip of the ice berg.
Look at Ethereum, used for smart contracts
Ripple, used by banks with fast transaction
Sia, used for distributed cloud storage
and the list goes on...
bitcoin alone does not have all the features and
solutions which other altcoins offer.
The blockchain technology can do far more than
just being used as a cryptocurrency, it is just the
tip of the ice berg.
Look at Ethereum, used for smart contracts
Ripple, used by banks with fast transaction
Sia, used for distributed cloud storage
and the list goes on...
New coins are made for many reasons, bitcoin is not suitable for all kinds of transaction and as a result, some coins like ethereum which is better used for smart contracts are made. Other coins are just made for profit, like the bitcoin gold, there's no sense for making that coin.
Well, everything is an asset alright. Functional and profitable. Yet bitcoin has it all including the most of populations. Due to many users, functions slow and interrupted somtimes. Then transactions needs high fees. That is why alts are created. They wanted faster ones with less or even no fees. That was the purpose why alts are made. I think when such alts are created, they just want to avoid traffic and continue to profit with no bugs. More or less it's cheaper too.
Bitcoin is the first virtual currency that motivates money or other coin-coins emerge. Because this idea is so great many are taking this idea but all are beneficial to the needs of these bitcoin users. If the bitcoin value is too high then the users can use other coins according to their ability.
Bitcoin is enough but there is still a problem with Bitcoin like the speed of transaction and the transaction fee that is the reason why they are forking the Bitcoin to solve those problem, but every result of fork doesn't really resolve the problem, they are using that fork to make more money especially those who are in favor and those dev of those alt coins. I was thinking if only they will just focus in one Coin let say Bitcoin itself to solve the problem maybe one day they'll be able to achieve it with their combine talents and skills.
It is my understanding that
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
For me bitcoin is a storage of wealth, if you need to buy some coffee using your bitcoin then convert it into bitcoin cash or other crypto and spend it. I think this will probably happen in the future.
Bitcoin transaction fee will stay high.
It is my understanding that
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
There are so many factors that count actually. If you look at them closely enough, they are not totally similar projects although there are large similarities in some. Litecoin, for example, is essentially a copy of Bitcoin. However, the Litecoin team is also installing upgrades and updates that are peculiar to Litecoin alone. And then in terms of transaction fees as well as confirmation time and stability in value, they vary very much. That is why there are always other options.
Because they are all different.
Litecoin was stable(for few years the price was 3-5$), cheap and fast way to transfer money from the one exchange to another
Bitcoingold isn't strong fundamentally but devs say that can solve problems with centralised mining. Who knows, but I doubt it will help.
Bitcoin cash trying to be like a real currency because of less fees.
As for real bitcoin it is not currency any more it is commodity or store of value.
Litecoin was stable(for few years the price was 3-5$), cheap and fast way to transfer money from the one exchange to another
Bitcoingold isn't strong fundamentally but devs say that can solve problems with centralised mining. Who knows, but I doubt it will help.
Bitcoin cash trying to be like a real currency because of less fees.
As for real bitcoin it is not currency any more it is commodity or store of value.
It is not about the amount, but more of the usage, the forking happened because some of the party is not satisfied with the bitcoin performance especially the transaction fee and the speed of the transaction, that is why they created a new coin to tackle this problem, but seems like not a lot of people like this things
They were just forks, there is nothing wrong with them, and you probably received all those coins for free on your wallet because most of us did.
Bitcoin gold has been the only shitty fork, and i know why the community let it happen, because it did not helped anyone in here and that one has just been a pure speculation fork.
They are only realising this forks in order to fix bitcoin, but they are not fixing anything because they are only interested in their own project, not in the real bitcoin, so there is nothing to talk about, only that they are greedy as fuck.
Bitcoin gold has been the only shitty fork, and i know why the community let it happen, because it did not helped anyone in here and that one has just been a pure speculation fork.
They are only realising this forks in order to fix bitcoin, but they are not fixing anything because they are only interested in their own project, not in the real bitcoin, so there is nothing to talk about, only that they are greedy as fuck.
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