Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper - page 3.

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Quote from: o_e_l_e_o on January 14, 2020, 03:25:12 AM

Quote from: bbc.reporter on January 13, 2020, 09:37:49 PM

This might be funny now, however, bitcoin will rely only on fees after several halvings. This is not sustainable because ordinary users will be priced out from using it.

Based on what analysis? If mining becomes unprofitable and miners leave, then the difficulty readjusts until mining is profitable again. An equilibrium will be reached where price increases and hashrate leveling off makes mining profitable. If on-chain fees are too high for everyday transactions, then people can use Lightning Network and only have to make on-chain transactions to open or close channels as neccessary.

Based on bitcoin's monetary policy that rewards go to 0. However, if you imply that it is the smaller miners that would be priced out and it centalizes mining to the biggest miners, that might be a correct assessment also.

How much in fees would miners need to support themselves if rewards from mining are gone?

sunsilk

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so that's why we have BCH but would it exist without BTC?

You've just created that account just to say and shill that? Did you know the history that BCH was a fork from BTC?

BTC will remain even without these altcoins including that BCH whilst the altcoins, it's hard for them to exist if there's no BTC. And are you sure that when it comes to faster transaction you will count with that coin? come on, it's one of the slowest confirmation time. BTC is faster, cheaper and convenient compared to that.

Asking if that coin will exist even without btc triggered me.

nutriagrigia

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Quote from: msarro on January 15, 2020, 11:21:13 AM

These fast transaction rate comes at some compromise. Take example of EOS, its fast and cheap but has some serious security flaws because of its DPoS consensus algorithm. Bitcoin is slow but there is no compromise on security of bitcoin network.

Bitcoin is not slow either. if you want very fast transactions then you can use the Lightning network. maybe now it’s not very convenient, but in the future, the development of this technology will grow rapidly and most likely bitcoin will be more convenient than any altcoin

msarro

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These fast transaction rate comes at some compromise. Take example of EOS, its fast and cheap but has some serious security flaws because of its DPoS consensus algorithm. Bitcoin is slow but there is no compromise on security of bitcoin network.

luckyflop

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I think that because bitcoin was the first cryptocurrency to be created and it helped people get to know this market. Bitcoin is like a typical symbol and cannot be replaced by any other altcoin. In addition, Bitcoin is also much safer than existing altcoi in terms of security, even it cannot be hacked. Today there are many altcoins that are cheaper and faster than bitcoin but I believe its value will never be achieved like bitcoin. For me, bitcoin is digital gold

Kersh768

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It is normal or natural that people become Bitcoin reliant due to many personal reason. Indeed Altcoins do provide faster and cheaper charges and transactions compared to Bitcoin that is because usage of Bitcoin is really in demand in which there are massive volumes of transactions in every single time that are needed to be processed that makes the transaction a little bit slower compared to Altcoins. When it comes to price, same with the transaction, you needed to pay for transaction fee to make the processing faster that depends on the wallet or exchange itself. Also, Bitcoin can be converted into many types of fiat currencies that are already available in to any wallet you have which makes it more convenient compared to Altcoins. Well actually, both are useful and worthy, it just takes time and patience to earn and process the transaction and the processing fee changes depending on the volatility and volume demand process taken up in a single time. But still it is up for you if you will be mainly into Bitcoin or Altcoin or you can do have both.

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Quote from: Bouvier11 on January 13, 2020, 04:57:09 PM

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

It may be more expensive transferring Bitcoin than other altcoins but BTC offers more flexibility in transacting with fiat and other cryptos. Most crypto trades are pair with bitcoin because it is the most widely supported crypto. The dominant market cap shows that. No other cryptos or altcoins are as tradeable in the marketplace and exchanges than bitcoin.

ice098

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Quote from: target on January 15, 2020, 10:06:05 AM

There are altcoins that you can readily exchange to local currency such as XRP and ETH which is faster if fast transaction is just what you need. XRP is certainly quick and cheap as well, you won't need security for that. I'd assume most countries have the local exchange that will also accept XRP since its the most accepted altcoin for fiat.

Before I trade my bitcoins into fiat I am trading it into XRP first then convert it through fiat. Although it has a low value but at least I can trade more bitcoins into XRP and convert it through fiat. I hope that the price of XRP will rise also in order for us to earn more. And I am hoping also for the bitcoin's more price hike because it is a good sign for us.

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Quote from: outatime1 on January 13, 2020, 10:00:03 PM

Quote from: Bouvier11 on January 13, 2020, 04:57:09 PM

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

I think there is a lot of truth to what you are saying even if it isn't popular. There are some altcoins that are faster and have cheaper transaction fees. They need to be fully vetted though to make sure they don't have flaws.

Altcoins are indeed having advantages over Bitcoin when it comes to the speed of transactions but as what I have observed, the advantage would only work when it is an altcoin to altcoin conversion, in particular with trading. The role of Bitcoin is to be in the middle since it is more often used in most of the countries, unlike on some altcoins in particular with the new ones which are not yet recognized in some countries, especially when a user would want to convert his crypto into fiat.

target

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There are altcoins that you can readily exchange to local currency such as XRP and ETH which is faster if fast transaction is just what you need. XRP is certainly quick and cheap as well, you won't need security for that. I'd assume most countries have the local exchange that will also accept XRP since its the most accepted altcoin for fiat.

meliodas

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It is undeniably true that there are altcoins in the market that are faster and cheaper than bitcoin but we still need bitcoin as a form of asset and investment. It could give us a lot of profit in the next few years if we manage to stay patient and to be goal oriented. A lot of people are giving up on bitcoin because of the lack of progress in the market but once you see the possible end goal, you will pretty sure become bullish.

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Quote from: pandanaran on January 14, 2020, 12:17:24 PM

then a question for you? Your real goal is to invest in bitcoin or altcoin? bitcoin and altcoin have different functions and uses from one another. if your goal is to get profit, then you can choose both bitcoin and altcoin, but if your goal is only for cheap transactions, you can choose altcoin.

I should remind you that if he was talking about the existence of altcoin, when you are having altcoin in term to create a cheap transaction and why do you need bitcoin? The main point is in crypto bitcoin dictates everything started from the fundamental of the market, determine the price of altcoin and many more. Bitcoin is a mother from whole of altcoins as whole of coins that exist these days generated through the bitcoin source code.
It's very similar when you can use dollar and why do you need your local fiat currency? Basically, this question has various answers.

joeperry

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First of all other cryptocurrency have different purposes and can't be used as a security token, utility token etc. some of them are not secured as the bitcoin and other known currency and it might take some time for it to have some confirmation, also consider the number of transaction every minute or hour and it will give a weight to the network.

Well it's alright sometimes to wait for a couple of hours as long as our transactions is secured, also remember that not all the time it would take an hour or so to have a confirmation in the network.

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Quote from: duuuuude on January 15, 2020, 07:56:51 AM

Obviously, if people mainly use bitcoin, then it is more secure and practical. The good news is that Bitcoin is expanding its infrastructure and so far it is difficult to find a replacement.

Its not that people oftenly use bitcoin because honestly lots of us mostly use altcoins but the OP's is a little bit off because bitcoin is the first known cryptocurrency and altcoins only rise up after bitcoin and even other altcoins are built using bitcoin's system so the OP's question in the title is off, bitcoin is the most successful cryptocurrency and it movements have big effect on most altcoins. Bitcoin still is the king of crypto but yes we have to admit that it has higher fees but bitcoin has proven itself to be worth your money.

duuuuude

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Obviously, if people mainly use bitcoin, then it is more secure and practical. The good news is that Bitcoin is expanding its infrastructure and so far it is difficult to find a replacement.

inoes

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It all depends on our needs, not all who have a pure purpose use bitcoin for transactions (Payment), some even save it only as an investment asset. besides the payment of cryptocurrency for altcoin is still uneven, usually one type of Crypto for several types of stores, in contrast to Bitcoin which dominates the market

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Quote from: Bouvier11 on January 13, 2020, 04:57:09 PM

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

When robots gain our ability after a few years, humans who created them will not be needed too. While creating the robot is so easy, creating people is not as easy as Victor Frankenstein does. Think of BTC as this slower and over spending people. Would you like to kill yourself? Build everything from the beginning but those created through you, want to eliminate your dominance.

Greatchu

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With real store of value and profit guarantee i will go with bitcoin all day, altcoins wins the transaction speed race but in every other aspects bitcoin beats altcoins hands down, it's well supported and that is one thing about crypto once it's well supported it will always win

arimamib

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bitcoin is better because bitcoin is not controlled by anyone, and makes me like it more. although the fee is big but in the system I believe bitcoin still outperforms, and if you use investments it would be better to use bitcoin even though it certainly has risks compared to investing in altcoin in control, especially stablecoin because they are controlled for the price.

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then a question for you? Your real goal is to invest in bitcoin or altcoin? bitcoin and altcoin have different functions and uses from one another. if your goal is to get profit, then you can choose both bitcoin and altcoin, but if your goal is only for cheap transactions, you can choose altcoin.

Topic: Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper - page 3. (Read 924 times)