Topic: Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper - page 4. (Read 904 times)
January 14, 2020, 01:08:31 PM
Fast and cheaper but vulnerable to price manipulation and could involve the risk of losing half of the value when on its way to the receiver's wallet what the use? it all come down to preference and as it happens most of people prefer bitcoin because it just works and nowaday many of commerce website already accepting bitcoin through third party payment processing which explains why it could easily dominate the market.
January 14, 2020, 12:44:03 PM
This.
I would rather use my local payments here in my country like PayMaya service, as well as using other wallets like PayPal. I am not that used to getting my funds be handled by some authorities although I have an online wallet that I use but most of my funds aren't yet in crypto because of the volatility.
I would rather use my local payments here in my country like PayMaya service, as well as using other wallets like PayPal. I am not that used to getting my funds be handled by some authorities although I have an online wallet that I use but most of my funds aren't yet in crypto because of the volatility.
January 14, 2020, 12:31:49 PM
This is why: https://howmanyconfs.com/
Altcoins are faster because they are far less secure than bitcoin. Even the fastest altcoin Ethereum still takes 9 hours to be as secure as 6 bitcoin confirmations, and the other altcoins are comically slower, taking days to months to reach the same security bitcoin does in an hour.
I trade small amounts of bitcoin frequently and it is perfectly usable. If you desire instant confirmation, then think about starting to use Lightning.
Altcoins are faster because they are far less secure than bitcoin. Even the fastest altcoin Ethereum still takes 9 hours to be as secure as 6 bitcoin confirmations, and the other altcoins are comically slower, taking days to months to reach the same security bitcoin does in an hour.
I trade small amounts of bitcoin frequently and it is perfectly usable. If you desire instant confirmation, then think about starting to use Lightning.
Using altcoins are not even less secure, but thy are centralized.
If you don't care about decentralization, you don't need cryptocurrencies. Just use Visa.
Visa is faster and safer than any altcoins out there
We love bitcoin not because it is cheap or fast, but because no one controls it
January 14, 2020, 12:01:52 PM
Fast and cheap it's just for efficiency,not for security.
According to fact and data, To successfully conduct a 51 percent attack on the Bitcoin network would cost an incredible $1.4 billion. Impresive, right ?
According to fact and data, To successfully conduct a 51 percent attack on the Bitcoin network would cost an incredible $1.4 billion. Impresive, right ?
January 14, 2020, 06:31:07 AM
because almost all platforms and tenders provide bitcoin while for altcoin, sometimes no one provides it, even this is still within the scope of crypto. Make payments of course if there are coins available there, and if they are not available, then you cannot choose. after all, bitcoin is the first and largest, so no wonder for every platform and crypto tender, it definitely provides bitcoin.
January 14, 2020, 05:56:34 AM
I send BTC to my wallet from signature campaign's own exchanger even though it's an small amount it quickly verify's it. The reason altcoins are faster cause it doesn't take the whole process of securely verifying a block or transaction through out the nodes, yes you've received the amount of altcoin you're supposed to receive but in the backend it takes a while to get confirmated unlike bitcoin with its SHA-256 encryption that only takes minutes with its 6 confirmation process that's been verified by hash and confirmed by the entire network.
January 14, 2020, 05:52:42 AM
There may be more powerful altcoins than btc, but btc took place long ago as the most powerful in all of our psychology. It is best to accept the market as it is. Also, we always say that it takes years to replace the current system with crypto. That is almost like that. Btc has been here since the creation of the market and has been sitting on its throne. Watch out for dominance, if you try to dethrone it, can you imagine what the results will be?
January 14, 2020, 05:47:54 AM
the main thing is because bitcoin is the parent of all coins and bitcoin is the most popular coin and is the most widely used by everyone for payment,that's why we still need bitcoin even though altcoin has speed of transferring
January 14, 2020, 05:42:26 AM
Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.
One major reason is the security. Though Bitcoin might probably have a slow transfer it provides greatest security among the cryptocurrency industry. Aside from that, many of the altcoin have fast confirmation because their blockchain is not congested due to little numbers of transaction done compared to Bitcoin.
January 14, 2020, 04:57:55 AM
Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.
Bitcoin is really expensive than other altcoins, but most people put a lot of trust in bitcoin instead of other altcoins, that is why more people are using bitcoin. I think bitcoin is not slow when it come transfering your funds maybe because why people think bitcoin is slower due to a lot of people who are transfering their funds, but for me bitcoin is still fast. January 14, 2020, 04:25:12 AM
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.Funny thing is,
they claim bitcoin transactions are secure at 1 hour, 6 confirmations,
I say that ZEIT's transactions at 1 hour, 120 confirmations feel super secure to me.
What are you talking about? Time and number of confirmations is entirely irrelevant if the hashpower behind said confirmations is minuscule. Read my first reply to the OP please. For many altcoins, one thousand confirmations is less secure than a single bitcoin confirmation. Your tiny coin with a minuscule mining network would take months and hundreds of thousands of confirmations to be as secure as a single bitcoin confirmation.they claim bitcoin transactions are secure at 1 hour, 6 confirmations,
I say that ZEIT's transactions at 1 hour, 120 confirmations feel super secure to me.
They say btc is trustless, but the fact is everyday, you're trusting a mere 4 guys not to fubar you.
You think that each of the top 4 mining pools is a single guy? Lol. January 14, 2020, 04:07:49 AM
Bitcoin have delivered trust more than all other altcoins can ever delivered, it will remain the people's first choice for a long time if not forever, for transaction speeds altcoins win but for store of value or strong and trust bitcoin wins
January 14, 2020, 03:53:17 AM
Other than that, even if you use other alts which are faster than bitcoin, the question is - when you need to convert it to your local fiat, do you have exchanges readily available for your alt?
Most local exchanges only employ the conversion of btc to local fiat currency.
Like in my local area, only btc, eth or bch can be readily converted to fiat.
So if you choose a certain alt, what available options you can have to convert it to other currencies? And what exchanges are they being traded with?
Transactions with Altcoin are effectively faster, and very affordable at a low fees, it only takes a few minutes to confirm. I think bitcoin will eventually only be considered a store of value, and users will convert to altcoin for transaction purposes. Responding to your comment, exchanges in my country have provided it, for example tron coin, they only provide the trx / idr pair option, and delete trx / btc due to quite strict regulatory factors. Most local exchanges only employ the conversion of btc to local fiat currency.
Like in my local area, only btc, eth or bch can be readily converted to fiat.
So if you choose a certain alt, what available options you can have to convert it to other currencies? And what exchanges are they being traded with?
January 14, 2020, 03:17:14 AM
Just like what others said, it's the confirmation power of Bitcoin making the transactions irreversible, and the network itself is strong compared to others. As to the power of Bitcoin with the acceptance of different people, let's compare it 1:1 with USD.
USD is almost universal, and all currency exchanges accept USD to trade with another one. It may not be the direct fiat conversion on a particular country, but it's taken in the exchanges, as I mentioned. Wherever you go, it's allowed.
If we analyze Bitcoin to USD, Bitcoin is the USD of the Cryptocurrency space. Any cryptocurrency would be able to be traded with Bitcoin, and some are dependent on the price of Bitcoin, and it changes with the flow of Bitcoin. That's just how powerful Bitcoin is,, and that's the reality we are in now.
There's no appearance of any cryptocurrency that would replace Bitcoin because it's the start of all cryptocurrencies. It's the USD part of cryptocurrency space. I hope it made sense.
USD is almost universal, and all currency exchanges accept USD to trade with another one. It may not be the direct fiat conversion on a particular country, but it's taken in the exchanges, as I mentioned. Wherever you go, it's allowed.
If we analyze Bitcoin to USD, Bitcoin is the USD of the Cryptocurrency space. Any cryptocurrency would be able to be traded with Bitcoin, and some are dependent on the price of Bitcoin, and it changes with the flow of Bitcoin. That's just how powerful Bitcoin is,, and that's the reality we are in now.
There's no appearance of any cryptocurrency that would replace Bitcoin because it's the start of all cryptocurrencies. It's the USD part of cryptocurrency space. I hope it made sense.
January 14, 2020, 03:08:21 AM
This is why: https://howmanyconfs.com/
Altcoins are faster because they are far less secure than bitcoin. Even the fastest altcoin Ethereum still takes 9 hours to be as secure as 6 bitcoin confirmations, and the other altcoins are comically slower, taking days to months to reach the same security bitcoin does in an hour.
I trade small amounts of bitcoin frequently and it is perfectly usable. If you desire instant confirmation, then think about starting to use Lightning.
Altcoins are faster because they are far less secure than bitcoin. Even the fastest altcoin Ethereum still takes 9 hours to be as secure as 6 bitcoin confirmations, and the other altcoins are comically slower, taking days to months to reach the same security bitcoin does in an hour.
I trade small amounts of bitcoin frequently and it is perfectly usable. If you desire instant confirmation, then think about starting to use Lightning.
Other than that, even if you use other alts which are faster than bitcoin, the question is - when you need to convert it to your local fiat, do you have exchanges readily available for your alt? Most local exchanges only employ the conversion of btc to local fiat currency. Like in my local area, only btc, eth or bch can be readily converted to fiat. So if you choose a certain alt, what available options you can have to convert it to other currencies? And what exchanges are they being traded with?
I think this is the main problem with many countries. Here in my country, one can only deal with Bitcoin, Ethereum, BitcoinCash and XRP to be able to convert to local cash. I know for sure that some altcoins can do faster transactions at lower cost but there are many advantages that Bitcoin is offering, that is for now. The way I am seeing it, it can take many years before some altcoins can offer many of the features of Bitcoin, that is if those altcoins will not suffer collapse due to thin market interest.
January 14, 2020, 02:59:22 AM
Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.
why you complain about bitcoin lower speed and expensive fee if bitcoin lightning network has been releases?
right now 4,590 NODES online and 31,229 CHANNELS created you can check here : https://explorer.acinq.co/
January 14, 2020, 02:51:28 AM
Because it is much more secure and most of the time it is the only way to convert our crypto into cash.
Other alt-coins are way more faster and cheaper since they only have small number of transactions but thinkabout what would happen to them if they alsohave a huge number of transaction like Bitcoin could stay still be much faster than Bitcoin?
Other alt-coins are way more faster and cheaper since they only have small number of transactions but thinkabout what would happen to them if they alsohave a huge number of transaction like Bitcoin could stay still be much faster than Bitcoin?
January 14, 2020, 02:46:54 AM
Apparently, the OP is right bitcoin transactions are expensive and also takes time to complete but since it's the most popular and widely used cryptocurrency most marketplaces have chosen to accept it. However i know in the upcoming years we are likely going to see the adoption of some major altcoins such as ETH, TRON as well.
January 14, 2020, 02:20:31 AM
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 bitcoin is safer than other altcoins when making payments, and bitcoin may be more expensive and stable than some other altcoins that easily manipulate its market price.
January 14, 2020, 01:50:16 AM
Bitcoin is more widely accepted in online store payments and many exchanges can convert bitcoin to fiat money. that's why bitcoin is more needed than the altcoin.
LOL, that depends on where you are. Currently, I am at the Philippines our local exchanges here accept various of alts like ETH, XRP and BCH and you can convert it to fiat instantly. So, when it regards to payment to my friends or transferring funds, I am using XRP the fastest when it regards to transferring and the one that has the smallest fee in the entire altcoins. A lot of crypto enthusiast hate XRP because it's centralized, but for me, it's one of the best alts that ever created. Jump to: