Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper - page 5.

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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 is because if there is any problem for bitcoin transaction then the problem might be solve immediately, unlike for altcoins that faster and cheaper the problem will be take too long and it is expensive too. so that differences are too far to take and of we use altcoins for faster and cheaper transaction the risk on it are too high and enable to resolve as you want. also, bitcoin is the first digital currency that everyone has known and it will be accepted.

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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.

[/quote You are thinking with many people but it is not. You know why people know that alts are capable of fast transactions and low fees but they still don't support alts? This is due to the fact that those alts aren't used in reality! It's all due to the speed of technology and in addition, our people do not use cryptos to pay outside. That's why people don't trust those alts anymore, they only trust bitcoin and the fomo of the crowd to make money. That's the answer everyone has been looking for!

zeingrind777

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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.

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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.

But bitcoin has more use than other altcoin thats why it is much more people prepared to use it than others. You can use any other alternative if you are just looking for low transaction fees but bitcoin is still popular to them all .

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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.

Your question is simple in general.
Example:
Why is 24 carat gold cheaper than pure gold which is 99%. Of course the answer is quality and the price is more expensive than 24 carat gold.
Bitcoin has a very high exchange rate, when compared to Altcoin.

Therefore bitcoin transfer values are more expensive than altcoin because altcoin exchange rates are cheaper and transfers are also cheaper.
If the Bitcoin exchange price is cheaper than Altcoin, certainly the transfer is also cheaper and vice versa.

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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.

I agree with you, feels awesome to only spend 1 doge for a transaction and see the confirmation in 1 minute. It would be like to pay 30sat fees...

But i think we need bitcoin to give a value for the altcoins, that's his role in the equation.

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I don't want to say that bitcoin has a slow transaction speed, but for a small nominal amount I prefer to use other altcoin because the transaction fee is not as big as bitcoin.
For the transaction speed, in my opinion, bitcoin is faster to be confirmed, that's clear. I always take advantage of what is in bitcoin or other altcoins like LTC, XRP, XLM because in my opinion it is very affordable for a small fee.

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Bitcoin has the largest active nodes. It needs giant hashing power as thus even asics are not enough. This is so far the most secure blockchain. Although btc tx is a bit expensive and time consuming, still faster and cheaper than international tx. Lightening network is on the way to help us with.
But if you want privacy, Monero is better option.

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As some altcoins price varies in bitcoin movement then there is still a need for bitcoin adoption. As many users uses bitcoin often that makes it unstable but more secure which is proven for time being. While other altcoins are less in fees but security may not be that high that bitcoin offers. So far I used bitcoin as long term investment and other alts for trading since less transactions fees.

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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.

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.

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

Quote from: gentlemand on January 13, 2020, 06:14:43 PM

We haven't had this thread for, ooh, at least a week or two. I was starting to miss it.

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.

Bitcon needs to balance the price with the fees. And with decreased reward, there would be less numbers of miners mining it hence a less secure network.
The finite supply is a good way to increase the price but won't be stable in long run. It's finite but the total supply of coin would keep decreasing for various reasons.

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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.

Though for large transfers, it's still an effective medium, and so it is a more viable option for macrotransactions that needs intensive verification before being sent to an address, let's say, an interstate transaction of funds.

We can't rule out Bitcoin easily because it is slow. Not all transactions even on fiat comes in breeze. Large amounts are also verified and could take some time. Though fees in traditional bank transfers, especially when geographical locations are far, could have higher fees than Bitcoin currently has.

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To answer your question you just need to remember:

Why was bitcoin created? What was the purpose of creating bitcoin?

Altcoins may be faster, have better technology than bitcoin, but they are centralized... their creators are the ones who decide everything about the direction of the project. So in a nutshell decentralization ( or the feeling of decentralization) is the main factor that motivates people to prefer bitcoin over altcoins.

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Quote from: gentlemand on January 13, 2020, 06:14:43 PM

We haven't had this thread for, ooh, at least a week or two. I was starting to miss it.

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.

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because bitcoin is the parent of all altcoins, bitcoin is more popular and better known to many people, bitcoin is more trusted than bitcoin, bitcoin is like crypto that must be owned by crypto users, I'm sure almost all crypto users have bitcoin even if only a little.

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Bitcoin is much safer, that's why. Also, you can use whichever altcoin you want, there's plenty of choice out here. If it fits you, use it

Are there any altcoins thats better for payments than BTC?

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We have already Bitcoin lightning network for smaller transfers which is very quick and maybe you haven't tried it.

The world is hearing more and adopting more of bitcoin and this is the top choice of the majority, so you don't have problem about the number of people accepting it. Although, some altcoins are already used for payments but most merchants and exchanges prefer bitcoin. But if you prefer your altcoin as a means of payment, wait until it gets adopted by most.

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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.

I'm guessing you missed this topic. The reason we need Bitcoin is that you can only copy so much when making an altcoin. You can't copy the userbase. You can't copy the adoption. You can't copy the hashrate. You can't copy the dev talent. You can't copy the essence of what it really is. So you end up with a cheap copy. That's why altcoins are cheap to use. You generally get what you pay for in life.

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We haven't had this thread for, ooh, at least a week or two. I was starting to miss it.

sureshnsnet

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Bitcoin dominated the crypto market more 60% and it has been a first crypto currencie, people know that there is no altcoins over take bitcoin place until now with safety wise and bitcoin will be accepting to exchange fiat currency very quickly but some people have issues with bitcoin transactions because it take more time to complete the transaction considering other altcoins networks. maybe we get solutions once lightning network active in bitcoin network.

Topic: Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper - page 5. (Read 924 times)