Bitcoin Forum

Bitcoin vs. Alternatives

Hello, I've recently began to get into buy and selling Bitcoins and other cryptocurrencies, because of this I don't exactly have a lot of cryptocurrency (currently 0.0001BTC Yeah!). However, while trying to earn as much as I can while I wait for my financial information to clear online exchanges I began to wonder what would make a cryptocurrency become the defacto cryptocurrency, and one thing which bothered me through the process of setting up my accounts and getting Bitcoins came to mind. Speed (with some convenience and safety of course). I figure whoever comes out with the fastest cryptocurrency will more than likely become the defacto cryptocurrency. Am I right in thinking this way or is this wrong to assume. If so why?

(Please keep in mind that I have a limited understanding of the technology of cryptocurrency it is new to me).

If you'd like to help me off to a great start in the Bitcoin game
Here is My BitCoin Address: 14oEqreYwYwomaBbUWY9fAJeqK4E9gbkew

I believe that faster block times can cause orphaned blocks more easily, i think...  ???

Welcome! Cant help you out, I have very little btc as well :(

try to mine LTC perhaps its much more efficient

Yes mining LTC would be a good alternative. I am currently starting looking into that.

I've been looking at LTC, haven't bought into it yet but it looks promising. Would it be possible to mine LTC with my crappy integrated GPU?

I doubt faster confirmations is any long term advantage, quite oposite. If cryptocurrency has to be more successfull, it needs to process much more transaction, thus bigger blocks. And the faster the confirmations are, the higher orphan %. The only solution for faster confirmations cryptocurrency is not include many transaction in block, but it mean this cryptocurrency cannot be used much

At this moment, I would prefer lower fees, and miners include more transactions in a block.

is a risk of investing money in altcions, bitcoin has a legitimacy that altcoins don't have yet.
why not just invest time in mining, it's a good possibility.

From what I understand there is no point whatsoever in trying to mine BitCoins with a GPU.

Mine LiteCoins or something similar and look to exchange them for BitCoins.

Guess I'll be spending some time learning how to mine cryptocurrency.

That is true, there are easier coins to mine than LTC aswel, like WDC and DGC.

With their prices soaring, you can make quite a bit more than mining Bitcoin.

do the research..

if you have a good computer performance i3/i5/i7 do CPU mining; if you have a good GPU do the GPU mining.If you have good CPU with GPU mine with GPU&CPU

Maybe some less know crypto currency and then exchange them for BTC/LTC

Yes, but check your electricity prices first. It might be the case you are mining at a loss, so buying might be cheaper

People stopped mining because they where paying more in electric than they got in Bitcoin. If they had the sense to realize Bitcoin would go up in value, they would of made a profit even they they where loosing at the time.

I'm pretty sure buying would be the most effective thing to do in my case. My hardware isn't exactly great for heavy processing.

CPU: Intel Celeron 900 @ 2.2 GHz

GPU: Intel GMA 4500M

Yeah, your right. Mining with that would be pointless, I'm afraid.

You would be better off buying coins.

Buy coins or better buy some Ghash (contract miner)

Now i have 2Ghash contract and i gort about 0,01BTC per week.
New week a 25Ghash/s contrat will be started (i hope about 0.1BTC per week, depense on a difficulty)

What do you pay for these contracts and where? You are free to reply by PM.

Bitcoin beggar?? Huh.. ;)

Try LTC.

LTC is a great coin, and I expect it to go up in value even more in the coming months.
I also think that due to the recent popularity of cryptocurrencies other alternatives will increase in value, so in my opinion you would be better off trying to get into the alternatives market!

I've been looking a lot at LTC and PPC. I want to try and get some coins when they're still low, but because I'm just getting started financially with cryptocurrency trading I have to wait a few days. I got some free BetaCoins so hopefully that becomes worth something :).

So mining is definitely out of the question for me then. Don't want my only computer to burn out on me.
Slow BTC is better than no BTC though.

Missed my opportunity with BTC - and have become ever more interested in alt coins ever since. Today I'm taking the plunge. Setting up my spare rig to mine LTC at home - thinking of doing the same with my VPS. There are obvious reasons for not storing coins on servers - but I cant think of any reasons not to mine. Am I missing something?

NXT looks very interesting also. Definitely one to watch imho.

What about Quarks?   
They have interesting differences in security,  they have been growing a lot.
I would think that is a great opportunity to buy cheap and save for the upcoming weeks.   
When you are looking for alt coins you should look for stability on their dev team and the specs of the coin. 
I think this guys have all the important elements included, to make the coin work over all the other alt coins.