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Title: What features make btc better than alternate cryptocurrencies? Post by: StormCoin on February 28, 2014, 01:59:06 AM Just wondering why people use btc instead of litecoin/dogecoin/etc?
Title: Re: What features make btc better than alternate cryptocurrencies? Post by: Leoto on February 28, 2014, 02:24:33 AM Just wondering why people use btc instead of litecoin/dogecoin/etc? Network effect - the larger the user base, the greater the value to each user in the user base. Title: Re: What features make btc better than alternate cryptocurrencies? Post by: anorphirith on February 28, 2014, 02:28:01 AM btc isn't technically better, the but it was the first one released and has the biggest user base & market cap
Title: Re: What features make btc better than alternate cryptocurrencies? Post by: jubalix on February 28, 2014, 02:35:26 AM network effect and dev team.
the network effects means all the necessary infrastructure is way ahead for BTC. Eg electrum client any problem that comes up has enough top tier dev's to solve the problem, and enough of a stake to care. Eg when Gox was going down, a legit offer to provide a team of top tier devs, onsite fully paid was made, to help them at no expense to gox. If you have 50K coins you would also be making such and offer to whoever needs help, and you could fund it. Of course this was too late for gox, however, the fact remains, this was there and could be done. So many more eyes and wallets are invited in BTC. Alts will come and go, just look at what was big and what happened to it. No saying btw will take the whole market, but the nature of open source means it can adapt any change it needs to. Title: Re: What features make btc better than alternate cryptocurrencies? Post by: Vod on February 28, 2014, 02:50:50 AM Just wondering why people use btc instead of litecoin/dogecoin/etc? It was first. Title: Re: What features make btc better than alternate cryptocurrencies? Post by: anth0ny on February 28, 2014, 02:58:28 AM Just wondering why people use btc instead of litecoin/dogecoin/etc? More secure (harder to get 51%). Also easier to purchase. On the negative side, the default transaction fees are still ridiculously high. Title: Re: What features make btc better than alternate cryptocurrencies? Post by: AnonyMint on February 28, 2014, 03:17:40 AM Liquidity due to larger market cap, and that nothing else really does anything amazingly better than Bitcoin does.
No compelling reason (yet) to buy an altcoin other than as "make a quick buck" arbitrage. Primecoin was probably the most significant innovation thus far, although I question the security of prime chains. Also to some extent anoncoin and memorycoin but they were 1 feature wonders with only marginal technical achievement of the stated goal. Title: Re: What features make btc better than alternate cryptocurrencies? Post by: Bigeyeone on February 28, 2014, 05:18:30 AM Well maybe because BTC is the only one that is actually being used as a currency ;)
Title: Re: What features make btc better than alternate cryptocurrencies? Post by: zoinky on February 28, 2014, 05:36:45 AM Ask someone one the street why the USD is better than Bitcoin, because they already have it. It was first, why need something else? With its open source nature its asking to be improved, why reinvent the wheel? Help improve the one thats being invented.
Title: Re: What features make btc better than alternate cryptocurrencies? Post by: AnonyMint on February 28, 2014, 06:07:52 AM Well maybe because BTC is the only one that is actually being used as a currency ;) True. And there is not yet compelling reason to use any altcoin as a currency, because none offer any big advantage for doing so. I can think of at least three features for an altcoin that would make it more desirable to use for use as a currency than Bitcoin:
Bitcoin is sh8t. |