Will Bitcoin’s High Transaction Fees Open the Door for Altcoin Adoption?

[alyssa85]

http://coinjournal.net/op-ed-will-bitcoins-high-transaction-fees-open-door-altcoin-adoption/

Altcoins have long been ridiculed as useless aspects of the bitcoin ecosystem that don’t offer much in terms of real value to anyone who uses them. While they often make vague promises about how they are “bitcoin with feature X or Y,” the number of them that offer any real use cases today approaches zero.

Having said that, the increasingly higher transaction fees on the bitcoin network may have opened the door for a few of them to achieve some sort of purpose in the form of low-value payments. It’s unclear how how many people desire this particular use case, but let’s take a closer look.

...Litecoin – Litecoin is the option that makes the most sense here. After all, it was Litecoin Iconmarketed as the silver to bitcoin’s gold when Coinbase Director of Engineering Charlie Lee first created it while he was still working at Google. Litecoin has the benefit of being around since 2011, and it was created with a singular focus on payments. In theory, Litecoin makes the most sense for low-value cryptocurrency payments right now.

[andrei56]

As long as there are things bitcoin cannot do then there will be a market for an alt to take advantage of it, one of the markets currently not covered by bitcoin is something close to complete anonymity and that is why you have coins like dash and monero, so if the fees keep getting higher then there is going to be a market for that as well.

[European Central Bank]

the only thing that's worth discussing is the symptoms that caused said fees to become 'unaffordable'.

i'd buy more stuff if fees went back to previous levels but there's no way i'd be storing any value in any alt. if there was a way i could seamlessly convert btc into whatever in a few seconds then i'd do it but that would mean leaving it with a third party.

[Kubra Dam]

Litecoin, as an alternative or promising one? You gotta be kidding.

[Spoetnik]

Yes but how much ?
In 2013 i often used ALT's to avoid Exchange fee's.
It's cause that will have an effect.. how much or what i am not so sure though.

[Herbert2020]

Will Bitcoin’s High Transaction Fees Open the Door for Altcoin Adoption?

what high transaction fees?
they aren't high. there was a period of it being higher because of the spam attack and it has stopped.
i have been sending tx with 0 fees for the past couple of days and the longest i had to wait was 120 minutes!

besides, the reasons why bitcoin transaction fees went up can easily happen in any of the altcoins. and with all the other problems that these altcoins have i assure you they will be paralyzed in a very short time. bitcoin has been performing well given that the attack has been going on and off for 2 years.

Altcoins have long been ridiculed as useless aspects of the bitcoin ecosystem that don’t offer much in terms of real value to anyone who uses them. While they often make vague promises about how they are “bitcoin with feature X or Y,” the number of them that offer any real use cases today approaches zero.

Having said that, the increasingly higher transaction fees on the bitcoin network may have opened the door for a few of them to achieve some sort of purpose in the form of low-value payments. It’s unclear how how many people desire this particular use case, but let’s take a closer look.

...Litecoin – Litecoin is the option that makes the most sense here. After all, it was Litecoin Iconmarketed as the silver to bitcoin’s gold when Coinbase Director of Engineering Charlie Lee first created it while he was still working at Google. Litecoin has the benefit of being around since 2011, and it was created with a singular focus on payments. In theory, Litecoin makes the most sense for low-value cryptocurrency payments right now.

wow this article that you shared is really full of it
i don't mind though, i am loving the litecoin pump. and i am even expecting a big thing out of litecoin as soon as Chinese exchanges (which only have bitcoin and litecoin listed) come back online.

and just FYI things you read about altcoins are not "ridiculing altcoins" most of them are facts pointing out serious flaws in their system. such as them being premined, full of bugs, centralized, manipulated,... you can look at ETH for all that and think if it really is ridiculing them or not.

[BitcoinNational]

LTC moves in minutes, not +1hr

[disconnectme]

It should, but here in my country, nobody value all these Altcoins including Ethereum so to get value from them you need to convert them to Bitcoin before converting them to Bitcoin, I believe at least one of them will give Bitcoin run for its money

[andrei56]

It should, but here in my country, nobody value all these Altcoins including Ethereum so to get value from them you need to convert them to Bitcoin before converting them to Bitcoin, I believe at least one of them will give Bitcoin run for its money

It is not people in your country don’t value those coins, the issue is that the market is small and in small markets people tend to stay in the most mainstream of the markets and in the world of crypto currencies that is bitcoin and nothing else.

[iamnotback]

the only thing that's worth discussing is the symptoms that caused said fees to become 'unaffordable'.

i'd buy more stuff if fees went back to previous levels but there's no way i'd be storing any value in any alt. if there was a way i could seamlessly convert btc into whatever in a few seconds then i'd do it but that would mean leaving it with a third party.

That's okay. Billions of people don't have large balances any way. But they are important to the global economy.

And I'll be holding some of which ever token is appreciating the most.

Re: What will happen with Bitcoin if it never scales?

If Satoshi's prediction is correct, there are only two possible outcome: (1) zero volume (death) of bitcoin and (2) large volume (mainstream), in 20 years' time (by 2028?). If bitcoin never scales and the volume can't go up, it will die.

Re: What will happen with Bitcoin if it never scales?

What do you think that might happen with Bitcoin if no scalable solution becomes accepted?

Will it remain as a store of value, while other altcoins take the lead for everyday transactions? Or will another cryptocurrency take its place as the top in marketcap?

-> Probably bitcoin will no longer be used for micro transactions but it can remain as valuable assets. Actually most of the people are buying bitcoin as investment rather than to use in their daily life, so new money may keep on pouring causing pump on price in future too.

How much of this is true, and how much of it is "greater fool game" ?   By this, I mean: suppose that bitcoin has reached its "full scale", whatever that is.  Suppose that bitcoin's use is more or less stable for 10 years and that there is no real hope for greater adoption (because everyone has already adopted it, or because it found its niche, or whatever).  How many people do you think are willing to KEEP bitcoin as an investment, that is, as a secure store of value in the long term ?  And how many people were simply in bitcoin because they were hoping for "moon" and ended up not finding a greater fool to pay them 10 times the price they bought it for ?

For instance, suppose that one would know that in 2025, bitcoin's price is still in the $1000 - $1500.  How many people in bitcoin right now, would think that that is great as a store of value, that they can keep their value unharmed for 8 years (investment) ; how many would sell their coins immediately if they would know that bitcoin was still in the same ballpark 8 years from now ?

If the former, you are right, many people consider bitcoin as a long-term store of value.  If the latter, bitcoin's market cap is nothing else but a bobbal of hot air driven by a greater fool game that collapses from the moment that there's no more moon in sight.

(altcoins are even worse, BTW).

[hansen.ng]

the way I see it, Bitcoin will be used to move big transcation and alts for micro transaction.