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Author Topic: Should I get ETH/Litecoin vs BTC For Trading Altcoins?  (Read 117 times)
jerry0
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February 04, 2018, 03:01:49 AM
 #1

I have usd money in my bank account and also money in skrill account.  I usually trade with others such as trade poker money or skrill for btc and vice versa.  But because btc takes very long to receive... wouldn't it make sense to ask for ETH/Litecoin since you receive it much quicker?  And also because the fees the sender pays is much less?  The whole point is to get btc to trade for other altcoins.  However the negative thing seem to be if you do this, say you receive ETH or litecoin, you will first have to convert it to btc first before you trade for the altcoin.  So in essence you are paying an extra transaction fee like on bittrex of 0.25 percent if you do it this way?


I know most people who buy btc well get btc.  Then you trade it for altcoin.  But because btc takes long to receive and the sending fees, is it better to use litecoin or eth instead for this?
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February 04, 2018, 05:26:06 AM
 #2

it depends on whether you think ETH/LTC are going to appreciate more than bitcoin in long term. if you do then yeah use litecoin it is so much better and cheaper without any bugs to worry about losing all your money like ETH has.
but i wouldn't do it because i do believe in long term bitcoin will appreciate more and for all i know these altcoins will be dead and i don't trust centralized coins like ether anyways.

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February 04, 2018, 05:50:57 AM
 #3

If the problem for trading altcoin I prefer to use ETH because if viewed the price is more stable and good for trading, that's the reason I am for trading using ETH.
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February 04, 2018, 05:55:28 AM
 #4

Follow the news!

Bitcoin related - there's been much talk about testing the Lightning Network to drastically improve the speed of transactions. This is not operational, live yet with Bitcoin, but is expected to be deployed this year. If so, it could open a new excitement about Bitcoin's viability among other cryptocurrencies.

Litecoin related - just days ago the Litecoin team announced the development of LitePay. Similar to the Lightning Network, LitePay seeks to speed up the transaction time while reducing costs to enable Litecoin to be the true front runner in cryptocurrency.

Ethereum related - they offer a template blockchain for people or organizations to build their business or project upon, it's one of the best business models for the use of blockchain that's been publicly announced.

But ultimately the decision is yours. Take our information for what it may be worth and then make your own decision.
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February 04, 2018, 06:00:25 AM
 #5

With the recent battle between bitcoin and altcoins, definitely eth kept the strongest defenses and withstood the best. Its in the rumors that ETH will do a coin flipping for a short period and exceed BTC in market cap.
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February 04, 2018, 06:56:25 AM
 #6

I have usd money in my bank account and also money in skrill account.  I usually trade with others such as trade poker money or skrill for btc and vice versa.  But because btc takes very long to receive... wouldn't it make sense to ask for ETH/Litecoin since you receive it much quicker?  And also because the fees the sender pays is much less?  The whole point is to get btc to trade for other altcoins.  However the negative thing seem to be if you do this, say you receive ETH or litecoin, you will first have to convert it to btc first before you trade for the altcoin.  So in essence you are paying an extra transaction fee like on bittrex of 0.25 percent if you do it this way?


I know most people who buy btc well get btc.  Then you trade it for altcoin.  But because btc takes long to receive and the sending fees, is it better to use litecoin or eth instead for this?

This thread should be posted in Trading Discussion. However, to answer your question, you said that the whole point is to get bitcoins. So if you buy ETH/LTC and then convert it in to bitcoins, it will simply add one extra layer to your transactions and you will have to pay one more transaction and trading fees which will eventually bring down your profitability. If the end goal is to get bitcoin, buy it directly. It will save the excess fees. Even though bitcoin takes a little longer to receive, it will save some money for you.

But if the goal is to trade with altcoins, you can certainly convert your money to ETH or LTC or any other coin of your choice. ETH/LTC also offers a big list of trading pairs. So instead of bitcoin, you can also use these coins to trade in altcoins. There's no compulsion to have bitcoin only to trade in altcoins. I believe I am cleared your doubts, but if you still have more doubts or you think that I couldn't answer your question properly, please let me know with particular points, I will be glad to assist.

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February 05, 2018, 04:37:18 AM
 #7

HI there.  I meant the purpose is to sell it for other altcoins.  So if i trade say skrill with someone elses btc, well i only have to do one conversion to another altcoin.  But if i receive ETH or litecoin, i have to convert twice... once to btc and once to the other altcoin.  However, the issue with receiving btc is... it still takes a long time to receive it right?  Can someone confirm btc sending is very long still?  But ETH or litecoin is quick?
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February 05, 2018, 04:44:13 AM
 #8

HI there.  I meant the purpose is to sell it for other altcoins.  So if i trade say skrill with someone elses btc, well i only have to do one conversion to another altcoin.  But if i receive ETH or litecoin, i have to convert twice... once to btc and once to the other altcoin.  However, the issue with receiving btc is... it still takes a long time to receive it right?  Can someone confirm btc sending is very long still?  But ETH or litecoin is quick?

Transaction time is not the case here since it will depend on the trading site itself. Sometimes the withdrawal is delayed even it was already confirmed on the network.

Now to minimized your confusion, just go directly on BTC trades (Skrill > BTC > Altcoin) since your purpose it to trade it with your preferred altcoins and vice versa. Never mind confirmation time because Im sure you won't wait that long.

But still if you are on doubt, then try your second option (although for me it's hassle). Compare it and see what option will give you more convenience.


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February 05, 2018, 05:07:49 AM
 #9

Meh, I mean I don't think it really matters. I just think if you're sending BTC to this exchange then it's best (fee wise) to stick with BTC pairs, cause then you don't have to go through the hassle (and waste $ wise) of buying ETH or BTC and then using that coin in order to use that pair.

I stick with the coin I send, it's easiest and simplest.




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February 05, 2018, 05:16:46 AM
 #10

The confirmation times are really not that bad and the fees has come down significantly since SegWit are being used more frequently now. The Lightning Network will even improve on that even more, so I cannot see why this is going to be such a issue for people.

I did a SegWit to SegWit transaction this past weekend and it took 6 min to confirm and it cost me $0.24 in fees. ^smile^ I am not saying this is the norm, but it is much faster and cheaper now.

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February 05, 2018, 05:20:23 AM
 #11

Yes that's good to do sometimes like if the price of btc go high then use eth/ltc for trading some altcoins but i think btc not having problem in trading here because gor me that's so good to use i don't know where you trade,i use binance and mercatox with no problem in slow transaction.But for more good do where you comfortable or use what you like to do in trading.

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February 05, 2018, 06:08:22 AM
 #12

if altcoins good trading is eth according to me because besides the price is stable we would be more comfortable to do trading in ethereum.
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