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Author Topic: What is the advantage of other cryptocurrencies?  (Read 2135 times)
barnes13
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November 09, 2019, 05:06:17 PM
 #21

It depends on the utility of the coin. At present many cryptocurrency is emerging, but most of them are just imitators of existing coins. The utility they offer to users is not attractive either. So, to make sure it's appropriate or not, you need to learn more about the coin first and find out how it works in making solutions in a case. In my opinion, the number of coins that already exist today has no negative impact on Bitcoin. Because Bitcoin has become the main symbol as a pioneer of cryptocurrency. It will still have value, even if I see the current level of bitcoin demand increasing. And there is a possibility that prices will continue to rise along with a limited total supply.


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November 09, 2019, 06:22:17 PM
 #22

Personally, I think that the most promising coins are Bitcoin and Ethereum. So if you have good investments, you can invest in the future of these coins and you can get excellent profit on the way out. Well, what about mining, I want to say that now it has become very unprofitable and it is better to earn cryptocurrency on ordinary projects.

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November 09, 2019, 06:28:27 PM
 #23

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

      *. Is it worth it to mine in other currencies besides bitcoins?
      *. Wouldn't be better if we only use only 1 instead of 8?
      *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.  

May anybody tell me the advantage?

Thanks!!  Smiley

Back in December 2017, when the bitcoin mempool was so large you had to wait three weeks or more for your transaction to be processed, the other altcoins showed their merit. Because if you had money in an alt exchange and wanted to move it, you were better off converting it to litecoin and sending it to an exchange where you could sell it directly for fiat, than sending bitcoin.

Simply put, the other alts exist because bitcoin still hasn't fixed the issue of scaling. So scaling is being done with alts.
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November 09, 2019, 07:06:30 PM
 #24

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

      *. Is it worth it to mine in other currencies besides bitcoins?
      *. Wouldn't be better if we only use only 1 instead of 8?
      *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.  

May anybody tell me the advantage?

Thanks!!  Smiley

Using different cryptocurrencies can and will make the market more alive than dull. There are cryptocurrencies that are created specifically for a task. The nature that I observed for btc is for transactions that are quick and anonymous. While other cryptocurrencies are for bigger or even daily transactions like buying specific stuff. This variety of coins is making the industry dynamic. If we're going to be stuck in one coin, I don't think there won't be much new things we would talk about.

 
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November 09, 2019, 07:14:14 PM
 #25

Using different cryptocurrencies can and will make the market more alive than dull. There are cryptocurrencies that are created specifically for a task. The nature that I observed for btc is for transactions that are quick and anonymous. While other cryptocurrencies are for bigger or even daily transactions like buying specific stuff. This variety of coins is making the industry dynamic. If we're going to be stuck in one coin, I don't think there won't be much new things we would talk about.
for a trader, of course, they have the main coins like bitcoin or USDT they have for trading capital. especially for day traders, of course, they choose many assets to switch from one coin to another coin. and this is normal for traders to get better profits. because in trading we will not always profit in one asset or all assets that we trade. therefore trading with many assets will help us reduce losses.

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November 09, 2019, 07:16:21 PM
 #26

The answer to the first question is yes, there is enough quality mining equipment that can provide you enough profit from most famous altcoins like Ethereum, Zcash or Monero. Search for some mining profitability calculators and you would be amazed Smiley

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November 09, 2019, 07:31:22 PM
 #27

Hi,

I've still kind of new in this digital currency world. I just discovered Bitcoin and now I found many other cryptocurrencies.

My questions are....

      *. Is it worth it to mine in other currencies besides bitcoins?
      *. Wouldn't be better if we only use only 1 instead of 8?
      *. Does it (having other currencies) weaken bitcoins?

I do respect other currencies and their followers, it's just I don't understand this "new world" yet.  

May anybody tell me the advantage?

Thanks!!  Smiley

The demand for cryptocurrency is high that the supply of bitcoin sometimes cannot meet it. One reson for this is people hold them for investment. This is why there is a need of other cryptocurrency and by doing so, creating an industry of various and dynamic markets. This variety of cryptos opened many opportunities for a lot of people and became a passion and a new career. There is no real advantage of being an alt coin and they do not necessarily weaken btc.

 
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