Why We Need Bitcoin, If Altcoins Transfers Are Faster And Cheaper

[nutriagrigia]

These fast transaction rate comes at some compromise. Take example of EOS, its fast and cheap but has some serious security flaws because of its DPoS consensus algorithm. Bitcoin is slow but there is no compromise on security of bitcoin network.

Bitcoin is not slow either. if you want very fast transactions then you can use the Lightning network. maybe now it’s not very convenient, but in the future, the development of this technology will grow rapidly and most likely bitcoin will be more convenient than any altcoin

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[sunsilk]

so that's why we have BCH but would it exist without BTC?

You've just created that account just to say and shill that? Did you know the history that BCH was a fork from BTC?

BTC will remain even without these altcoins including that BCH whilst the altcoins, it's hard for them to exist if there's no BTC. And are you sure that when it comes to faster transaction you will count with that coin? come on, it's one of the slowest confirmation time. BTC is faster, cheaper and convenient compared to that.

Asking if that coin will exist even without btc triggered me.

[bbc.reporter]

This might be funny now, however, bitcoin will rely only on fees after several halvings. This is not sustainable because ordinary users will be priced out from using it.

Based on what analysis? If mining becomes unprofitable and miners leave, then the difficulty readjusts until mining is profitable again. An equilibrium will be reached where price increases and hashrate leveling off makes mining profitable. If on-chain fees are too high for everyday transactions, then people can use Lightning Network and only have to make on-chain transactions to open or close channels as neccessary.

Based on bitcoin's monetary policy that rewards go to 0. However, if you imply that it is the smaller miners that would be priced out and it centalizes mining to the biggest miners, that might be a correct assessment also.

How much in fees would miners need to support themselves if rewards from mining are gone?

[julius caesar]

We still need bitcoin because the volume of it dominated the market. Plus the fact that almost all of the altcoin is dependent on the price of bitcoin. Any price movement that happens in bitcoin will have a hug impact to the price of altcoin. Also, bitcoin is the one that is accepted worldwide and has a exchange to almost all of the country.

[SabrinaBianka]

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

Bitcoin is not usable for transaction because its very slow to transfer, I believed that bitcoin is only good for investment, But that doesn't mean that I recommend bitcoin for investment. No, I never recommend this but its up to you if you really want to earn for long term.

[inanilujimi]

Bitcoin can cover all altcoins, while altcoin cannot cover other altcoins and the functions of altcoin are still limited unlike bitcoins which have various uses to suit everyone's needs.
So is it worth the high quality in the cheap pay ??
Of course not, for me there is a form for sure there is a price.

[SquallLeonhart]

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

I can’t really say why people prefers Bitcoin over altcoin, I guess everyone has different reasons, but I would say that being the first cryptocurrency in the market gives Bitcoin several advantages over altcoins.

Whenever people are discussing cryptocurrency the only coin that comes in mind is Bitcoin and they hardly discuss altcoins. And since it’s the first cryptocurrency, people trust it more than the other coins there is in the market. And of course, altcoins are faster when it comes to transaction but sometimes Bitcoin is fast as well, and there are wallets that lets spend coins without being confirmed, just like a feature in Bitpay that allows users to attempt spending coins that are not yet confirmed. And Bitcoin is also offering smart contract through RSK.

[fullhdpixel]

People think that only reason to use bitcoin is the transfers and that is not true at all, surely altcoins are faster and cheaper and they are not at the top right now is it? That kinda already proves my point that we do not care about the transfer times or costs when we are in love with a coin, there are faster and cheaper ones than ethereum as well for example but that one is at second too.

The thing we care about is the hype, we only care if a coin is loved by a lot of people and that is the only thing that changes the price, for example if an unknown coin right now gets a huge popularity and volume all of a sudden and kept that up for a long time, eventually more and more people will start to join in that as well even tho that coin didn't changed a single line of code, that is how it works.

[lixer]

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

Yep, altcoins are really fast and recently my bro has been sending me some money through Ethereum and it’s always instant and when I send it’s the same and the fees are very low.

But, despite that I still prefer Bitcoin, I just can’t really tell why lol, maybe because Bitcoin is the first cryptocurrency or I have gotten used to it I guess. That’s the same thing for most people they prefer Bitcoin and there is this belief that bitcoin is much secure than altcoins and I believe that is true. And by the way, there is now lightening network and you can make use of the lightening network to make your transaction faster.

[hendra147]

we still need bitcoin for transaction, for payment gateway or something likethat, because the price of bitcoin is more stable tha other crypto, we can see Vultr use bitcoin, microsoft azure use bitcoin too, and many other service use only bitcoin, for security reason, and for stable value too.

[airdnasxela]

But there will be no too many altcoins like that so-called faster and cheaper if it wasn't for Bitcoin... Others might be more fast and cheap but if you think Bitcoin is not usable, why do you think most people here still choose bitcoin over altcoins? Being fast and cheap are great but you cannot compare it on how many people still value bitcoin more than any altcoin. No matter how good a coin is, there will always be a gap between that coin and Bitcoin that, that coin can't surpass.

[lousie9]

Bitcoin and Altcoin are different from each other. and for me personally Bitcoin and Altcoin are profitable investments, especially when the price of BTC reaches its highest price in 2017. I personally choose both BTC and Altcoin depending on the needs. both for investment and for withdrawing money.

[oktana]

But there will be no too many altcoins like that so-called faster and cheaper if it wasn't for Bitcoin... Others might be more fast and cheap but if you think Bitcoin is not usable, why do you think most people here still choose bitcoin over altcoins? Being fast and cheap are great but you cannot compare it on how many people still value bitcoin more than any altcoin. No matter how good a coin is, there will always be a gap between that coin and Bitcoin that, that coin can't surpass.

Massive use of altcoin is valid at this time in commonly used transactions.

it's true that bitcoin has an important and better role in transaction security. but there is one point that still refers to how easy it is to use altcoin in the current situation, most users prefer altcoin because it is faster and more affordable, on the other hand they also continue to believe in bitcoin for more important purposes.

[kindbtc]

The answer is very simple, Bitcoin is the father of all coins and it can not be neglected in all market conditions, secondly bitcoin is the pioneer of blockchain technology and all other coins are based on the same which makes btc a premium choice, thirdly, bitcoin has become an alternative asset class just like gold so it has become first choice of investment.

[Diamond_Darrell]

This is why: https://howmanyconfs.com/

Altcoins are faster because they are far less secure than bitcoin. Even the fastest altcoin Ethereum still takes 9 hours to be as secure as 6 bitcoin confirmations, and the other altcoins are comically slower, taking days to months to reach the same security bitcoin does in an hour.

I trade small amounts of bitcoin frequently and it is perfectly usable. If you desire instant confirmation, then think about starting to use Lightning.

strange, but I didn’t find Monero (XMR) in this hit paraphe /// Maybe I looked poorly? Or do they have a quiet family atmosphere and a lamp atmosphere there?)))

[xiboothrezi]

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

Well, this depends on each other's interests. If I prefer safety and quality that has been guaranteed and proven. Moreover, although not too fast compared to other altcoins, BTC has more trading pairs on local exchanges, for fiat exchanges, whereas not all altcoins have fiat pairs on local exchanges.
Altcoin does have faster transactions, but it is not easy to divert the interest of traders, investors, miners, etc. with the uniqueness of the BTC niche. That is why BTC can survive and have good progress in this decade.

[Swordsoffreedom]

Bitcoin is no doubt slow (with 7 transactions per second) but it’s more secure than any alt coins. Blockchain has built-in tradeoff between security and speed. Bitcoin opted for security hence its slow. Altcoins that have opted for speed are not as secure.

[Ashong Salonga]

Really Bitcoin transfers are expensive and lower speed, therefore altcoins are much easy to transfer. For small transfer amounts Bitcoin is not usable.

You have a point on that manner. Yes it is true that Bitcoin transfer is really expensive compared to the transaction fee when it comes to transferring any type of Altcoins. Altcoins also cater a faster transaction processing compared to Bitcoin. But as what I can see, it is because due to the massive number of demands every time that causes the traffic on completing the transaction and because of that large volume, the transaction fee is incresing. As the demand volume of Bitcoin rises, so that transaction fee increases because as demand on Bitcoin goes on, its price also increases. The price of Bitcoin transaction is not always that expensive it may just depending on the wallet or the platform you use fo transaction which really are different from each other. Also the reason why people are still into Bitcoin despite of the reasons you have said is that among the other existing cryptocurrencies which is Altcoins, Bitcoin seems to be more reliable and trustworthy as well as secured so people do keep on raising the demand on using Bitcoin for their daily life basis. There is a valid reason why the transaction fee and processing fee of Bitcoin is like that but after all, it is always worth it getting into Bitcoin.

[Winscosinally]

Bitcoin is the Grand Master of all cryptocurrencies and that says a lot, even if all new coins are introducing better features bitcoin have already win the battle and nothing or not even any new coin can stop bitcoin, you know that trust is still a big issue in this space today but many trust bitcoin more than other coins

[sjbi]

To be exact, I do not know what coins in the market are being used for. Regarding your question, I think bitcoin is the old coin and due to its legacy in the crypto space, it has a place in this space. People find it a right place to invest in bitcoin instead of reputed and potential altcoins. And bitcoin is not disappointing investors as well.