Cryptocurrencies Uses

[nyuka]

We know that there are alot of 2 or more of something. There are different countries, currencies, cars, and other items. I know Bitcoins and other cryptocurrencies can be used for anything but what about this (just an idea).

Bitcoins (highly secure but slower) = for high end and mid priced items like houses and cars

Litecoins (less secure but faster) = for lower priced items like computers and GPUs

Peercoins (no ending supply like fiat currencies) = for everyday use like buying coffee and snacks

Namecoins (for domains) = they're outside of ICANN control and thus avoid domain censorship

Primecoins (for science) = searches for prime numbers

Dogecoins (doge style) = for donations and sponsorships

Again, any of those cryptocurrencies can be used for anything.

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[Possum577]

What are the fundamental differences to the total count of coins that can be mined or the process of mining?

Obviously BTC was first but are the subsequent alternatives more refined or more efficient?

[Anduck]

What are the fundamental differences to the total count of coins that can be mined or the process of mining?

Obviously BTC was first but are the subsequent alternatives more refined or more efficient?

Nope. Some coins have technical innovations (these are basicly the only interesting altcoins.)
These altcoins may be more efficient/refined but not by design (but because the blockchain is small etc.) There's still nothing _better_ than Bitcoin. And if there will be, Bitcoin can implement it.
I am personally waiting for Nimblecoin (DECOR+GHOST protocol implemented, giving very high transactions per second rate of 2000+)

[rackcityb1]

The uses of all the alt coins is to make their founders wealthier then they should be. They serve no other uses except for trash

[AliceWonder]

There's still nothing _better_ than Bitcoin. And if there will be, Bitcoin can implement it.

can and will are two different things.

bitcoin is essentially controlled by a small group of miners (it has become a centralized currency to a large extent). They will do what they believe is in their best interest.

So things like complex proof of work that make their ASICs useless won't ever be in bitcoin.

[nyuka]

What are the fundamental differences to the total count of coins that can be mined or the process of mining?

Obviously BTC was first but are the subsequent alternatives more refined or more efficient?

Some coins have different amounts than Bitcoins that can be mined, like Litecoins (84 million instead of 21 million) and Peercoins (never ending supply each year). Some have a different process of mininig and are more efficient like Peercoins (no mining required, just run client software). Some are more refined like Litecoins which are faster (2.5 minutes block confirmations instead of 10 minutes).

[nyuka]

The uses of all the alt coins is to make their founders wealthier then they should be. They serve no other uses except for trash

That's like saying all cars are useless except for a Ferrari.

[AliceWonder]

One of the issues with more efficient mining is it reduces who can do it.

CPU/GPU mining is very inefficient but anyone can do it.

ASIC mining is extremely efficient but only those who can afford ASICs and have connections to actually have them delivered before they are obsolete can do it.

Bitcoin is in the latter group. And the miners have to power to raise transaction fees by refusing transactions that don't have a minimum fee, and I predict they will do exactly that as mining becomes less profitable.

That's one of the reasons alternate cryptos are necessary. If the mining pools that control the blockchain charge too much, people will have an alternative and free market can set the transaction cost.

Those who hold a lot of BTC are opposed to this because it means their BTC won't be worth as much, they put profit over the health of the network.

[minerpumpkin]

I really believe the most important thing is adoption and acceptance. All the other coins don't matter that much unless they manage to gain more traction. If the actually do have additional and useful features, they may make sense as a sidechain!

[AliceWonder]

I really believe the most important thing is adoption and acceptance. All the other coins don't matter that much unless they manage to gain more traction. If the actually do have additional and useful features, they may make sense as a sidechain!

If Dell accepting bitcoin results in a drop in value like we saw, then I think the reality is that bitcoin isn't really being used for commerce either, and is largely traded in speculation.

[profitofthegods]

I like the idea of using different coins for different things according to their characteristics, not sure I entirely agree with your list though. For starters, transaction time doesn't matter when ordering physical products online, so Bitcoin would cover more different categories than just large purchases.

[adoni]

I really believe the most important thing is adoption and acceptance. All the other coins don't matter that much unless they manage to gain more traction. If the actually do have additional and useful features, they may make sense as a sidechain!

If Dell accepting bitcoin results in a drop in value like we saw, then I think the reality is that bitcoin isn't really being used for commerce either, and is largely traded in speculation.

Dell news didn't drop btc last week, it was yet another Fed Judge stepping into bitcoin.

bitcoins.com auction was stopped by a fed judge

A few large wallets were created with the intent to manipulate btc by obtaining that 1 key domain

No key domain no easy way to manipulate btc so the big wallet dumped it

the only thing moving btc at a support floor almost 8% down is a dump

dell taking btc was EARLY in the week

the fed judge order matches the btc drop

so investors leery of any more fed interference in btc saw yet another fed move into control of bitcoin and dumped

or maybe that wallet that caused the drop wanted a few yachts

haha

[balanghai]

Fast Asset Transfer. Like talking about intercontinental flexibility.

[Brewins]

Bitcoins, Litecoins and Doges use the same tech, so are basically the same. Except the fact that Litecoin has like 10% of bitcoin acceptance and Doge is a joke since its inception.


And I don't think "find prime numbers" as relevant feature from the end user's side.


We need first create a problem where we suffer with bitcoin, then make a new coin arise, not make coins that want solve problems we still don't have.

[defaced]

I think calling them currencies is a huge fallacy. Dont get me wrong, the integrated payment system is extremely important, but they are more like shares of a distributed autonomous corporation. Shares of the corporation are given to users who perform important tasks on behalf of the corporation.    Because they can be easily sent to any other entity in the corporation they can also be used as a means of payment for goods and services. This is the future. A future where anyone at anytime can work for or not work for any other corporation doing something they are efficient at. Right now everyone just wants to secure the public ledger against double spending.

[MegaHustlr]

Bitcoins (highly secure but slower) = for high end and mid priced items like houses and cars

Litecoins (less secure but faster) = for lower priced items like computers and GPUs

Peercoins (no ending supply like fiat currencies) = for everyday use like buying coffee and snacks

Namecoins (for domains) = they're outside of ICANN control and thus avoid domain censorship

Primecoins (for science) = searches for prime numbers

Dogecoins (doge style) = for donations and sponsorships

Again, any of those cryptocurrencies can be used for anything.

We only need bitcoin which can purchase all the other things without a problem. The rest are irrelevant and will fade away without much merchant adoption which is what bitcoin has over all those others.

[nyuka]

We only need bitcoin which can purchase all the other things without a problem. The rest are irrelevant and will fade away without much merchant adoption which is what bitcoin has over all those others.

Here are couple of examples: What if I had both BTC and LTC.

1st Example: I want to buy a Lamborghini for $100,000. Would I send BTC that is secure but slower than LTC or send LTC that is less secure but faster than BTC. I don't know about you, but I would send BTC because I would want the $100,000 to be as secure as possible and wouldn't care if it took 15 minutes longer to confirm than LTC.

2nd Example: I want to buy a cup of coffee for $5. Would I send LTC that is faster but less secure or send BTC that is slower but more secure. I don't know about you, but I would send LTC because I want my coffee fast and wouldn't care that it's less secure than BTC.

[AirC]

We only need bitcoin which can purchase all the other things without a problem. The rest are irrelevant and will fade away without much merchant adoption which is what bitcoin has over all those others.

Here are couple of examples: What if I had both BTC and LTC.

1st Example: I want to buy a Lamborghini for $100,000. Would I send BTC that is secure but slower than LTC or send LTC that is less secure but faster than BTC. I don't know about you, but I would send BTC because I would want the $100,000 to be as secure as possible and wouldn't care if it took 15 minutes longer to confirm than LTC.

2nd Example: I want to buy a cup of coffee for $5. Would I send LTC that is faster but less secure or send BTC that is slower but more secure. I don't know about you, but I would send LTC because I want my coffee fast and wouldn't care that it's less secure than BTC.
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Your whole post demonstrates the uses of multiple cryptocurrencies... but you say alts are pointless? 

[LiteCoinGuy]

people will not use it like this and it makes no sense at all.

[nyuka]

Your whole post demonstrates the uses of multiple cryptocurrencies... but you say alts are pointless?  

Check all my posts, in neither of them did I ever said that all alternative cryptocurrencies are useless. I think most are useless because they are copies but not all especially the different ones like Litecoins (faster), Peercoins (never ending supply), Namecoins (domain names), and Primecoins (prime numbers).