Well, at least Bitcoin inspired the creation of other cryptocurrencies that are much better, such as Ethereum for smart contracts, and Monero for strong privacy.
I have been telling exactly this since 2017. Bitcoin belongs in a museum. The comparison I made was with dial up internet. It started something great. Proved that thee is a technology that can change the world. But it was broadband that finally delivered the change.
It was a great idea poorly executed. It fails at micro transactions because it doesn’t scale well. The more it is used, the more useless it becomes. It has one job.
Dash, LTC, and BCH are essentially the same but better executed.
BTC was theoretically designed to be able to be broken down to a millionth of a BTC, or one Satoshi. The idea is that as BTC becomes more valuable, deflation would allow for smaller and smaller transactions.
However, in order to become more valuable, you need more money in the system, meaning more people. With more people, you have more transactions. With more transactions, you have increased transaction fees. I COULD send 1 satoshi to somebody, except that it would cost about $1. A few weeks back, it would have cost $6 to send BTC. At one point, it was costing about $35 per transaction.
BTC simply cannot scale to what we would need for day to day transactions on a global scale. It would cost us tons in transaction fees, which ultimately goes to pay the cost of electricity required to process the transactions.
LTC, BCH, and Dash are faster. However, even LTC suffers from the same scaling problem, though to a lesser degree.
I think the fastest crypto is XRP, and it has the lowest transaction fee except for XMR.
None of these can handle the scale of transactions that Visa and Mastercard can handle.
I don't think we'll see a king of crypto until the low transaction volume and high cost can be resolved to meet the demands of real-world commerce.
What I think is more likely is that we will continue to have multiple currencies operating in tandem. This spreads the load and keeps transaction fees down.
Hive transactions are free. I don't know how Hive speeds compare. However, there are only about 15,000 of us actively using Hive at any time, so I don't think Hive has really been tested.
Oh, and #XMR seems to have some good things going for it. It's the only crypto that still has privacy. The others have been cracked. It has almost zero transaction fees.
I don't trade crypto too much. Mostly, I use it for transactions or for savings. I see Monero being good for both. The only hangup I have with it is that it's not available on Coinbase or Crypto.com where I buy most of my crypto. I do see that Blocktrades does have Monero in/out.
Another matter is I haven't seen places where I could spend Monero. That makes a difference for me more than privacy.
Well, at least Bitcoin inspired the creation of other cryptocurrencies that are much better, such as Ethereum for smart contracts, and Monero for strong privacy.
YES!! 😁👏
I have been telling exactly this since 2017. Bitcoin belongs in a museum. The comparison I made was with dial up internet. It started something great. Proved that thee is a technology that can change the world. But it was broadband that finally delivered the change.
So if #BTC hits a new all-time high it might be time to cash out then 😅
It was a great idea poorly executed. It fails at micro transactions because it doesn’t scale well. The more it is used, the more useless it becomes. It has one job.
Dash, LTC, and BCH are essentially the same but better executed.
Thanks for the feedback @shainemata!
In what ways did the devs for #BTC executed poorly, i.e. what are the details?
P.S. @dollarvigilante has regularly mentioned that the jury is still out for which crypto will become the King.
P.P.S. What do you think of #XMR?
BTC was theoretically designed to be able to be broken down to a millionth of a BTC, or one Satoshi. The idea is that as BTC becomes more valuable, deflation would allow for smaller and smaller transactions.
However, in order to become more valuable, you need more money in the system, meaning more people. With more people, you have more transactions. With more transactions, you have increased transaction fees. I COULD send 1 satoshi to somebody, except that it would cost about $1. A few weeks back, it would have cost $6 to send BTC. At one point, it was costing about $35 per transaction.
BTC simply cannot scale to what we would need for day to day transactions on a global scale. It would cost us tons in transaction fees, which ultimately goes to pay the cost of electricity required to process the transactions.
LTC, BCH, and Dash are faster. However, even LTC suffers from the same scaling problem, though to a lesser degree.
I think the fastest crypto is XRP, and it has the lowest transaction fee except for XMR.
None of these can handle the scale of transactions that Visa and Mastercard can handle.
The closest in speed to Visa/MC is XRP.
https://howmuch.net/articles/crypto-transaction-speeds-compared
I don't think we'll see a king of crypto until the low transaction volume and high cost can be resolved to meet the demands of real-world commerce.
What I think is more likely is that we will continue to have multiple currencies operating in tandem. This spreads the load and keeps transaction fees down.
Hive transactions are free. I don't know how Hive speeds compare. However, there are only about 15,000 of us actively using Hive at any time, so I don't think Hive has really been tested.
Oh, and #XMR seems to have some good things going for it. It's the only crypto that still has privacy. The others have been cracked. It has almost zero transaction fees.
I don't trade crypto too much. Mostly, I use it for transactions or for savings. I see Monero being good for both. The only hangup I have with it is that it's not available on Coinbase or Crypto.com where I buy most of my crypto. I do see that Blocktrades does have Monero in/out.
Another matter is I haven't seen places where I could spend Monero. That makes a difference for me more than privacy.
great idea, poorly executed
What did they do wrong?
P.S. Were you referring to #AOL or #BTC?