01-14-2018, 01:46 PM
(01-14-2018, 11:41 AM)rayray Wrote: I also notice a few crypto's poking holes into BTC's system referring to it as slow and expensive, found that interesting too since BTC is supposed to be the gold standard.
I'm new to this world of cryptos but I certainly wouldn't consider BTC to be the gold standard, it's not the biggest because it's the best, it's the biggest because it was the first one that started spreading. It's the oldest one, it's the most used one, it's the one all the news talk about.
Here is a good website that draws the charts of the average transaction price of a lot of the currencies.
https://bitinfocharts.com/comparison/tra...c-xmr.html
As you can see the fares for BTC are ridiculous because the network is overloaded. In fact that is the case for most of the cryptos since the beginning of 2018. Part of this, for BTC, is also because it is the "main" currency and as such it is used a lot. For example a person going into cryptos will very likely make a USD -> BTC transaction, then move that BTC from his wallet to an exchange where he splits it to different cryptos. Take me for an example, I had those bitcoins standing around and had to move them to an exchange before I could switch them. I currently own the 4 cryptos mentioned in the post above but I've only made two transactions while acquiring them, both being BTC transactions when moving my funds from my wallet to the exchanges.
I have to say that I'm a bit concerned about the fees for Monero too but I do love them because of the privacy approach. But something like litecoin? It's currently the 6th largest (by market cap) crypto at over 13 billion and yet we are still talking about an average transfer fee of $0.3. That's $0.3 to move the money anywhere in the world in a timeframe that is significantly faster than an international bank transfer. And that's also historically a very high transfer fee for litecoin.