Can someone give a thorough explanation as to the difference in buying altcoins with bitcoin, etherium, tether, ltc etc.
I have been purchasing alts with bitcoin on btx. However I have read a few posts on reddit saying you should use ethereum to make purchases and NOT bitcoin.
Can someone explain the differences in purchasing with different methods?
pros and cons, if there are any?
If there is cost implications?
Your valuble information wil be greatly appreciated
Bitcoin
Pros:
-Huge Volume
-Looked upon as Digital Gold, thus has a lot of support
Cons:
-Slow Transactions
-Expensive Transactions
-Likely in a bubble
Ethereum
Pros:
-High Volume
-Reasonably Stable
Cons:
-Slow Transactions
-Expensive Transactions
This is a comparison for their usage for Crypto-Trading. We see that Ethereum has a high volume, but much lower than Bitcoin. Using Ethereum, the prices you find often won't be as accurate as when you trade with Bitcoin. This opens up a great deal of arbitrage opportunities though...
The major advantage Ethereum had over Bitcoin, was its low Transaction Fees and high Transaction Speed. However, now due to an overload on Ethereum's network, Ethereum's fees & transactions speeds are just as horrible as Bitcoin's.
Personally, I mostly trade with Bitcoin and Litecoin for the exchanges that have high volumes on Litecoin trading as well.
Once Litecoin gains more volume on the majority of the exchanges, I'll start using that one mainly. I truly hope that happens, as it's probably the most potent coin at the moment.
Litecoin
Pros:
-Growing Volume
-Cheap Transactions
-Fast Transactions
-Healthy growth
Cons:
-Lower Volume (At the moment)
All 3 are OK though... It really depends on what you want/need. Bitcoin is quite Volatile, Ethereum is pretty stable and Litecoin somewhere in between.