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Re: Question about the bitcoin's value among all cryptocurrencies
Nice to hear, I might publish another new alt coin tommorow, you may buy a lot of these coins for just 1 LTC. Hopefully you do
I think you hit the nail right on the head. A cryptocurrency can only succeed, if there is a limited number of them- ideally, one. How could BTC stop all other cryptocurrencies from achieving any traction?
Re: Do you have any doubts about BTC's short, medium, or long-term viability?
I think more important than bitcoin is the idea which is in all of our heads now, the idea that we don't need the state for money anymore.
I think you need to have some authority that limits the number of different cryptocurrencies. BTC has all the momentum right now, but if you're like me, you should be worried about a future with thousands of equal cryptocurrencies, and new ones being created daily. This would go against the very idea of a limited supply, because in such case, the monetary unit wouldn't be BTC any more. It would be "a cryptocoin".Re: Question about the bitcoin's value among all cryptocurrencies
Because more people use it (search for network effect).
I actually learned about network effects, when I did a paper on iPhone vs BlackBerry at my school. One thing I remember is that network effects are strong only when a consumer has no reason to have two (or more) of the same items, like in case of a cell phone. Is there something about BTC that would prevent people from using other cryptocurrencies simultaneously?
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Litecoin is a copy of Bitcoin with only a few changes and came out after Bitcoin, it doesn't offer any big advantage.
In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.
Not true. The dollar value right now makes me want to buy LTC more than BTC.In theory Litecoins could be just as useful as Bitcoins, but there are only few reasons to migrate to them.
Re: Question about the bitcoin's value among all cryptocurrencies
LTC or other altcoins are just a way to make some money.
They are not really useful at all.
They are not really useful at all.
Your words perfectly describe what I don't understand after 6+ hours of research. Why is BTC more useful than LTC?
tldr;
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Why is 1 bitcoin currently worth about 100 litecoins?
https://mcxnow.com/exchange/LTC
The longer version
------------------
First of all, let me admit that I may not be thinking rationally right now.
Two years ago, a friend of mine and I decided to stash some of our respective savings away from the effects of QE; he chose Bitcoins, and I chose gold. Needless to say, I am now jealous of him and furious with myself.
Today was the third (and by far longest) time that I researched cryptocurrencies.
In 2011, I spent 10 minutes and dismissed them; this spring, I spent about 1 hour and dismissed them again; but today I've already spent 6 hours and finally agree that cryptocurrencies have a future. So I am ready to buy me some bitcoins- but then I see that there are also litecoins, peercoins, and what not.
How should I choose which crypto-coins to buy? Are merchants going to accept only one crypto-currency in the future? If so, what makes bitcoin better than all others?
----
Why is 1 bitcoin currently worth about 100 litecoins?
https://mcxnow.com/exchange/LTC
The longer version
------------------
First of all, let me admit that I may not be thinking rationally right now.
Two years ago, a friend of mine and I decided to stash some of our respective savings away from the effects of QE; he chose Bitcoins, and I chose gold. Needless to say, I am now jealous of him and furious with myself.
Today was the third (and by far longest) time that I researched cryptocurrencies.
In 2011, I spent 10 minutes and dismissed them; this spring, I spent about 1 hour and dismissed them again; but today I've already spent 6 hours and finally agree that cryptocurrencies have a future. So I am ready to buy me some bitcoins- but then I see that there are also litecoins, peercoins, and what not.
How should I choose which crypto-coins to buy? Are merchants going to accept only one crypto-currency in the future? If so, what makes bitcoin better than all others?