Story of Bitcoin Litecoin brothers and their cousins

in #cryptocurrency7 years ago (edited)

BItcoin Litecoin brothers.PNG

I know you are currently listening about 20-25 $ transaction costs of Bitcoin per transaction. Recently this debate seems logical too. Why should anyone pay such a large transaction fee ? I read at reddit people paid 20 $ transaction fee for 50 $ transaction. Technology is new and therefor you should have understanding and be regularly updated about cryptocurrenies.

I remind you that Bitcoin is called "Gold" in realm of cryptocurrency. Do you use gold for buy grocery ? In older times too, normal average people used copper or brass coins. Gold was too difficult to mine and its quantity was very limited. It used to stored in very safe locks.
Now suppose you want to store and transfer gold (a large amount of money), you would like store and use in safest way. This is what bitcoin provided you.

Bitcoin is most cryptographically secure way to store money. You may found fake copper coins in regular market easliy but not gold coins. So if you want to store thousands or millions of dollars, better you use Bitcoin. If you buy a car of 30000 $, you can pay fee of 30$ and wait for 5-6 hours of transactions.

Litecoin is called "Silver" coin. Here you pay 30-50 cents per transaction. Its fast too. But of course less secure than BItcoin. I find litecoin a good one for general public. You can buy anything for regular use. It has faster transaction time.
Developer Teams are working for increasing scalability and faster transaction time.

Bitcoin Cash, a fork of Bitcoin, has implemented changes to accelerate the verification process, with an adjustable level of difficulty to ensure the chain’s survival and transaction verification speed, regardless of the number of miners supporting it. This has raised concerns about the security of Bitcoin Cash.

There is a Dogecoin also. There are 112 billion dogecoin to be mined. Doesn't it sound like some alloy coin ;)

So there is always trade off.

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