It's not a healthy marketplace this way.
Alts need to be traded by fiat and should not be tied to BTC. BTC is just a name with no good function at all.
Have you seen any other market where thousands of commodities are closely tied to one prototype? And in such a stupid way that when BTC rises they MAY have a chance to rise a bit and when BTC falls a bit, they fall 4-5 times worse???
This will change in the coming years. Sooner or later BTC will loose this insane position that only comes from being the first.
How can you say BTC has no good function? What are you basing your statements on? It's not my favorite crypto by far but it is the original, and right now it is about the only way for anyone to get into the crypto market from fiat.
Is it the fastest crypto? No.
Is it faster than a wire transfer? Yes.
Is it faster than mailing a check? Yes.
Are the fees the least expensive of any crypto? No.
Are the fees lower than a wire transfer? Yes.
Also the fee for sending bitcoin is THE SAME weather I send .001 BTC or 100 BTC
Is this true for wire transfer? No, for that it is a percentage so to transfer a large amount of $$ you will pay a large fee.
Like it or not Bitcoin is the originator and, currently, the most widely accepted in terms of real-world purchasing, so why all the hate?
It seems to me that BTC can only be a good thing for ALL crypto, sort of an ambassador of crypto to the noobs.
:)
Impressive, that exactly what I tell people when they get confuse.
Thanks man. I know it's kind of a simplistic way to put it but it's a good place to start.
I am not confused at all.
Doing just fine.
I would consider myself a noob when it comes to cryptos. I have been following haejin for the last few weeks and trying to figure out how I even invest in these alt coins. It seems that you have to have accounts on many different platforms to invest in all the different ones. Do any of you have advice for platforms to access these altcoins? Thanks!
Bittrex has a ton of alts. You can check the Markets tab for each coin on CoinMarketCap to see where it's listed.
Thank you. Is there a way to invest in these by depositing USD or can you only do it by purchasing other coins first?
Make sure you are fully verified before depositing anything into Bittrex
I've used Coinbase and Kraken to deposit "real" USD. IMO, Coinbase is easier and if you set up an account at GDAX (uses your Coinbase credentials) you can buy without the high fees. I'm on the fence regarding Kraken as their website and trading platform has been unreliable.
I've only used Bittrex for trading coins. I do not trust Tether since it's not clear to me if it is actually backed by real USD so I avoid trading any pairs matched to USDT and instead tend to use the BTC pairs.
Thanks for commenting.
BTC funtions all explained!
I rest my case.
It's not that I don't like BTC. Just that nobody will remember it in 20 years while some alt coins will rule the world.
WHAT? Bitcoin is a game changer, do you really think no one will remember it? Wow.
the market will figure things out -
BITcoin was here first-- almost all alts are BS and just jumping on BTC coat tails to make fast money.
if you are so opposed to using btc to buy alts then stop trading this is the only way you can show them how upset or angry you are - but not sure they care since billions of fresh money will be poured daily from wall street
Devrim: I would say it is more like how we price barrels of oil in USD and no other currency. That is the standard chosen and currently accepted. And based on that the US dollar gets a big discount on oil. It's the same concept, sorta... But I do agree with you still...
Let's say in human evolution the USD is a prototype.
BTC rises inversely to confidence in USD