Indeed, sir, you're absolutely right. Even though bitcoin may have slow transactions and super-high fees, its long-term value makes up for it. It's by far the best coin to invest in and it's decade-long solidity has proven the reliability of cryptocurrencies. It's perfectly foreseeable that in the near future cryptocurrencies will have taken over the world's economy. Stay strong, friends, and invest safe!
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The high fee is indeed a thorny matter. Made worse by the exchanges still insisting on 0.001 BTC to transfer to our wallets for safekeeping (only HitBTC's fee is more reasonable). But that's how things are and we will have to adapt.
Currently, BTC is viable as a currency only at the exchanges - used to trade altcoins. Or for bigger purchases in daily life. It makes a good store of value though despite the volatility. For smaller-value payments, it's much better to use altcoins like DigiByte, Navcoin, Verge etc.
Exactly. My friends always use XRP, Dash and, most of all, Doge, to make transactions. The abusive rates in exchanges make it hard to keep our money flowing as it should be, doing business with altcoin trading. I myself am waiting for ESP and XP to keep growing in order to have more BTC to do business with later on. I hope everything will go well in these high-risk/high-yield stakes!
I'm getting a bit concerned though about XRP's current giddy price. Low fee or not, it will be painful if its value sees a drop that's as sharp as the rise.
But anyway, concerning transfer fees from exchanges - generally, Bittrex is reasonable enough. Except for BTC. With this one, I've learned only today that Poloniex's rate is great. Unfortunately, not so for its ETH fee. So, we'll have to shop around to see which exchange is cheaper/cheapest with each of our favourite coins.
Binance's transfer fees suck the most. Especially for ERC20 coins. Some are just plain blood-sucking. However, I'm using it because it has many of the new, hot coins and tokens that are not available at Bittrex and Poloniex. Have to live with this evil, I guess. Grudgingly.
You have XP - Congratulations! I was thinking about it, and then saw it go up today. I had likely missed the train with XP. Don't want to chase at this level.
Aaah, don't worry. You can still chase a little bit! Rumors are it will be included in Cryptopia and Binance, and this will all happen in Jan 5 according to my understanding, so you can still but and have it for a while pay lots of attention to the scene. It still has a long way to go up, since it has many projects.
Espers also has many projects, but there's nothing foreseen about big exchanges adopting it. It's only available on Coinexchange right now. I'm sure it will keep going up too, since they are doing a soft fork on Jan 5. At least till then it's safe to invest! Then watch the scene and announcements. Buy the rumors, sell the news, as they say. But these news might be great news for the community. I see it going a long way upwards but I will pay attention. I don't want to invest in something like what happened with EMC2 (rumor of big news, price went up to the moon, news came, disappointment with it, and people sold it all and it crashed so hard that people lost hundreds of thousands of dollars worth of money in it).
But you're right to be skeptical.
I tried to open an account at Coinexchange some hours ago, after reading your previous reply. There was a problem with its server. But the floating mist/smoke at its site was cool!
I will have to give XP a miss. In fact I'm consolidating my portfolios, in preparation for a pullback/market correction. Things have been EXCELLENT since December. I've been involved in the local (Malaysia) stock market since at least 25 years ago. Plus some experience in the commodities market. But this current super bull crypto market is an entirely different creature. It's the strongest and broadest I've ever known.
I'm grateful that technology has made it possible for people like me to also participate in. With the tech bubble of the late 90s, only those in the US had easy access. It may have led to many people losing significant money when it burst in early 2000. But many others had also made a lot of money...and kept this by exiting before the crash came.
I'm often guilty of being too cautious. God knows how much I had left on the table in the crypto market by selling way too early. With Cardano (ADA), for instance - had sold all when it reached $0.50 (bought at $0.12). In retrospect, I "should have" kept some. Ah, well...
But anyway - when most people are exuberant, I would get rather worried. Because I know it can't go on forever.
It's like going to a party, and it turns out to be a great event. The tendency is for us to stay around longer because it's so enjoyable. But things sometimes turn for the worse - people get drunk and various ugly things happen. There could be fights, with people getting hurt or worse. That's how I see markets when things are roaring.
With this in mind, I've gathered all my things and staying near the exit at this crypto party. Should things suddenly turn nasty and people are panicking, it will be easier for me to run out.
The million dollar question is, when and under what conditions should I make the exit? Going out too early will mean I will miss out on a lot of the fun remaining :-)
Excellent commentary on the situation. I feel the same way as well, only I know I wouldn't be able to pull out safely should the crypto-party suddenly end. I know it's chaotic and that it's overvalued by people. Blockchain is just a technology, it's not even related to cryptocurrencies, but people think that the only change that will come is coins everywhere.
I'm scared for my funds, but I'm also glad since I managed to grow my funds 4.5x in just a month. I was lucky that I have such great company with excellent foresight to tell me which coins were growing and which were falling. If I hadn't followed their advice I would have missed this opportunity completely or lost a lot of money by betting on the losing side (I'm not that good at investments, but investment solves my needs. I need to take part in it).
As for my plans to pull out, in the valid worries that everything will be going down, it would take me a long time. I would require hours to sell all my crypto back to BTC and then BTC to Paypal USD (with the market clogged up by FUD selling). I know it's risky, but what else is there lol. I'm a poor investor. :P
And also, XP fell a couple days ago. It went up till 34 sats and then came back to 22. I pulled my money out at 32, having put my money in at 8. It was absolutely glorious, but I think you were right not to invest in XP long-term.
I'm still watching the situation carefully, since XP could rise again should the rumor of inclusion in exchanges continue. And on Espers, it's still going up lol, and as far as I see the projects going, since it's not based on rumors but projects, I think it'll stay on a steady way up for a while. Take a look at it if you want, although I think Coinexchange closed its doors for new members a few days ago.
I still see cryptocurrencies going strong for a while. I think the total market cap will hit the trillion this year. It would be hard to slow that titan down once that happens. Will it unstabilize on an unsteady foundation? It's all, relatively, a bubble. will it burst on our faces? (or at least on mine) I think only time can answer those questions.