Timeline for Why is Bitcoin better than other cryptocurrency?
Current License: CC BY-SA 3.0
10 events
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| Apr 13, 2017 at 12:47 | history | edited | CommunityBot |
replaced http://bitcoin.stackexchange.com/ with https://bitcoin.stackexchange.com/
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| Feb 13, 2014 at 20:36 | comment | added | user5107 | @JoePineda Thank you so very much again! If there's no true limitation to adding nodes, that cost should drop. I think that's a decent avenue for converting flow denominations to XRP, but if there was an optimal cryptocurrency, I would only use it or depositories like today's modern banks by telling buyers to pay in XRP and only choosing XRP denominated sellers. | |
| Feb 13, 2014 at 20:27 | comment | added | Joe Pineda | You do can use them directly, but it'd be a waste of their power. Imagine you sold something to me. You accept only euros or dollars, I have pesos, cattle and BTC. My bank connects directly with yours (thru the XRP net), but they ask a high fee. But, then a friend of yours living in France accepts feathercoins in exchange of euros, and a friend of mine accepts my cattle or pesos for feathercoins, and they both take a very small fee. So the XRP net auto-selects that path, exchanging along the way, to help us get the best deal with what we have - and some XRPs get burned at the end. | |
| Feb 13, 2014 at 20:18 | comment | added | user5107 | @JoePineda Thank you for that knowledge Joe Pineda! Is it impossible to use XRP directly for purchases? If someone wants to go through the extra colored hassle, so be it, but is it available as a true blue currency? Thank you again so very much in advance! | |
| Feb 13, 2014 at 20:13 | comment | added | Joe Pineda | Yes, Ripple has XRP, but they're not really meant to be a coin to pay for stuff with. They're used to pay transaction fees which don't go to "miners" - they're rather destroyed (hence, premined on purpose). They're obligatory and go up/down dynamically to dissuade spamming the network. Within the XRP net, you can ask for dollars and I can pay you in pesos, cattle, bitcoins, whatever... as long as there's a path of exchangers (which can be friends, relatives, banks, acquintances) connecting both of us, the network will auto-convert. In a sense, XRP is a colored-coin. | |
| Feb 13, 2014 at 19:57 | comment | added | user5107 | @JoePineda Thank you for contributing Joe Pineda! I agree, but doesn't Ripple have its own base coin? I wouldn't use anything else because I'm not sold on colored coins. Thank you so very much in advance! | |
| Feb 13, 2014 at 19:54 | comment | added | Joe Pineda | The speed of Ripple, if I understood its concept correctly, is due to it taking advantage of the "small world" networks we people tend to create. Thanks to that effect, the mini-networks we interact most with tend to be very small, so traversing them all is fast and allows for such speed. On the other hand, to trade a very rare crypto-currency, with someone you're connected by the 10th degree, and wants in exchange another very rare coin owned by a contact of a contact of a contact of yours... then it'd be "really" slow :) | |
| Feb 13, 2014 at 19:12 | comment | added | user5107 | @JacobTorba Ripple has. | |
| Feb 13, 2014 at 18:58 | comment | added | John T | It's kinda unfair to say Bitcoin is slow, no other cryptocurrency has solved the speed issue and will be just as slow at the size of Bitcoin. | |
| Feb 13, 2014 at 15:51 | history | answered | user5107 | CC BY-SA 3.0 |