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It depends a lot on the specific altcoin you're talking about. For the most part, there aren't a lot of major differences between Bitcoin and the alts. Sadly many of them exist only as the leftovers of pump-and-dump schemes intended to make their creators rich, though there are a few that are interesting in important ways. One of the primary benefits of a ...


9

I find this article convincing in its analysis of the dynamics between Bitcoin and competing networks: The Coming Demise of the Altcoins To summarize briefly, the author suggests: The utility provided by a currency system is related to the willingness of its users to save using that currency. Currencies have a strong network effect. Most altcoins don't ...


5

Recently I stumbled across this question as I was supposed to explain what Bitcoin was to my 5-year-old nephew. As the question states that it needs to explain the concept of bitcoin to a non-technical person, I took it a step further and explained it to the kid, who knows nothing (literally). So here goes my 2 satoshis on what is the best explanation (...


5

Bitcoin was the first, the most well known and thus has the most network effect. The network effect is extremely important and there are examples were better technologies lost to the competition because of the latter's network effect. In addition, being the oldest running crypto-currency and with the larger market cap means that it was consistently ...


3

The space is so broad that your question can't really be answered easily. In general, altcoins are far more risky but offer more potential reward. In general, altcoin portfolios will require far more management to safely retain value. Also consider that from an investment perspective, bitcoin has more in common with ethereum and dash than ethereum and dash ...


3

Due to the network effect, the Bitcoin network has the most hashing power behind it, as well as the most investment in it. It had been vetted more than any other cryptocurrency, and the network is watched by more people than the others. It is also accepted by more merchants. This all adds credibility to the network's security, as well as the currency's ...


3

If you subscribe to the notion that names do not matter, then obviously only technical differences can make any altcoin potentially superior. Most altcoins do not meet this criteria, because they are barely more than a Bitcoin clone (possibly with some minor tunings of details such as the block confirmation time you already mentioned). Here are some of those ...


3

Bitcoin is a global payment network on the internet. It is self-sustained and allows users to make payments between individuals like cash. Instead of a company being the referee, Bitcoin is governed neutrally by rules asserted through a network of computers running the same open-source software. Bitcoin is completely transparent, in that anyone can see ...


3

For non-technical users, I found this video to be extremely clear and helpful in explaining the details of how Bitcoin works: How Bitcoin Works Under the Hood


2

Although a simple question, "What gives Bitcoin value?", the answer is not as simple as the question. What gives Bitcoin it’s value, can best be answer by the formula PB = (SW + TX) / BC The value of a Bitcoin is derived from the total value of the Bitcoin used for storage of wealth (SW) plus the total amount of the Bitcoin required for concurrently ...


2

Like fiat money, the valuation of BitCoin stems from its changing share per unit of world GDP transacting in it - the share of world economic activity expected to transact in BitCoin vs. the supply of BitCoin. Consider what gives fiat money value: is it the “faith in and credit of” the issuing government or its quantity relationship to real GDP? The CPI ...


2

The reason bitcoins is the best is this, how many places can you go to and trade coins on the market, like buying and selling like at Bitrex for example? If you go to these sites what do you have to use to pay for your coins you want to purchase, like ethereum, litecoin, dodge, ect. ect. etc.? You will have to use bitcoins as your currency to buy the other ...


2

This is probably going to be closed as a question of opinion, but here is an answer nonetheless: But if you can not change the total volume of the money, you can not get a stable currency... In other words: For any stable currency, there needs to be a way to adjust the volume of money. Your assumption is that a form of money that is manipulatable will be ...


1

Why does noone use the exact same technology of the Bitcoin and create Bitcoin 2? They have, there are hundreds of copies of bitcoin known as "altcoins", one prime example is bcash. If they did, why would a Bitcoin2 be worth less than a Bitcoin? Because there is no demand for a bitcoin2. No one wants one because its not a real bitcoin. The only value ...


1

Why should I start using bitcoins? What is the benefit to me of using bitcoins? Why should I want to? Well, actually those are excellent questions, but it's hard to come up with one correct answer to it. Many people use Bitcoin for many different reasons. You can find some of the reasons below. Bitcoin is like cash Payments are almost instantaneous, ...


1

The value of bitcoin is created by demand and offer by the need of market. If you want deeper estimation let assume two hypothetical examples: Hypothesis 1: * All people in USA has equal savings and all savings are in BC. BC is used only in USA * Average Savings Amount for Americans is 3,800$. * USA population is 317,161,000 Because the number of ...


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