Bitcoin

Comparing Transaction Speed of Bitcoin and Several Other Starter Cryptocurrencies Is a Non-Starter Approach

The new Altseason is taking shape.  The value of the Altcoins is shooting up.  The dominance of Bitcoin has gone down by 5%.  In the past 90 days, major Altcoins have been making double and triple-digit percentage increases, therefore, hinting a possible Altseason. When cryptocurrencies other than the BTC outperform the price of the BTC despite the price increase in the Bitcoin price, it is known as Altseason.

BTC dominance is currently at a dominance of 55%, which is a decline of nearly 5% in the past two weeks.

Charlie Shrem, Bitcoin pioneer, stated that comparing the transaction speed between Bitcoin and several other starter cryptocurrencies is a non-starter approach.  This he calls is a red-herring argument.

The Charlie Shrem stated, “Transaction speeds” when debating #bitcoin vs. other faux-crypto’s is red herring argument. There were plenty of fast ways to move the money before bitcoin. That’s not why we’re here. We’re building a censorship-resistant value network that can never be controlled by a single party.”

The speed of payments with Bitcoin is not a problem because when Bitcoin came into existence, payment systems like Paypal were already there.

He stated that the purpose of Bitcoin was not to provide for speediest transactions; however, it was to provide for a censorship-resistant value network, which has not been controlled by a single party.

When transferring value, several users prefer to use the Bitcoin network.  The cheaper is not always, the better.  The transactions are cheap because the numbers of actual transactions are very less.  Several of these alternative networks are subject to centralization, which is opposite to the motive of decentralization.

When money has to move from point A to point B without having to trust a third party, the trust is placed on the Bitcoin. On the bigger picture, Bitcoin has caught up with impressive gains.  Every time Bitcoin goes high, the price of the Altcoins follow.  This is true with coins like Litecoin, Stellar Lumens, TCAT tokens, and many others.

While making gains from Altcoins, it is a good idea to follow the price pattern of Bitcoin; however, fixing up the timing of the market is indeed challenging.

A random user reported his HODL portfolio, and overall, the Altcoins contributed to 70 to 99% in losses.  Bitcoin continues to be the best performing cryptocurrency. The BTC is performing better than the stock market by 1000%.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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