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Yep, by altcoin, I mean variants like litecoin, dogecoin, etc (there are already tons of them). Indeed, this will become an exchange problem, especially since

Yep, by altcoin, I mean variants like litecoin, dogecoin, etc (there are already tons of them). Indeed, this will become an exchange problem, especially since it's already difficult to get merchants to allow bitcoin payments. But that's something payment gateways can handle by themselves. I often buy things priced in USD on the web with my EUR account, and gateways handle the change transparently (although with a fee).

madeofpalk 11y ago
Your comment on payment gateways and regional currencies is fair. But, is the end game for bitcoin for me to be able to purchase my lunch with it? Because I can't do that now, and I can't see how replacing the one 'bitcoin' with a dozen variants is going to help.
- oelmekki 11y ago
  That's the whole challenge for cryptocurrencies :) (although, not really related to the current issues discussed in the article) For the sake of providing hypothesis, I can see one reason for which it could help. I've watched dogecoin quite closely since it was released and what stroke me is how stable it has been (past the big up and low after release): each time the btc/usd value raises, the doge/btc value lowers, and reversibly, to always keep about the same rate in doge/usd. In that regard, we could consider altcoins to be an advantage for mass adoption: the main reason why I won't keep my money as cryptocurrency is because I can't stand my wallet gaining and losing half its value one day from the other. Now, we can find way more reasons why it wouldn't work (merchants finding adopting lot of currencies being too difficult, users being lost in all conversion rates, and I'm not even sure dogecoin stability applies in other altcoins). So I won't be too optimistic on this. It just seems to me it addresses the very problems mentioned in article.
- CyberDildonics 11y ago
  > purchase my lunch with it? Because I can't do that now Really? Maybe you can do that now. https://www.menufy.com/ https://www.menufy.com/
- kronomikon 11y ago
  You can buy your lunch (or dinner) with Bitcoin in NL, BE, DE, FR, and UK via http://www.thuisbezorgd.nl/en/ http://www.thuisbezorgd.nl/en/
  - adevine 11y ago
    But does anyone actually do that? Given all the bitcoin speculation and volatility, what percentage of transactions are actually someone paying for goods and services vs trading for hard currency to speculate.
SyneRyder 11y ago
That last sentence is why I think a system of altcoins won't have traction - you may as well stick with Visa/Mastercard. One of the potential benefits of Bitcoin was that if online goods were denominated in BTC, you wouldn't have all the mental math of currency conversion & fluctuations. Pricing of items would be stable against your Bitcoin holdings. Of course, in practice, goods ended up being priced in USD anyway (and converted just-in-time to BTC). So much of that potential benefit has already been lost.
- oelmekki 11y ago
  Totally, I don't see it either as being as game changing as it's often mentioned. The main reason I'm interested in cryptocurrencies is because I tend to view current banking system for individuals as a problem more than a solution. Last year alone, I've had to borrow cash from a friend because my visa was not replaced in time and I've been stuck at a grocery with all my goods because I had hit the maximum amount I could use with my card for the week, without any warning and having way enough money on my account. Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). I can see the reasons behind that to reduce fraud, but I would totally dig having day to day money in cryptocurrency and being able to send them in a record time, always having visibility on what amount I can really use.
  - fixermark 11y ago
    > Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). Even though institution-to-institution exchange is done by computer now, the laws are still in effect as if it were done by humans who---working in the banking industry---get weekends off. http://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/sections/money/2013/10/04/229224964/episo...
    - oelmekki 11y ago
      Oh, I see. We've been wondering about that with a friend for a while, without finding the answer anywhere. We assumed it was to allow people to react in case of fraud, being less active on week-end. Thanks for sharing!

madeofpalk 11y ago

Your comment on payment gateways and regional currencies is fair. But, is the end game for bitcoin for me to be able to purchase my lunch with it? Because I can't do that now, and I can't see how replacing the one 'bitcoin' with a dozen variants is going to help.

oelmekki 11y ago
That's the whole challenge for cryptocurrencies :) (although, not really related to the current issues discussed in the article) For the sake of providing hypothesis, I can see one reason for which it could help. I've watched dogecoin quite closely since it was released and what stroke me is how stable it has been (past the big up and low after release): each time the btc/usd value raises, the doge/btc value lowers, and reversibly, to always keep about the same rate in doge/usd. In that regard, we could consider altcoins to be an advantage for mass adoption: the main reason why I won't keep my money as cryptocurrency is because I can't stand my wallet gaining and losing half its value one day from the other. Now, we can find way more reasons why it wouldn't work (merchants finding adopting lot of currencies being too difficult, users being lost in all conversion rates, and I'm not even sure dogecoin stability applies in other altcoins). So I won't be too optimistic on this. It just seems to me it addresses the very problems mentioned in article.
CyberDildonics 11y ago
> purchase my lunch with it? Because I can't do that now Really? Maybe you can do that now. https://www.menufy.com/ https://www.menufy.com/
kronomikon 11y ago
You can buy your lunch (or dinner) with Bitcoin in NL, BE, DE, FR, and UK via http://www.thuisbezorgd.nl/en/ http://www.thuisbezorgd.nl/en/
- adevine 11y ago
  But does anyone actually do that? Given all the bitcoin speculation and volatility, what percentage of transactions are actually someone paying for goods and services vs trading for hard currency to speculate.

SyneRyder 11y ago

That last sentence is why I think a system of altcoins won't have traction - you may as well stick with Visa/Mastercard. One of the potential benefits of Bitcoin was that if online goods were denominated in BTC, you wouldn't have all the mental math of currency conversion & fluctuations. Pricing of items would be stable against your Bitcoin holdings. Of course, in practice, goods ended up being priced in USD anyway (and converted just-in-time to BTC). So much of that potential benefit has already been lost.

oelmekki 11y ago
Totally, I don't see it either as being as game changing as it's often mentioned. The main reason I'm interested in cryptocurrencies is because I tend to view current banking system for individuals as a problem more than a solution. Last year alone, I've had to borrow cash from a friend because my visa was not replaced in time and I've been stuck at a grocery with all my goods because I had hit the maximum amount I could use with my card for the week, without any warning and having way enough money on my account. Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). I can see the reasons behind that to reduce fraud, but I would totally dig having day to day money in cryptocurrency and being able to send them in a record time, always having visibility on what amount I can really use.
- fixermark 11y ago
  > Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). Even though institution-to-institution exchange is done by computer now, the laws are still in effect as if it were done by humans who---working in the banking industry---get weekends off. http://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/sections/money/2013/10/04/229224964/episo...
  - oelmekki 11y ago
    Oh, I see. We've been wondering about that with a friend for a while, without finding the answer anywhere. We assumed it was to allow people to react in case of fraud, being less active on week-end. Thanks for sharing!