Monero in particular absolutely terrifies governments and financial institutions - you can tell because it's been banned and delisted practically everywhere. This gives me great confidence in it. Not as a speculative asset, but as a means of having truly private transactions.
Bitcoin advocates pivoted on Bitcoin being a currency after it, to be brutally honest, failed to function as a currency. Last few times I transacted BTC, the fees were anywhere between $5 and $15 and the transaction times were more than 1hr. Not to mention the whole world can see all of your transactions.
So they pivoted the marketing to it being a "store of value".
When you pay the 1.5% visa transaction, you don't get that.
And you don't need that for buying a coffee, or almost anything.
Microtransactions are just not a good use-case for the Bitcoin network.
The drawback with anything beyond Bitcoin is that in order to buy those currencies, you need Bitcoin. There is an extreme correlation with the price of Bitcoin and every other cryptocurrency.
Bitcoin's current hashrate is 95 Petahashes/second, while Litecoin is 2.35 PH/s.
I suppose both are big enough that one does not have to worry about the network being easily hijacked.
But when you get below a certain point, the price for taking over the head of the chain temporarily is a real amount of money, not an astronomical one.
Nano has a completely different security model though, and isn't nearly as secure/decentralized as Bitcoin/Litecoin/Monero and other standard POW based cryptocurrencies.
> isn't nearly as secure/decentralized as Bitcoin/Litecoin/Monero and other standard POW based cryptocurrencies.
That's not remotely true. Nano is up and running like 9 years now and has survived countless spam attacks. The last attacks have gone completely unnoticed except by people watching for them.
As a non-inflationary feeless currency it's inherently far more decentralized, and tends to decentralize over time.
Why on earth would POW be the standard when block lattice is better in literally every way? It's faster, safer, and 10x more efficient than a Visa transaction.
And then there's quantum resistance.
Why do people on a tech site full of 'smart' people let statements that wrong go unremarked. It's weird.
It's like someone was saying, watermills are great because they can help you mill your flour. Someone else chimes in like, hey, you can actually just get a wind turbine or a solar panel now; it's way more efficient... And then you - a year old account with -1 karma - jump in saying, 'lol solar power shills still exist?!'.
Like... Who's the shill here? How much BTC is in your bag?
