SOL or Solana is a centralized blockchain and has stopped working several times. If you ask investors why they use Solana, the answer will be because of the increased price and not the low fees.
Therefore, in terms of low fees, there are hundreds of blockchains that have low fees, yet their price did not react positively, and even SOL began to transform from a project that attracted hundreds of tokens into a DUMP dump coin.
Of course, I do not deny the advantages of decentralization or the stability of other blockchains, even transaction fees kept at around 1-10 USD are considered necessary to help miners survive and continue to protect the network, and at the same time make it difficult for efforts to attack the network. I also understand the impossibility of the blockchain Trilemma [5], but from a user's perspective, I really like the Solana blockchain because it has a large ecosystem, has enough Dapps for user needs, high speed and very low fees. Luckily I haven't had any problems with Solana outages, maybe because I'm not a regular user on the Solana network, I only swap tokens when I really need to.Blockchain aims to be decentralized and secure, but other factors are also necessary to retain users. Besides Bitcoin being the first blockchain and BTC being the king of the market, the remaining blockchains all have to compete with each other in terms of speed, transaction fees and user friendliness.
I would like to know your views on blockchains in the market:
- What is your favorite blockchain and why: speed, transaction fees, profits?
- How often do you use that blockchain and for what purpose?
- Do you hold and consider the native token of that blockchain as a long-term investment?
I am impressed , how come someone choose transaction speed or costs
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
I am impressed , how come someone choose transaction speed or costsVisa is just a service, it does not have its own token with impressive growth potential or brings direct profits to investors, so Visa was not chosen.
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
1. If I had to choose, I would choose EOS: high speed, low fees and friendly because it has a short and easy to remember account name, has 2 keys: owner and active, can update the key when necessary. These are things that have been on EOS since its early days in 2018, and are still being learned by other blockchains.I'm also following EOS and am very interested in ENF's Bitcoin Layer-2 solution but I don't understand what they want to do with RAM and RAMS, everything is just to create a financial game inside EOS instead of finding ways to develop the ecosystem and serve users more effectively. I also gave up holding EOS when I didn't see much potential from this ecosystem.
2. I only occasionally use the EOS blockchain, mainly to fund public goods projects on Pomelo and receive rewards from EOS Bees.
3. Even though I love the EOS blockchain, I do not appreciate the price increase potential of the EOS token. It was not able to create a new ATH in bullrun 2021, and currently the EOS token is pushed aside to focus on narrative RAM. I don't hold EOS as an investment, I just use it to pay transaction fee on EOS blockchain.
Visa is just a service, it does not have its own token with impressive growth potential or brings direct profits to investors, so Visa was not chosen.
When entering the market, many investors only care about profits: if possible, they will always choose blockchain that is fast, has cheap fees and has many opportunities to make money. Solana is almost a perfect ecosystem for these purposes.
3. Even though I love the EOS blockchain, I do not appreciate the price increase potential of the EOS token. It was not able to create a new ATH in bullrun 2021, and currently the EOS token is pushed aside to focus on narrative RAM.
I am impressed , how come someone choose transaction speed or costsVisa is just a service, it does not have its own token with impressive growth potential or brings direct profits to investors, so Visa was not chosen.
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
I am impressed , how come someone choose transaction speed or costs
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
So far, I often use BSC and Polygon. For, they're fast and low transaction fee. Moreover, many more platforms and exchanges also provide these two blockchains, so I'm so pleased still using them for certain transaction.
- What is your favorite blockchain and why: speed, transaction fees, profits?
Do you hold and consider the native token of that blockchain as a long-term investment?Yes, exactly, for some native tokens/coins of those blockchains, I think that they have the chances to be much worthier for even long term investment.
I am impressed , how come someone choose transaction speed or costs
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
You are partly right, but certainly that the speed of transactions and the cost of the fee are important.
The biggest advantage for me right now is the simplicity of money management.
Unfortunately, everything ends up with hodl, and sell on high. It seems that the use value itself is being ignored, starting with Bitcoin and moving on to other currencies. Trading profit only.
I am impressed , how come someone choose transaction speed or costsYeah and for me that freedom includes financial and privacy. Profit is what the result of all this and why most of us are taking part into cryptocurrency. With Bitcoin investments we are not exposed to the public masses and this remains our anonymity. Freedom is the reason why most of us use and hodl cryptocurrency.
Visa is here for decades, with low fee and instant transactions.
Cryptocurrency is not about speed or costs, but freedom.
OP, I was discussing with my friend one day about blockchain and I asked him similar question about his major interest and focus on crypto currency projects and he told me this; "he is an investor and all he cares about blockchain and crypto is the profit he would take from his investment that's all" and funny enough, he has been in the crypto space for quite a long time and I can say he is fully grounded in the system.Absolutely right. In crypt, technology has long gone by the wayside. Any cryptan will use the blockchain that is needed at the moment to make a profit. Up to the elementary transfer of funds from the trading platform, first of all we will look at the transaction price. That’s why this concept there is no preferred blockchain.For example, in the past I most often used the tron, now I increasingly use the opbnb matis solana arbitrium.
I had to look into it myself and to be frank it dawned on me that what my friend said is some worth the reality as I was able to look into the activities of some big names in the world who are into crypto and things they do that affect the market sometimes. I realized that sometimes they do that to affect the market for them to take position and enter then they say another another thing again to pump the market up and they sell and take profit. This same thing happens over and over again.
In all, the main reasons why majority of people pick interest in crypto is for profit sake and nothing more.
OP, I was discussing with my friend one day about blockchain and I asked him similar question about his major interest and focus on crypto currency projects and he told me this; "he is an investor and all he cares about blockchain and crypto is the profit he would take from his investment that's all" and funny enough, he has been in the crypto space for quite a long time and I can say he is fully grounded in the system.Absolutely right. In crypt, technology has long gone by the wayside. Any cryptan will use the blockchain that is needed at the moment to make a profit. Up to the elementary transfer of funds from the trading platform, first of all we will look at the transaction price. That’s why this concept there is no preferred blockchain.For example, in the past I most often used the tron, now I increasingly use the opbnb matis solana arbitrium.
I had to look into it myself and to be frank it dawned on me that what my friend said is some worth the reality as I was able to look into the activities of some big names in the world who are into crypto and things they do that affect the market sometimes. I realized that sometimes they do that to affect the market for them to take position and enter then they say another another thing again to pump the market up and they sell and take profit. This same thing happens over and over again.
In all, the main reasons why majority of people pick interest in crypto is for profit sake and nothing more.
Ofc visa has that.
That is what stock market is about
https://finance.yahoo.com/quote/V/
More than 1000% in 15 years.
Ofc visa has that.
That is what stock market is about
https://finance.yahoo.com/quote/V/
More than 1000% in 15 years.
Quite impressive, 30% in a year from 217 to 283, for stocks that still pay $2 annual dividend per share, not bad for a company that is also pretty solid, as you can't see Visa going anywhere out of the big picture in the next decade. For certain not with crypto users using more visa cards loaded with Bitcoin than on chain transactions.
Well, this is observed only in the network of ether and its derivatives. I will say more, on weekends the price can drop even more significantly compared to the night. But for other networks the fluctuations are not the same, a maximum of a couple of cents, which does not play a special role at all.OP, I was discussing with my friend one day about blockchain and I asked him similar question about his major interest and focus on crypto currency projects and he told me this; "he is an investor and all he cares about blockchain and crypto is the profit he would take from his investment that's all" and funny enough, he has been in the crypto space for quite a long time and I can say he is fully grounded in the system.Absolutely right. In crypt, technology has long gone by the wayside. Any cryptan will use the blockchain that is needed at the moment to make a profit. Up to the elementary transfer of funds from the trading platform, first of all we will look at the transaction price. That’s why this concept there is no preferred blockchain.For example, in the past I most often used the tron, now I increasingly use the opbnb matis solana arbitrium.
I had to look into it myself and to be frank it dawned on me that what my friend said is some worth the reality as I was able to look into the activities of some big names in the world who are into crypto and things they do that affect the market sometimes. I realized that sometimes they do that to affect the market for them to take position and enter then they say another another thing again to pump the market up and they sell and take profit. This same thing happens over and over again.
In all, the main reasons why majority of people pick interest in crypto is for profit sake and nothing more.
Yes, of course, it is true that every crypto enthusiast would always take advantage of the current market situation to make a profit from it, which is not bad, and as a matter of fact, that is what every smart trader does. They trade to make a profit and do not care what the outcome of their trading looks like when they have collected their profit.
As for me, when it comes to transaction fees, no one is stable. All fluctuate depending on the time you choose to do your transaction. Some times, i notice transaction fees are some-worth cheap at night and i also take advantage of it when i know i would execute transaction the following day.
for now I am still comfortable using the blockchain smart chain from Binance, where I think the shipping costs are very cheap and the speed is still stable for low costs,Indeed. BSC is also one of my favorites to be used so far. What's more, it is also available in many platforms to be used. If there is the choices between Ethereum and BSC, of course, it will be BSC that I will choose. The fee becomes one of the most reasons I consider, much more affordable than Ethereum one. BNB? Exactly, we have seen how great BNB achievement so far. Still hold it tight and expect for the peak of bullrun. For another one, I am considering of using Solana, its coin, SOL is also having great excel.
yes I keep their native tokens for the long term
but it doesn't rule out the possibility that I have tokens for other blockchains
Blockchain technology was probably born with Bitcoin in 2009 thanks to the proposal of Satoshi Nakamoto. After 15 years, the features and capabilities of blockchain have been developed and added a lot. Not only Proof-of-Work (POW), we have Proof-Of-Stake (POS), Delegated Proof-of-Stake (DPOS), Proof-of-Authority (POA), Proof-of-History (POH), Practical Byzantine Fault Tolerance (PPFT), Proof of Burn (PoB), Proof of Capacity (POC), Proof of Elapsed Time (POET)... [1, 2]. I have experienced some blockchains as a user, to be honest, I am not capable enough to understand the technological aspect of these consensus protocols. What I can evaluate is only the speed (tps) and transaction fee (USD), and these two parameters are also related to each other: the faster the blockchain, the lower the fee, and vice versa.
I have been participating in the market since 2017, and I have used blockchains such as Litecoin, Dogecoin, Ethereum, Waves, EOS, Solana, Avalanche, and most often BNB chain. I recently experienced the Bitcoin blockchain through the Electrum wallet application. Although it is not as cheap as other blockchains, the feeling of interacting with the Bitcoin blockchain is really different, especially when I found a way to reduce the transaction fee to the lowest level of ~ 1.5 USD when the Inscription trend was still very hot [3].(https://talkimg.com/images/2024/03/11/y8yoW.png)
Although I really love the Bitcoin blockchain, I can't deny that I'm not happy with having to wait a long time and pay very high transaction fees compared to other blockchains. The same thing happened when I used Ethereum and paid a transaction fee of up to 20 USD in 2021. With EOS or Solana, transactions are almost instantaneous and transaction fees are only under 1 cent [4].(https://talkimg.com/images/2024/03/11/y8fNm.png)
Of course, I do not deny the advantages of decentralization or the stability of other blockchains, even transaction fees kept at around 1-10 USD are considered necessary to help miners survive and continue to protect the network, and at the same time make it difficult for efforts to attack the network. I also understand the impossibility of the blockchain Trilemma [5], but from a user's perspective, I really like the Solana blockchain because it has a large ecosystem, has enough Dapps for user needs, high speed and very low fees. Luckily I haven't had any problems with Solana outages, maybe because I'm not a regular user on the Solana network, I only swap tokens when I really need to.
This is not investment advice for SOL or Solana tokens, I'm just sharing my own feelings when using the most popular blockchains. I myself only hold a few dozen USD in ETH, BNB and SOL to pay for transaction fees on DEXs, not as a long-term investment like BTC. I guess I was wrong not to accumulate and hold more ETH and SOL during the last crypto winter :)
I would like to know your views on blockchains in the market:
- What is your favorite blockchain and why: speed, transaction fees, profits?
- How often do you use that blockchain and for what purpose?
- Do you hold and consider the native token of that blockchain as a long-term investment?
References:
[1] Analysis of the main consensus protocols of blockchain (https://www.sciencedirect.com/science/article/pii/S240595951930164X)
[2] Consensus Algorithms in Blockchain (https://www.geeksforgeeks.org/consensus-algorithms-in-blockchain/)
[3] Bitcoin Average Transaction Fee (https://ycharts.com/indicators/bitcoin_average_transaction_fee)
[4] Solscan: Fee tracker (https://beta-analysis.solscan.io/public/dashboard/06d689e1-dcd7-4175-a16a-efc074ad5ce2)
[5] The Security Trilemma and the Future of Bitcoin (https://www.coindesk.com/policy/2020/05/10/the-security-trilemma-and-the-future-of-bitcoin/)
Note:
- My opinion was posted first in that topic, on Bitcointalk (http://)
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.
Right now, I seem to like the Solana blockchain because I see a lot of coins in this network that have potential in the market, and I also think that most of them are in the category of meme coins. Because Bonk was there first, then recently Bome, I saw something else coming under the SOL network, and it's Plutus, which I think also has potential.Solana made a strong comeback in 2023, with impressive ecosystem growth. While it is known for memecoins like BONK and BOME, the Solana ecosystem has much more to offer. Projects like Helium, Pyth, and Jupiter are all building innovative solutions with the potential to revolutionize the market.
Apart from the meme coin under the SOL network, I also saw something else, so I can say that the development of SOLANA is really good this bull season, in my opinion.
I would like to know your views on blockchains in the market:1 - BSC Network...
- What is your favorite blockchain and why: speed, transaction fees, profits?
- How often do you use that blockchain and for what purpose?
- Do you hold and consider the native token of that blockchain as a long-term investment?
Ofc visa has that.
That is what stock market is about
https://finance.yahoo.com/quote/V/
More than 1000% in 15 years.
Quite impressive, 30% in a year from 217 to 283, for stocks that still pay $2 annual dividend per share, not bad for a company that is also pretty solid, as you can't see Visa going anywhere out of the big picture in the next decade. For certain not with crypto users using more visa cards loaded with Bitcoin than on chain transactions.
There are many good opportunities in the traditional stock market as well.
If you look at NVIDA, Microsoft, Appel, Amazon, Tesla, etc you will be impressed. Their performance is similar to bitcoin . Those stock made a lot of millionaires around the globe.
The only blockchains I often use are BSC, Polygon, Erc20, and Trc20.
The only blockchains I often use are BSC, Polygon, Erc20, and Trc20. These are the ones that I use most often. And now, I'm using Dex platforms like those under the Solana network, like Raydium or JUP, because I'm buying what I think are coins under the SOL network.It seems like almost everyone is doing what you said, because it is currently more popular and many transactions have been carried out there to date.
I have visible coins that I think can give me potential profit in the end. Especially in this bull season that will happen in 2024. I do hope that even a moderate profit will be fine with me.
The only blockchains I often use are BSC, Polygon, Erc20, and Trc20. These are the ones that I use most often. And now, I'm using Dex platforms like those under the Solana network, like Raydium or JUP, because I'm buying what I think are coins under the SOL network.Ethereum, BSC, Tron, and Polygon were very popular in the 2021 uptrend, but now all the attention is on Layer-2 and Solana thanks to their strong development. We see a lot of information about them on the media, and of course they will attract more users and new money flow.
I have visible coins that I think can give me potential profit in the end. Especially in this bull season that will happen in 2024. I do hope that even a moderate profit will be fine with me.
The only blockchains I often use are BSC, Polygon, Erc20, and Trc20. These are the ones that I use most often. And now, I'm using Dex platforms like those under the Solana network, like Raydium or JUP, because I'm buying what I think are coins under the SOL network.It seems like almost everyone is doing what you said, because it is currently more popular and many transactions have been carried out there to date.
I have visible coins that I think can give me potential profit in the end. Especially in this bull season that will happen in 2024. I do hope that even a moderate profit will be fine with me.
But in the end, it all comes down to familiarity with what we do, not because of what network we will use, because I am used to using BSC, almost all the transactions I make will be there, maybe only a few times on other networks such as Polygon and TRC20, but very rarely using the ERC20 network and trying to avoid expensive transaction fees as a reason.
It seems like almost everyone is doing what you said, because it is currently more popular and many transactions have been carried out there to date.It's true, sometimes it depends on habits, but sometimes it also depends on the transaction fees used. Currently, the BSC network is still the idol of many traders because they can make transactions quickly and with low transaction fees.
But in the end, it all comes down to familiarity with what we do, not because of what network we will use, because I am used to using BSC, almost all the transactions I make will be there, maybe only a few times on other networks such as Polygon and TRC20, but very rarely using the ERC20 network and trying to avoid expensive transaction fees as a reason.
Ethereum, BSC, Tron, and Polygon were very popular in the 2021 uptrend, but now all the attention is on Layer-2 and Solana thanks to their strong development. We see a lot of information about them on the media, and of course they will attract more users and new money flow.
Like the most or the majority of the votes it is the Decentralization is what we mostly choose when asking about the chain because that is the reason we all here as this is what Banks cannot offer us and not all investments has this decentralized option so having this will give us our privacy and our capacity to choose on our own.Exactly, when you invest in a bank, the profits you get are very small and every month there is also an admin fee which sometimes will automatically deduct the balance you have. Meanwhile, investments like Bitcoin don't have admin fees like that and the profits you get are very large because From year to year the price increases and the supply becomes increasingly limited.
Solana hasn't yet managed to get a real big game changer project on board despite the speed.I also don't think Solana needs layer-2 solutions. 65k TPS is more than enough for Solana to meet current user demand at a very low cost. The Solana team needs to focus on technology to ensure that Solana's stability will be improved in the future. Users don't need any outages in the future, especially during uptrends!
Tron got in the front row by snatching tether from eth and taking over with the low fees, Solana, despite also having tether for 3 years has not yet managed to get a sizable piece of the pie, you can't live just on things that the network can do , you need people using it, features with no userbase will only get pump and dumps.
And in my opinion the whole layer 2 in Solana is not that important, eth is clogged and plagued by high fees, so is Bitcoin, but Solana doesn't really need with it's design those, so...why invest in more features and not capitalize on your already current strong points?
Proof of work PoW is the only most reliable blockchain technology application because that is the basis to how we also have bitcoin mining and its reward from, this is about having a decentralized network, a reliable one that has no third party influence and we can take for instance the use of p2p network as one of the best explanations to the use of this same proof of work, decentralization is the key and nothing more.
I concur with your points since they have been tried and true in the security space for a while, particularly when it comes to protecting blockchains like Bitcoin. In terms of decentralization, mining is an option for the POW fosters who are called.Personally, I only like the POW of the Bitcoin blockchain because the energy consumed is completely worth BTC value. Other POW networks don't convince me because they are quite expensive and don't have a really big role in this market, for example Litecoin and Ethereum Classic. We can see the weakening of Bitcoin's decentralization after each halving, when small miners have to give up this industry and are acquired by larger companies. That is one of the problems that we will have to face in the future.
Furthermore, POW is incredibly dependable when it comes to blockchain security. Even if we concede that its energy consumption is significant, the scalability of the alternative consensus mechanisms known as POS is helping them acquire popularity in a developing technological context.
The only blockchains I often use are BSC, Polygon, Erc20, and Trc20. These are the ones that I use most often. And now, I'm using Dex platforms like those under the Solana network, like Raydium or JUP, because I'm buying what I think are coins under the SOL network.Ethereum, BSC, Tron, and Polygon were very popular in the 2021 uptrend, but now all the attention is on Layer-2 and Solana thanks to their strong development. We see a lot of information about them on the media, and of course they will attract more users and new money flow.
I have visible coins that I think can give me potential profit in the end. Especially in this bull season that will happen in 2024. I do hope that even a moderate profit will be fine with me.
I am also following Solana and its ecosystem, I just hope that Solana will soon become more stable, in order to help SOL token price to create a new ATH soon. At the same time, the quality of the projects in the Solana ecosystem should also be experienced, I don't think memecoins can sustain the strength of the ecosystem in the long term.
Exactly, when you invest in a bank, the profits you get are very small and every month there is also an admin fee which sometimes will automatically deduct the balance you have. Meanwhile, investments like Bitcoin don't have admin fees like that and the profits you get are very large because From year to year the price increases and the supply becomes increasingly limited.
Actually I like the transaction speed that BSC has... but because they are not open enough and their platform tends to be centralized,...Yeah same here BEP20 when it comes to cheaper option of fees or we can choose Doge and Dash however Nano or XNO is the best if we are talking about feeless transactions the only downside for me is that I can't find this coin on Bybit which is my most used exchange since Binance has already been banned here in my country.
I more often make USDT transactions on the BEP-20 network for transactions on centralized exchanges... the transaction speed is lightning fast, and also the cheap transaction fees make it easier for me in every trading activity as well as arbitrage.
Actually I like the transaction speed that BSC has... but because they are not open enough and their platform tends to be centralized,...BSC was a standout blockchain in the 2021 uptrend, and I also really love BSC, now BNB chain, because it has low fees and high speed. In addition, we come to this market to find profits, and the BNB chain ecosystem has enough Dapps and opportunities for us to do that. The BNB token itself also has an impressive price increase, it is in the top 5 in terms of market cap and is supported by Binance - the world's leading CEX. Some other blockchains have lower costs and faster speeds like EOS or NEO, but they have poor ecosystems and not many investment opportunities.
I more often make USDT transactions on the BEP-20 network for transactions on centralized exchanges... the transaction speed is lightning fast, and also the cheap transaction fees make it easier for me in every trading activity as well as arbitrage.
The way of service and efficiency by days, months and years in each project, be it long or short, getting a big profit is the moment of decision to invest in the project. It is also important to me that there is either an Ethereum network or a BSC network because of the value of money and the development process itself.Hmm, maybe you are saying that you love Ethereum and BSC chains, many investors also love them but to get profit, we have to choose the most potential projects in the ecosystem and participate in the market at the right time.