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> The reserve cryptocurrency of the internet needs to be fast and offer cheap transactions

The most important things about any cryptocurrency are decentralization and censorship-resistance. Without those two, you might as well be running a PayPal clone in a datacenter. That way, you get the fastest and cheapest transactions possible.

> so that it can easily and cheaply be moved between exchanges.

Exchanges can set up big payment channels between one another and do instant Bitcoin transfers. However, since they operate in a regulatory environment, this may never happen.

If you don't subscribe to the bitcoin-dev mailing list, then you're missing out on the latest developments toward scalability and privacy, which are really exciting.

Note: Right now the Bitcoin mempool is nearly empty. It looks like 5 sat/b will make it to the next block.

> That way, you get the fastest and cheapest transactions possible.

Not currently. Have a look at the Nano cryptocurrency (renamed from RaiBlocks): it has instant and free transactions, and should be scalable (but this last part is not proven in practice yet). The instant and free is definitely true in practice already.

Recently a redditor calculated a single wind turbine could power 7000 transactions per second (https://www.reddit.com/r/nanocurrency/comments/7ucw1a/the_en...)

The new generation of cryptocurrencies is here to compete with the previous ones, and with the established financial services.

Exciting times.

Disclosure: I own a few of those coins

No cryptocurrency can beat a centralized database for speed and cost.

You mean a single point of failure central database? How much uptime do you expect for such a database? 99.9%? Where is this database located? In US while I do payments in Australia?

I think you are seriously underestimating the complexity of a decent payment system.

0.111Wh per transaction still seems like a huge waste.

At least Ethereum has a roadmap, some consensus on what needs to happen to achieve scale, and a decent track record of getting things done. Yes, I am aware some things are experimental and might not fully work out. But personally I haven't been particularly impressed with the development of Bitcoin in the last 2+ years.

The last 2 years have seen some of the most monumental work in the bitcoin space. Bitcoin developers just choose not to overhype it.

> But unfortunately in technical terms, it's not fit for this purpose.

Is there a cryptocurrency that is? A linear scaling factor like larger block sizes or faster block times doesn't count.

This would be a good use case for Nano (previously RaiBlocks), as described on reddit: https://www.reddit.com/r/RaiBlocks/comments/7lans3/great_rai...

Nothing beats instant (=few seconds), free transactions.

Current problem is that Nano is not yet available on a wide range of exchanges.

Disclosure: I own a few of the mentioned coins

Nano/RaiBlocks sounds good in theory and they seem to have fewer hurdles to achieve scalability than a lot of other cryptos but in practice at the moment every transaction still needs to propagate through every full node so it's not actually scalable in its present state.

ETH is up 17% this week over BTC. it might already be becoming the new reserve currency: https://coinzaa.com/tools?limit=200&base=BTC

Also , i m not sure how often people use BTC to transfer stuff between exchanges, it's just too slow and expensive. i think ppl use LTC or ETH more often for transfers.

Absolutely. The day traders switched to Eth as a reserve back in December when Bitcoin shit the bed under the load of main stream media attention. It's not perfect, but it's an order of magnitude faster and cheaper than Bitcoin.

I think Bitcoin will be seen like Geocities some day. A hell of an idea that many people have done much better.

> But unfortunately in technical terms, it's not fit for this purpose.

Can you explain why, in technical terms?

I don't believe any other cryptocurrency has faced anywhere near the same volume of transactions.It looks to me like Etherium maxed out at around 230k transactions per day while Bitcoin has faced nearly 500k transactions.

I think you have that backwards. Ethereum does significantly more transactions per day than Bitcoin, at cheaper cost.

You are correct. I was looking at the wrong data. Etherium is currently doing more transactions. Thanks crypto kitties.

> The reserve cryptocurrency of the internet needs to be fast and offer cheap transactions so that it can easily and cheaply be moved between exchanges.

Segwit addresses the "fast and cheap" transactions bit and has been seeing more widespread use. Do you have an opinion on it?

Again, bitcoin fees are currently 0.5$

I think Nano (https://nano.org -- just rebranded from RaiBlocks) will become one of the biggest arbitrage currencies due to zero fees and its highly scalable architecture (7k+ TPS tested). I've been working my butt off to make sure as many people as possible will be able to build with it as the documentation and ecosystem are currently lacking. See https://www.nanode.co/node-api

Prunability included.

> zero fees and its highly scalable architecture

But there are a dozen similar projects now, so why this one?

I'm assuming because he financially benefits from this one.

Such as?

The only one I can think of is IOTA, but it mainly focuses on IOT or act as underlying technology, not really user friendly.

I looked into the whitepaper of Nano. It is definitely intriguing, however there is relatively little attention paid to how it is attack proof.

A network partitioning attack, combined with a double spend that is embedded and sent to the chain of a major economic actor (like an exchange), will result in the blockchain irreversibly forking in perhaps an hour without any way of reconciliation.

Raiblocks aka Nano is a scam.

"Distribution is complete" - how was the supply created and distributed?

https://raiblocks.net/page/frontiers.php?limit=100

Basically someone created Raiblocks by forking another DAG 'blockchain' database, and allocated themselves millions of coins spread across many addresses. A few thousand coins were given to the public if they clicked captchas.

These people who generated raiblocks / nano are now essentially multi-level marketeers trying to convince you to buy their beanie babies.

https://www.youtube.com/results?search_query=raiblock+captch...

Remember, anytime you buy a cryptocurrency means someone else is trying to cash out.

As an outsider who has become deeply involved in the community, your assessment of the creators could not be further from the truth. They are hard-working, honest individuals who are extremely open about their process and holdings. Check out the dev fund, which represents about 5% of total holdings: https://www.nanode.co/account/xrb_1ipx847tk8o46pwxt5qjdbncjq...

The core team has been working very hard to try and improve the software, and they are making strides every month. I am constantly impressed with their professionalism and stature.

> anytime you buy a cryptocurrency means someone else is trying to cash out.

The reason people sell stuff is usually to optimize their portfolio construction, not because they think the price is going to go down. Just because you think something is going to go up 10x in the next year doesn't mean it's a good idea to hold onto it.

>Just because you think something is going to go up 10x in the next year doesn't mean it's a good idea to hold onto it.

Could you please explain this to me

I think Stellar is going to go up 10x by the end of next year. That doesn't make it a good life decision to mortgage my house and put my life savings into XLM.

Please explain which blockchain they forked? The original RaiBlocks paper and first beta implementation was published in December 2014.

If you make accusations, please back up your claim.

To be honest, I don't care about them cashing out. Everyone who builds a company that changes the world cashes out.

Nano is solid technology, doing what it promises in practice. So I don't see how this is a scam or a get rich quick scheme. If them make the new bitcoin, they can cash out for all I care, and I hope they do.

Beanie babies? Please explain how their technology is inferior compared to e.g. Bitcoin, Litecoin, Bitcoin Cash, ... .

I don't know why you are getting downvoted, because I also agree with this.

Tech wise it's the best cryptocurrency out there for this purpose. If someone else disagrees on a technical level, please explain.