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Question: Ethereum as the number one altcoin has been operating high gas fees until now, how could other altcoins benefit from this inconvenience?
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Time to answer questions: October 16 - October 29, 2020
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Remitano found two best answers to the question: Ethereum as the number one altcoin has been operating high gas fees until now, how could other altcoins benefit from this inconvenience?
Congratulations to user michaelade26 with answer;
The high gas fee on Ethereum remains a big stumbling block for the merchants who use cryptocurrency as means of payment. Cryptocurrencies were invented to serve as a mean of electronic payment, to hold the value and to cut fees on international trades. Other altcoins have been benefiting from it, altcoins such as Bitcoin cash, Dash, ripple have seen their market capitalization increase due to traders convert Ethereum to altcoins or just buying them directly to make their transactions.
- and user
godgrace1 with answer;
Other altcoins are already benefiting from this inconvenience due to the Ethereum high gas fee.
Because in the crypto market every one is searching for Value on their altcoin assert and not everyone is Willing to spend money on high gas fees,
So the way other altcoins are benefiting from this is that most Ethereum users now convert Ethereum to other altcoins before they transfer, increasing those other altcoins transaction level and market capitalization.
And those who does not convert their Ethereum to other altcoins.
Just buy those other altcoins to carry out the transactions they wish to carry out leaving the Ethereum for Hodling purposes.
The increase in the Ethereum gas fee is pushing new investors to other altcoins currently available with low gas fee and fast transaction rate just like the ripple altcoin.
