Are altcoins totally different from Bitcoin?

28. Oktober 2020   |   by admin

Although they have enriched the crypto world in recent years, some consider altcoins to be totally different from Bitcoin.

Since the birth of Bitcoin almost twelve years ago, rival cryptomontages have emerged that have relied on BTC code to offer what they consider more advanced features. This is a natural consequence of the fact that Bitcoin’s code is free and transparent. However, for much of the community, altcoins are totally different from Bitcoin, as Udi Wertheimer says in the Tweet of the Day:

Vitalik Buterin: Ethereum is not an alt

Bitcoin and its relationship with the altcoins

Bitcoin is, without a doubt, the most important and famous crypto currency in the world. However, it’s not perfect, which is why since its birth developers from all over the world have been striving to create their own cryptomontages. With these, they hope to offer superior features to those that Bitcoin has by default.

Thanks to this innovative impulse in the crypto world, initiatives such as Ethereum, XRP, Tron, Cardano, among other cryptomonies generically known as altcoins, have emerged. These have enriched the crypto world, multiplying the applications of the Blockchain technology. They are not universally accepted.

On the contrary, many Bitcoin users consider altcoins to be nothing more than a deviation from Satoshi Nakamoto’s initial purpose. Well, unlike BTC, whose code is practically unalterable. Altcoins often undergo updates, which although they improve their capabilities, also change the rules of the game for users. As Wertheimer commented through his Twitter account:

„Bitcoin’s goal is to set the rules of the game once and never change them, so that players can focus on creating value. The goal of the „shitcoins“ is to keep creating new rules so that a few players can benefit without creating value. They couldn’t be more different.

Thus, referring to altcoins with the pejorative name „shitcoins“, Wertheimer accuses coins like Ethereum of serving particular interests, unlike Bitcoin. Establishing that altcoins are totally different from Bitcoin. And rejecting them, even though they may serve to strengthen the crypt coin ecosystem.