Since the birth of Bitcoin almost twelve years ago, rival cryptocurrencies have emerged that have relied on the code of BTC to offer what they consider to be more advanced features. This being a natural consequence of the fact that the Bitcoin code is free and transparent. However, for a good part of the community, altcoins are totally different from Bitcoin, as Udi Wertheimer says in the Tweet of the day:
Bitcoin and its relationship with altcoins
Bitcoin is, without a doubt, the most important and famous cryptocurrency in the entire world. However, it is not perfect, which is why developers around the world have strived to create their own cryptocurrencies since its birth. With which, they hope to offer features superior 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 cryptocurrencies known generically under the name of altcoins have emerged. Which, although they have enriched the crypto world, multiplying the applications of Blockchain technology. They are not universally accepted.
On the contrary, a good part of Bitcoin users consider that altcoins are 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 their capabilities improve, also change the rules of the game for users. As Wertheimer commented through his Twitter account:
«The goal of Bitcoin is to establish the rules of the game once and never change them, so that players can focus on creating value. The goal of shitcoins is to keep creating new rules so that a few players can profit without creating value. They couldn’t be more different«.
Thus, referring to altcoins with the pejorative name “shitcoins”, Wertheimer accuses currencies like Ethereum of serving private interests, unlike Bitcoin. Establishing that altcoins are totally different from Bitcoin. And rejecting them, even though they can serve to strengthen the cryptocurrency ecosystem.