Bitcoin (BTC) is the hotmail of the cryptocurrency world. That’s according to altcoin king, and self-declared U.S. presidential candidate, John McAfee.
McAfee took to Twitter on Wednesday to relieve his followers of the propaganda instilled in them by BTC maximalists. McAfee pointed out the genius of characterizing the entire altcoin market as “sh*tcoins”, but said that term only really applies to bitcoin.
A sh*tcoin, according to BTC maximalists, is any cryptocurrency that isn’t bitcoin. Buttcoin is what people who hate all cryptocurrencies call bitcoin, but that’s a separate matter.
As McAfee points out, BTC is indeed old and clunky. Its on-chain transaction rate hasn’t expanded above 7 transactions per second in years. Whenever a large enough user base does decide to utilize bitcoin, it inevitably chokes and stutters under the weight of demand.
McAfee quoted a Twitter follower’s descriptions of bitcoin, stating: “Bitcoin is the Hotmail of crypto.”
It’s also true that BTC doesn’t host smart contracts or decentralized applications (Dapps) at the current time. In all fairness, there’s no clear guarantee that the future success of any given coin will be decided by smart contracts or Dapps.
It would be nice to be able to say that BTC was focused on becoming real, hard currency, but that’s not really the case either. The developers insist BTC is to become a store of value for the elite, rather than a transactional currency for everyday users.
So perhaps John McAfee has a point when he says the future of cryptocurrency rests with altcoins. Although, that does nothing to narrow down the over 5,000 altcoins that exist at the current time, as per CoinMarketCap.
McAfee’s claim that BTC lacks security rings false. Bitcoin is better secured by hash power than any other coin the space. Other altcoins even back up their own blockchain on BTC’s for added security.
But on just about every other front, the characterization of bitcoin as the hotmail of the cryptocurrency world rings true.
Disclaimer: The above should not be considered trading advice from CCN.com.
This article was edited by Sam Bourgi.