- Altcoin King John McAfee derides BTC as the real sh*tcoin of the cryptocurrency world.
- McAfee compares BTC to hotmail – a once ubiquitous service that eventually faded away.
- The self-declared U.S. presidential candidate says the future of the cryptocurrency space lies with altcoins.
Bitcoin (BTC) is the hotmail of the cryptocurrency world. That’s according to altcoin king, and self-declared U.S. presidential candidate, John McAfee.
Bitcoin Is Sh*tcoin, Not Altcoins
McAfee took to Twitter on Wednesday to relieve his followers of the propaganda instilled in them by BTC maximalists. , but said that term only really applies to bitcoin.
A sh*tcoin, according to BTC maximalists, is any cryptocurrency that isn’t bitcoin. 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 .
Hotmail of Cryptocurrency World
McAfee , 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 , 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 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.