Experts Warn: ‘Don’t Fool Yourself, Bitcoin Is Just Like Any Other Cryptocurrency’ | Technologies

Many Bitcoin worshipers claim that their cryptocurrency is the only valid one, while others are scams or speculation. What is the truth?

Las cryptocurrencies they raise passions and confront those who support them and those who criticize them. However, among those who use them are the so-called Maximalist o bitcoin purists. They ensure it bitcoin is the only valid cryptocurrency, and everything else is fraudulent or ethically unacceptable. Are they right?

Journalist Jemma Kelly from The Financial Times. is an expert on cryptocurrencies and writes frequently on the subject. So she is used to criticism – both from those who support her and from those who criticize her.

However, he found the arguments of some of the worshipers Bitcoinwho mess with the rest cryptocurrencies. Basically they say that Bitcoin is a way of life and salvation for many people, and others cryptocurrenciesthe term they despise is “morally reprehensible“. Are there really any differences, in terms of validity, between Bitcoin or Ethereum, for example?

Cryptocurrencies vs Stocks: Differences, Disadvantages and Which is the Best for Your Money

Cryptocurrencies vs Stocks: Differences, Disadvantages and Which is the Best for Your Money

These Bitcoin maximalists or purists they argue that Bitcoin’s philosophy is unique because it is the first. They remember that Bitcoin It was born not as a cryptocurrency to get rich, but as a decentralized currency to break free from banks and politics. “People’s currency”, as it came to be called.

In addition, the system Proof of work what are you using Bitcoin, based on the computing power of the graphics cards (and the obscene and disproportionate power consumption, we might add), this alone guarantees decentralization.

True, as these Bitcoin purists say many cryptocurrencies they are scammersand the rest are basically born mirror with a pyramidal structuredo not operate with them as currency.

And while what they say about the origin of Bitcoin is also true, the current reality is very different. As Jemma Kelly explains, Bitcoin did not become a currency, and today it is not used. It also operates on the same pyramid structure as the others, based on the continuous recruitment of new members.

As for decentralization, today Bitcoin is not decentralized. Many miners are divided into “pools” and large companies and corporations own the majority of Bitcoin. It is far from being the “people’s currency”.

Finally, being first does not guarantee being the best. Other later technologies, Proof of Stakes the one who changed Ethereum, it is infinitely more efficient and ethical. It remains to be seen if it’s safe as well…

The reality is that with their strengths and weaknesses Bitcoin is essentially the same as other cryptocurrencies. The Financial Times says that in fact these bitcoin purists They seek to stand out from others. Because if there are many cryptocurrencies and they are already more than 21,000, investments are dispersed and value is very difficult to obtain. And this is actually the main problem with cryptocurrencies.


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