Talking to people about cryptos reveals people of all stripes, from the 'what is that?' to 'cryptos are the future, man!' and everything in between. One particular subset of Bitcoin enthusiasts bothers me a little bit. That's the group of people who have for the most part been involved in crypto for years, and who are non-stop Bitcoin cheerleaders (not a problem with that) but refer to all other coins as s**tcoins.
I understand.
In the early days, there were not that many coins around yet, but every project was trying to outdo Bitcoin. They were trying to Bitcoin better than Bitcoin. There was a lot of trolling and FUD. Hey, it's the internet, right? But it seemed like every coin was supposed to have faster transaction times, or even fewer coins than Bitcoin, or better security, or more coins than Bitcoin and that is what made that coin better etc etc etc. There was no end to it.
So, I get why Bitcoin champions have a disregard for altcoins.
But this market today is not the same market as four or five years ago. Many of the coins out today are not trying to outdo Bitcoin. Most are trying to do something very specific, or something new that Bitcoin can't really do.
Part of the problem is the term 'altcoin' itself. It's a misnomer now. It refers to any coin that is not Bitcoin, any alternative to Bitcoin. But many coins are not really an alternative to Bitcoin, they're different. They are developed for specific tasks and specific markets. They're complementary to Bitcoin.
The underlying blockchain technology is being developed exactly how it should - to innovate and solve problems. Bitcoin is not perfect and can't do everything. There's a whole crypto ecosystem now. Most reasonable Bitcoin cheerleaders I encounter understand that.
But that 'altcoins are s**tcoins' mentality is still out there. It's persistent. Some of these people are very smart. They saw Bitcoin for what it was (or could be) years before the rest of us. They recognized what was happening then, and they should recognize what is happening now. They should know better. I'm afraid some of them will never see the reality that is shaping up around them. And they'll miss a pretty big boat and only realize it too late.
There is a technological revolution happening right now. It's as big as the internet was, maybe even bigger, and it's just beginning. Sure, Bitcoin started it all and Bitcoin is the most important coin. And it may continue to be the important one. But it's not the whole revolution. It seems a shame to put on blinders and not watch the rest of the revolution happen or participate in it. There's room in this solar system for lots of blockchains.
Have you encountered these people?
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