With so many altcoins on the market, many of which compare themselves to Bitcoin, it’s important for you to really understand the key difference between Bitcoin and other crypto assets out there.
When marketing an altcoin, a lot of these companies will tout Bitcoin as the slower, less advanced and overrated example of what crypto could and should be, while (insert whatever altcoin) is here to fix all of those problems and make crypto what it’s supposed to be.
To clear the water and set the record straight, we dive into two of the key differences between Bitcoin and some of the other altcoins out there on the market.
With Bitcoin being the original cryptocurrency, its developers are more focused on fine tuning the technology than experimenting with new functionalities. Maintaining and improving its current goals is more important than breaking ground in new territories.
As mathematician and crypto expert Andrew Poelstra stated, “The critical difference between what Bitcoin is doing and what a lot of other projects are doing is that the absolute most important thing is that we do not destroy the system.” Its developers are instead trying to make it as risk averse as possible.
Bitcoin developers work hard to keep the cost of participating in the network low, in order to maintain a useful level of decentralization. They care more about minimizing bandwidth and minimizing desk space… a value that a lot of new altcoins are willing to forego.
This idea of decentralization has grown to become a major centerpoint of the ethos in the Bitcoin community. Because Bitcoin holds the largest user base of any crypto, developments made to the network must take this into consideration. That is why progress made to the network is done in small, incremental moves. It may look like Bitcoin’s development is moving at the pace of a snail in comparison to some of the other altcoins out there, but in reality, Bitcoin’s network is just developing at a slower and more methodical pace.
Bitcoin was the first and by far the largest cryptocurrency in the market. This doesn’t mean that it will always be this way. There will be room in the market for new altcoins as long as they present advantages. The ones that remain will be the ones that truly provide value for its users. Over the years, several altcoins have popped up and left just as quickly as they came. Bitcoin, and a few others, are the only cryptocurrencies that have continued to grow in adoption since inception.
When it comes to buying and selling cryptocurrencies, customers are presented with tons of options. In recent years, there’s been a massive influx in online exchanges that allow users to trade all different types of cryptocurrencies available on the market. While online exchanges present a plethora of benefits, the issue with them is that transaction speeds can be extremely slow. Also, you have to have a bank account in order to use them, meaning these exchanges have access to a lot of your personal information. Instead, users should look to use cryptocurrency ATMs.
ATMs allow customers to buy and sell cryptocurrencies using cash all while only sharing minimal personal information. This lets those who don’t have a bank account trade cryptocurrencies, leveling the financial playing field for all. To find the nearest Bitcoin ATM to you, check out our location map.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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