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Bitcoin versus Altcoins / Shitcoins | How Bitcoin Works

Bitcoin versus Altcoins / Shitcoins

What Are Altcoins?

The term Altcoin is linked to the narrative of “alternative digital currencies / coins”, (=”Alternative-Coin”) meaning either different versions of Bitcoin or any cryptocurrencies other than Bitcoin.

The Altcoins have been launched after the success of Bitcoin. Therefore many Altcoins are trying to target perceived limitations that Bitcoin has and are based on changed software/cryptography versus Bitcoin.

Bitcoin versus Altcoins and Shitcoins - How Bitcoin Works

Examples of leading Altcoins include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Decred (DCR).

In terms of software, Litecoin is a fork of Bitcoin and is seen as the closest competitor with no advantages to Bitcoin.

Decred (DCR) is based on the Bitcoin software as well, has however implemented an on-chain Governance model and is working on a hybrid Proof of Work / Proof of Stake Blockchain.

Ethereum (ETH) and Ripple (XRP) are completely different blockchains, not comparable to Bitcoin. Some are questioning, whether Ripple (XRP) should be considered as blockchain project at all, because of the centralized aspect of it.

Altcoins versus Shitcoins Cryptocurrency - how bitcoin works
Better stay away from Shitcoins - Long-term you will lose your money.

What are Shitcoins?

A ‘Shitcoin’ is considered an Altcoin that does not have any useful features in the development of the blockchain, no competitive advantage, no unique features or use case. Shitcoins as cryptocurrencies provide no real economic value and will someday be totally worthless.

Investments in Shitcoins are generally speaking a great way to lose money and your investment. The price of a shitcoin relies on speculation and very often on so-called Ponzi schemes, get quick rich schemes, pump & dump schemes, etc.

While shitcoins are considered worthless, that doesn’t necessarily mean that their price is zero. Based on the above-mentioned effects of speculation, Ponzi and pum&dump, they can rise and fall exponentially.

Altcoin and Shitcoins Definition in How Bitcoin (BTC) works

Examples of Altcoins and Shitcoins

Examples of Altcoins and Shitcoins in how bitcoin works btc

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