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What Is The Difference Between Bitcoin And Cryptocurrency? (blockdyor.com)

submitted 1 year ago by bitnorbert@lemmy.world to c/bitcoin@lemmy.world

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Bitcoin, the groundbreaking peer-to-peer electronic cash system, is often referred as a "cryptocurrency." Although Bitcoin falls under the category of cryptocurrency, some argue it should be distinguished from the broader crypto concept. Is it true?

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[–] PlutoniumAcid@lemmy.world 3 points 1 year ago* (last edited 1 year ago)

TLDR: we essentially have Bitcoin on one side, and shitcoins on the other.

All dogs are mammals. Not all mammals are dogs. Bitcoin is one cryptocurrency among many. It is definitely the very first. Many people feel it is also the "best", for whatever metric of "best" they define. It is certainly true that it is solid, has a fantastic track record in terms of uptime, and has never been compromised. It is also probably the one cryptocurrency that consumes the most energy, by virtue of it being the oldest and largest of course, but also because energy use is a deliberate design factor which makes it so secure.

Should it be distinguished from the rest? For me, there are maybe a very few others that are also truly valuable - maybe ETH, maybe Monero, maybe one or two others.

The rest of them are collectively called shitcoins, with good reason. Rug pulls, pump and dump schemes, and so on: It is these shitcoins that give the few good coins a bad reputation.

So yes - we essentially have Bitcoin on one side, and shitcoins on the other. It's a distinction that most people (including legislators) don't know about, or care, or would want to understand.