Bitcoin: what makes it different?

This week the crypto space was frightened by the news that SEC might label all cryptocurrencies as securities, with only one exception made – Bitcoin. With the above said, it’s worth mentioning that crypto community (not Bitcoin) felt some kind of injustice and wanted Bitcoin maximalists (the ones who believes only in BTC) to stand together against this possible SEC ruling.

But this has not happened. The thing is that crypto and Bitcoin are on different sides of the battle. Some time ago I wrote this article – Bitcoin not Crypto about what makes them different. And today we can see that SEC actually has the same vision. Well, not the same vision but they CAN regulate crypto and they WILL. If they regulate Bitcoin, we do not care, since Bitcoin was created to be self-sufficient. The worst thing can happen – we move to El Salvador. Or maybe it’s the best.

Is SEC that not right?

What is security in simple words? Security is a promise or obligation made by one party to another. It can be a promise to give a certain share of company or pay out some %. Security is issued by the company or government and they have their interest in it and control. They mostly have their own shares. What has more in common with stocks – crypto or Bitcoin? Crypto with pre-mine, public authority figures, centralized nodes run on Amazon AWS, PoS, constant hard-forks or Bitcoin, with no premine, disappeared Satoshi, decentralized network of nodes, programmed by cypherpunks keeping in mind that network WILL be attacked.

Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

Satoshi Nakamoto, 2008

Bitcoin is no way a security. There is nobody behind it. Oh sorry there are hundreds of devs, thousands of decentralized nodes, millions of miners. Bitcoin is not an investment, it’s a protocol.

But altcoins are totally different. Premine, VC, IDO, ICO all is done to enrich a small group of people behind by robbing regular people. And they are crying about regulation. They want to scam people without consequences. And they did through all these years. All those “shitcoins”, they use term crypto, they associate themselves with Bitcoin only to attack every principle of Bitcoin.

Do you know what happens every bull cycle? People are attracted by the “shitcoins” to “get rich fast”. In fact they “get scammed fast”. Then when market enters bear cycle, those some of those who were scammed become Bitcoin maximalists but most of them against all crypto.

What prevents altcoins creators to build upon Bitcoin if they want good to all? I can tell you. They cannot issue free tokens for themselves.

Then why does Yohost supports Altcoins as a form of payment?

Just for people convenience. All payments done in Altcoins are instantly and automatically converted to Bitcoin via our BTCPayServer payment gateway. Anybody can implement it same way on their web store [read here how].

Bitcoin has been the best thing could happen to money and finance. It takes time and effort to understand it but once you do it, you become a Bitcoin maximalist.