RATE Group | Bitcoin’s Competitors Are Missing The Point Of Cryptocurrency And Blockchain Technology
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Bitcoin’s Competitors Are Missing The Point Of Cryptocurrency And Blockchain Technology

20 Oct Bitcoin’s Competitors Are Missing The Point Of Cryptocurrency And Blockchain Technology

Posted at 18:54h in Cryptocurrency News by

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In a Medium post published earlier this month, Castle Island Ventures Partner Nic Carter explained the utility of Bitcoin (BTC) as a revolutionary alternative to the traditional, government-approved banking system. Additionally, Carter wrote about how the thousands of Bitcoin competitors that have popped up over the years have missed the point of this new technology.

On a recent episode of Laura Shin’s Unchained podcast, Carter discussed this secondary point on altcoins in greater depth. While Carter noted that the relative success of Ethereum (ETH) cannot be ignored, he also indicated that there are very few chains other than Bitcoin and Ethereum that have any real usage whatsoever.

The Problem with Altcoins

When Shin asked Carter if there were any coins besides BTC that he viewed as legitimate or promising, he responded with an explanation of the key issue that the altcoin market has faced ever since the first alternative cryptocurrencies were created back in 2011.

“The problem…

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