There is No "New Bitcoin or "The Next Bitcoin"steemCreated with Sketch.

in bitcoin •  7 months ago

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A commonly repeated line amongst mainstream media and new investors is " X is the new bitcoin" or " X is the bitcoin killer". These comments just show the ignorance of these people. Most of the time whatever they are claiming to be the "new bitcoin" has very little similarities with Bitcoin. While there may be some projects that have 'technical' similarities there are few different points I believe that truly separates Bitcoin from other projects.

Philosophy

Bitcoin was borne out frustration with a failing financial system. A system that was rigged for those at the top. Bitcoin wasn't just intended to be a digital currency but also a middle finger to the establishment. An opportunity for those disgruntled with the state of affairs to cast their vote against the system. It was designed to be a decentralized platform whereby no there was not centralised power, no angel investors, no CEO, no public creator or spokesperson.

99% of crypto projects do not follow the same philosophy, for the most part an overwhelming majority exist to generate profit for the founders and investors. There is always a central figure and typically investors behind the scenes. This is a fundamental difference between Bitcoin and other projects, anytime there is a central figure and investors there is friction, mainly due to decision making.

One can argue that Bitcoin is no different due Satoshi's holdings but to this date, he/she has shown no interest in publicity or selling their holdings.

Use case

Bitcoin was designed to be a digital currency used in the same way as fiat currency. Whether that is still the main use case can be debated given the attractiveness as a store of value as a result of Bitcoin's gold-like properties. With this in mind, how many projects out there are trying to achieve the same use-case as Bitcoin? Answer: Quite a few but they are rarely the ones mentioned as "The new bitcoin". Over the past year I have seen the likes of Ethereum and Ripple mentioned as the new Bitcoin. This line of thought is just plain wrong, Ethereum is a platform based on smart contracts while Ripple's XRP is designed specifically for financial institutions to move international payments, not for day to day transactions.

Scale

Not only do projects have a different use case, they also fell well short of Bitcoin's scale and history. When I say "scale" I am not talking about technical capabilities but rather adoption and being known in the public's mind. A lot of people in the general public don't even know any other cryptocurrency exists other than Bitcoin. Bitcoin is easily the most recognisable and adopted currency. Other projects will struggle to ever reach the level of adoption that Bitcoin is at now, let alone what it will be in the future.

History

Bitcoin has almost been around for 10 years now and despite multiple threats to the project in terms of regulation, 'market crashes', technical attacks on the system, misinformation attacks on the system, multiple forks and of course the Mt Gox meltdown. Throughout all of this Bitcoin has shown to be incredibly resilient. No other project can boast this kind of history. This cannot be understated, nor replicated by any project. In crypto a year is a long time, 9 years is an eternity.

No new Bitcoin

Next time you hear the "New Bitcoin" , "Next Bitcoin" or any variation, just remember that there is no such thing from a number of standpoints. Yes there are projects that have similarities but none of them will ever be able to replicate Bitcoin's core philosophy or true decentralized nature.

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