Bitcoin vs cryptocurrency
- Bitcoin is the first cryptocurrency and the blueprint for a lot of follow-on cryptocurrencies
- Satoshi created the bitcoin protocol and allowed others to build on top of it
- The Bitcoin network is a protocol and not a program or platform
- This key difference is like the internet vs Google. The internet protocol cannot be censored while google can
Decentralization is the key
- Bitcoin’s code is open sourced and requires decentralized consensus to change.
- Many cryptocurrencies are open sourced, but rarely require decentralized consensus to make changes (like bitcoin)
- Decentralized technology gives you confidence you will have a vote in future changes
What about others?
Often when people think of the “crypto” industry they have 3 categories: Bitcoin, Ethereum and the rest. This fallacy can lead us to overlook some of their shortcomings.
Limited vs limitless
- Bitcoin’s key advantage is the protocol determining there will only ever be 21 million bitcoin in existence
- Many other cryptocurrencies can change the supply at any time
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