Cryptocurrency proponent and entrepreneur, John McAfee, has once again reiterated his stance against Bitcoin, but this time, declaring that the cryptocurrency is a true “shitcoin.”
What is shitcoin?
The word “shitcoin” has become rampant in the cryptocurrency community. There are several definitions of shitcoin out there, depending on a person’s point of view.
According to an Investopedia definition, “Shitcoin is a pejorative term used to describe an altcoin that has become worthless. Shitcoin value may disappear because interest failed to materialize because the altcoin itself was not created in good faith, or because the price was based on speculation.” In simpler words, a shitcoin is a coin without a potential value or use case.
However, deducing from its increased usage, shitcoin has become any cryptocurrency that is not liked by the person talking about it. The term is believed to have come from a Bitcoin maximalist.
Bitcoin is the true shitcoin
So back to John McAfee. The controversial figure shared in a tweet today, noting that the Bitcoin maximalist that coined the term “shitcoin” for other altcoins in the cryptocurrency market, was “brilliant.”
However, everyone knows that Bitcoin is not the future of crypto, John said, reiterating his earlier stance that Bitcoin is ancient technology like the Ford Model T car and would be replaced by altcoins that support innovative features like security and smart contracts.
In his words today, “Bitcoin – Old, clunky, no security, no smart contracts, no DAPs – is the true Shitcoin.”
Whichever Bitcoin Maximalist came up with the term “Shitcoin” for all other coins;
But we all know that the future of Crypto rests with the Alt Coins.
Old, clunky, no security, no smart contracts, no DAPs ….
Is the true Shitcoin.
— John McAfee (@officialmcafee) January 29, 2020
Many others still hold the same view as John. One Twitter user, @WClayFergusonm referred to Bitcoin as the “Hotmail of crypto.”
John McAfee’s recent turn against the leading cryptocurrency is quite surprising, considering that he was extremely bullish on Bitcoin in 2017. He was so in love with the coin that he even went on to place a bet that Bitcoin’s price would hit a million-dollar by 2020. However, given his recent change of heart, the millionaire and ex-fugitive said his “Bitcoin $1million bet” was only a ruse to attract new users to the crypto space.
Meanwhile, Bitcoin’s price has picked a new momentum and has overcome the $9200 resistance level. At the time of writing, the BTC is trading at $9,349 with a market cap of $170,044,068,162.