John McAfee: Bitcoin is Old & Clunky - the “True Shi*coin”

• According to the notorious United States presidential candidate and computer scientist, John McAfee, bitcoin is the ‘Hotmail’ of the crypto world.
• He highlighted the genius of stereotyping an entire market of altcoins as “sh*tcoins”.

According to the notorious United States presidential candidate and computer scientist, John McAfee, bitcoin is the ‘Hotmail’ of the crypto world.

Taking to Twitter earlier this week, McAfee had a conversation with his followers about the flagship cryptocurrency and the many community members that it holds. He highlighted the genius of stereotyping an entire market of altcoins as “sh*tcoins”. But added that the term only supposedly is in regards to bitcoin itself.

Whichever Bitcoin Maximalist came up with the term "Shitcoin" for all other coins;

Was brilliant.

But we all know that the future of Crypto rests with the Alt Coins.

Bitcoin -

Old, clunky, no security, no smart contracts, no DAPs ....

Is the true Shitcoin.

— John McAfee (@officialmcafee) January 29, 2020

According to community members and diehard fans of the leading cryptocurrency, a ‘sh*tcoin’ is a cryptocurrency that isn’t bitcoin… that’s it.

The presidential candidate went on to highlight that even though the leading cryptocurrency’s on-chain transaction rate has an expanded above seven transactions per second in years. This is a big issue for many regulators and fans of the leading cryptocurrency as it’s a hard argument to fight. Whenever a big enough user base ends up using bitcoin, it ends up not being able to deal with the demand of the users. McAfee said, “Bitcoin is the Hotmail of crypto.”

It’s also well known that the leading cryptocurrency doesn’t have any smart contracts or decentralised applications - at least for the time being. There is no clear guarantee that the future success of any given cryptocurrency will be decided by decentralised applications or smart contracts, which are yet to take off. However, maybe one day we’ll be able to say that the flagship cryptocurrency was focused on becoming a hard and real strong currency.

Developers have insisted that bitcoin is to become a store of value for the 1% though, rather than an available cryptocurrency for that everyday person just on the way to work.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!