John McAfee, who previously made a daring prediction that Bitcoin will reach $1 million by the end of this year, continues his recently negative stance against the largest cryptocurrency.
The founder of one of the most popular antivirus software said that Bitcoin is the true shitcoin, and the future of crypto is with alternative coins.
The Future Rests With Altcoins, Bitcoin is Shitcoin: McAfee
After recently comparing the largest digital asset with the popular Ford Model T car due to its “ancient technology,” McAfee continues to lash out against it. Earlier today, he went even further by saying that Bitcoin is the true Shitcoin.
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
McAfee believes that Bitcoin is an ancient technology that fails to provide the capabilities that other cryptocurrencies and networks can. To some extent, he is right. It’s slower compared to some other networks, and it’s currently facing scalability issues. There are solutions for that, though, and a lot of teams are working on handling it. The Lightning Network is one of the most promising projects as Bitcoin’s off-chain scaling solutions.
However, it’s most definitely not lacking security. If anything, Bitcoin’s network is perhaps the most secure one among all the rest. With the hashrate charting new all-time highs regularly, the blockchain becomes harder to attack and take control over.
What is more, data shows that there is no single mining organization that is even close to controlling 51% of the hashrate. This suggests that mining is currently decentralized.
Bitcoin Hashrate Distribution. Source: blockchain.com
Previously, he outlined his “Bitcoin is Ancient” theory during an exciting interview with CryptoPotato. Despite that, though, he noted that “as a store of value and cryptocurrency, it’s the standard” and that “it’s still going to be worth a fortune.”
McAfee’s Relationship With Crypto
John McAfee has an intriguing and controversial relationship with the cryptocurrency space and Bitcoin, in particular.
He was arguably most famous in the community with his striking $1 million prediction, and he has firmly stood behind it numerous times. And yet, it may have all been for a show, as he later clarified that his words were only “a ruse to onboard new users.”
Nevertheless, his belief in cryptocurrencies as a whole was emphasized when he launched his own “no-restrictions” decentralized exchange. Dubbed McAfeeDEX, it runs on the Ethereum blockchain, and according to the former software tycoon, “we have pretty much everything except Bitcoin, which is the big problem.”
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