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So what’s the actual difference between Bitcoin and Altcoins?
- Bitcoin has long been the king of the cryptocurrency market.
- New coins and tokens have shaken up the status quo with unique use cases and innovations.
- Bitcoin has responded with its own improvements, leading to a healthier market.
When it comes to cryptocurrency, Bitcoin has long been the king of the hill thanks to its status as the founder of the young industry and its first-mover appeal. A decade later, the original cryptocurrency is still the most valuable one on the market, at one point even reaching as high as $20,000 for a single Bitcoin. Today it is far from alone in the field. As blockchain (the technology that cryptocurrency is based on) evolved, so did the number of coins available, and the things these new coins' blockchains could accomplish.
These new cryptocurrencies dubbed "altcoins" use the same decentralized concept as Bitcoin but take things a step further with unique features. Ethereum, the second most popular cryptocurrency, introduced the idea of "smart contracts", code that can automatically execute agreements between two parties using blockchain technology. This opened the floodgates for the development of new use cases and applications for crypto.
More importantly, Altcoins have improved on overall functionality, processing transactions faster than bitcoin, and generally scaling to meet expanding demand for their services. As the market for Altcoins continues to expand, it's easy to wonder if Bitcoin's lead will end soon, or if it will be able to keep up with the new generation of cryptocurrencies.
A new take on old problems
Bitcoin was originally developed as an idea for alternative, decentralized digital currency that could eventually replace fiat money like the dollar and the euro. As such, it was built for simple transactions and uses a peer-to-peer consensus mechanism to power a network to collectively verify transactions, adding them to the "chain", which is comprised of a string of transactions in batches called blocks. As a payment mechanism, bitcoin still falls far short of methods like credit cards and even other digital payment tools. Moreover, verifying ("mining") transactions is resource intensive and expensive.
Newer coins use different mechanisms to reduce both the cost and complexity of mining and can process many more transactions per second than bitcoin's paltry seven. Additionally, some of these new cryptocurrencies use technology such as smart contracts, which let them build innovative apps directly on the blockchain.
Coins like Ripple and Dash, for example offer a fresh take on the transactability and speed of payments. Ripple is designed to facilitate centralized cross-border transactions between large corporations and institutions. Dash claims to have transaction speeds as fast as 1 second per transaction, focuses on superior security, and an easy ecosystem for individuals to manage their money.
In its original state, Bitcoin simply can't compete with these newer, more focused coins. Bitcoin was built as a catch-all currency, and its creator likely didn't envision the multiple use cases of blockchain technology. This imbalance has led pundits and industry veterans to repeatedly claim that Bitcoin is on its way out.
Old coins can learn new tricks
It seems that rumors of Bitcoin's end were greatly exaggerated and instead of fading into obsolescence, it's evolved to catch up to the Altcoin market, expanding its usability. In fact, Bitcoin still has the larger user base, which comes with mainstream appeal and substantial interest from developers. Now, it's fighting off newcomers by adding new tools and functionality over time.
Instead of building the next Bitcoin, many projects have chosen instead to build on the existing Bitcoin architecture, adding new features that make the currency more usable in various situations. RSK, for instance, gives users smart contract capabilities for Bitcoin, opening the doors for app development. Whereas this was once Ethereum's major draw, Bitcoin is now encroaching on that territory with expanded functionality from RSK's platform.
Similarly, tools like the Lightning network let users take their Bitcoin transactions off chain, taking the burden off the main Bitcoin blockchain and speeding up the pace at which peripheral transactions can be verified. These solutions don't change Bitcoin's original design but make it more competitive against younger and newer coins looking to claim the spotlight. In fact, improving these issues will only expand Bitcoin's usability and mainstream popularity.
A flourishing ecosystem
Although in theory Bitcoin could eventually be capable of doing everything Altcoins can, the reality is that it still benefits from the competition. As yet, blockchain is a young technology which requires a thriving ecosystem to truly develop and become valuable to society. Moreover, Bitcoin could do well to avoid feature creep and lose its value. The beauty of blockchain is that it allows for cryptocurrencies to be used for much more than just paying for things.
Tools like Golem, a blockchain-powered crowdsourced super-computer, or Fishcoin, which tracks fish and seafood from the sea to millions of kitchens for ethical fishing and sustainable operations, take the concept of blockchain in experimental new directions. Bitcoin is designed to be a digital currency, and it's only getting better at it. However, in a world where data is transactional by design, nearly any idea will inevitably be revolutionized by transplanting it into a decentralized ecosystem—and Bitcoin is the root of it all.
- Bitcoin's price: Who decides the value of cryptocurrencies? - Big Think ›
- The ultimate guide to Bitcoin: buying, selling, and mining - Big Think ›
How would the ability to genetically customize children change society? Sci-fi author Eugene Clark explores the future on our horizon in Volume I of the "Genetic Pressure" series.
- A new sci-fi book series called "Genetic Pressure" explores the scientific and moral implications of a world with a burgeoning designer baby industry.
- It's currently illegal to implant genetically edited human embryos in most nations, but designer babies may someday become widespread.
- While gene-editing technology could help humans eliminate genetic diseases, some in the scientific community fear it may also usher in a new era of eugenics.
Tribalism and discrimination<p>One question the "Genetic Pressure" series explores: What would tribalism and discrimination look like in a world with designer babies? As designer babies grow up, they could be noticeably different from other people, potentially being smarter, more attractive and healthier. This could breed resentment between the groups—as it does in the series.</p><p>"[Designer babies] slowly find that 'everyone else,' and even their own parents, becomes less and less tolerable," author Eugene Clark told Big Think. "Meanwhile, everyone else slowly feels threatened by the designer babies."</p><p>For example, one character in the series who was born a designer baby faces discrimination and harassment from "normal people"—they call her "soulless" and say she was "made in a factory," a "consumer product." </p><p>Would such divisions emerge in the real world? The answer may depend on who's able to afford designer baby services. If it's only the ultra-wealthy, then it's easy to imagine how being a designer baby could be seen by society as a kind of hyper-privilege, which designer babies would have to reckon with. </p><p>Even if people from all socioeconomic backgrounds can someday afford designer babies, people born designer babies may struggle with tough existential questions: Can they ever take full credit for things they achieve, or were they born with an unfair advantage? To what extent should they spend their lives helping the less fortunate? </p>
Sexuality dilemmas<p>Sexuality presents another set of thorny questions. If a designer baby industry someday allows people to optimize humans for attractiveness, designer babies could grow up to find themselves surrounded by ultra-attractive people. That may not sound like a big problem.</p><p>But consider that, if designer babies someday become the standard way to have children, there'd necessarily be a years-long gap in which only some people are having designer babies. Meanwhile, the rest of society would be having children the old-fashioned way. So, in terms of attractiveness, society could see increasingly apparent disparities in physical appearances between the two groups. "Normal people" could begin to seem increasingly ugly.</p><p>But ultra-attractive people who were born designer babies could face problems, too. One could be the loss of body image. </p><p>When designer babies grow up in the "Genetic Pressure" series, men look like all the other men, and women look like all the other women. This homogeneity of physical appearance occurs because parents of designer babies start following trends, all choosing similar traits for their children: tall, athletic build, olive skin, etc. </p><p>Sure, facial traits remain relatively unique, but everyone's more or less equally attractive. And this causes strange changes to sexual preferences.</p><p>"In a society of sexual equals, they start looking for other differentiators," he said, noting that violet-colored eyes become a rare trait that genetically engineered humans find especially attractive in the series.</p><p>But what about sexual relationships between genetically engineered humans and "normal" people? In the "Genetic Pressure" series, many "normal" people want to have kids with (or at least have sex with) genetically engineered humans. But a minority of engineered humans oppose breeding with "normal" people, and this leads to an ideology that considers engineered humans to be racially supreme. </p>
Regulating designer babies<p>On a policy level, there are many open questions about how governments might legislate a world with designer babies. But it's not totally new territory, considering the West's dark history of eugenics experiments.</p><p>In the 20th century, the U.S. conducted multiple eugenics programs, including immigration restrictions based on genetic inferiority and forced sterilizations. In 1927, for example, the Supreme Court ruled that forcibly sterilizing the mentally handicapped didn't violate the Constitution. Supreme Court Justice Oliver Wendall Holmes wrote, "… three generations of imbeciles are enough." </p><p>After the Holocaust, eugenics programs became increasingly taboo and regulated in the U.S. (though some states continued forced sterilizations <a href="https://www.uvm.edu/~lkaelber/eugenics/" target="_blank">into the 1970s</a>). In recent years, some policymakers and scientists have expressed concerns about how gene-editing technologies could reanimate the eugenics nightmares of the 20th century. </p><p>Currently, the U.S. doesn't explicitly ban human germline genetic editing on the federal level, but a combination of laws effectively render it <a href="https://academic.oup.com/jlb/advance-article/doi/10.1093/jlb/lsaa006/5841599#204481018" target="_blank" rel="noopener noreferrer">illegal to implant a genetically modified embryo</a>. Part of the reason is that scientists still aren't sure of the unintended consequences of new gene-editing technologies. </p><p>But there are also concerns that these technologies could usher in a new era of eugenics. After all, the function of a designer baby industry, like the one in the "Genetic Pressure" series, wouldn't necessarily be limited to eliminating genetic diseases; it could also work to increase the occurrence of "desirable" traits. </p><p>If the industry did that, it'd effectively signal that the <em>opposites of those traits are undesirable. </em>As the International Bioethics Committee <a href="https://academic.oup.com/jlb/advance-article/doi/10.1093/jlb/lsaa006/5841599#204481018" target="_blank" rel="noopener noreferrer">wrote</a>, this would "jeopardize the inherent and therefore equal dignity of all human beings and renew eugenics, disguised as the fulfillment of the wish for a better, improved life."</p><p><em>"Genetic Pressure Volume I: Baby Steps"</em><em> by Eugene Clark is <a href="http://bigth.ink/38VhJn3" target="_blank">available now.</a></em></p>
A leading British space scientist thinks there is life under the ice sheets of Europa.
- A British scientist named Professor Monica Grady recently came out in support of extraterrestrial life on Europa.
- Europa, the sixth largest moon in the solar system, may have favorable conditions for life under its miles of ice.
- The moon is one of Jupiter's 79.
Neil deGrasse Tyson wants to go ice fishing on Europa<div class="rm-shortcode" data-media_id="GLGsRX7e" data-player_id="FvQKszTI" data-rm-shortcode-id="f4790eb8f0515e036b24c4195299df28"> <div id="botr_GLGsRX7e_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/GLGsRX7e-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/GLGsRX7e-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/GLGsRX7e-FvQKszTI.js"></script> </div>
Water Vapor Above Europa’s Surface Deteced for First Time<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="9c4abc8473e1b89170cc8941beeb1f2d"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/WQ-E1lnSOzc?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
A unique exoplanet without clouds or haze was found by astrophysicists from Harvard and Smithsonian.
- Astronomers from Harvard and Smithsonian find a very rare "hot Jupiter" exoplanet without clouds or haze.
- Such planets were formed differently from others and offer unique research opportunities.
- Only one other such exoplanet was found previously.
Munazza Alam – a graduate student at the Center for Astrophysics | Harvard & Smithsonian.
Credit: Jackie Faherty
Jupiter's Colorful Cloud Bands Studied by Spacecraft<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="8a72dfe5b407b584cf867852c36211dc"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/GzUzCesfVuw?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
Scientists discover burrows of giant predator worms that lived on the seafloor 20 million years ago.
- Scientists in Taiwan find the lair of giant predator worms that inhabited the seafloor 20 million years ago.
- The worm is possibly related to the modern bobbit worm (Eunice aphroditois).
- The creatures can reach several meters in length and famously ambush their pray.
A three-dimensional model of the feeding behavior of Bobbit worms and the proposed formation of Pennichnus formosae.
Credit: Scientific Reports
Beware the Bobbit Worm!<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="1f9918e77851242c91382369581d3aac"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/_As1pHhyDHY?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
The idea behind the law was simple: make it more difficult for online sex traffickers to find victims.