Not all cryptocurrencies are the same, and that’s something Bitcoin purists have been trying to get across for a long time. But the mass media at large has not supported the view, and even some self-proclaimed crypto experts have predicted that Bitcoin will not be the most important cryptocurrency in the future. As the recent market crash shows, Bitcoin is indeed not like other cryptocurrencies. To be more precise, we need to differentiate between dubious, fraud protocols and those at the top of the crypto ecosystem – Bitcoin, Ethereum, and Solana among few others.
As President Joe Biden’s executive order on crypto is starting to take shape, many are hopeful for positive market reforms. On the other hand, some are fearful of a crackdown and hindering innovation in the crypto space. Now is the right time for people to understand that Bitcoin is the foundation upon which the crypto edifice stands. While there are many things wrong with different crypto projects, the general idea of crypto that Bitcoin promotes does not fall in that league. Bitcoin is a truly decentralized project, unlike many other cryptocurrencies that claim to be decentralized but are indeed not.
When we think about tackling crypto frauds with a strong hand, we must first distinguish between what a project like Bitcoin looks like and what potentially harmful spin-offs can look like. Once we integrate all of it, we’ll have a better idea of what to target and how to target it. In the wake of the executive order taking shape, now is the perfect time to spark a conversation around this.