Coinmarketcap.com listed six major cryptocurrencies that are claiming to be Bitcoin and many more are yet to come. Bitcoin Cash has over US$20 billion market capitalization and is considered to be the biggest Bitcoin contender. Bitcoin Gold, Diamond, Private and Dark are all somehow into the race as well. Defining something like what is Bitcoin or what is money could be tricky. Bitcoin can be defined as peer to peer electronic cash(Emphasis can be me made either on peer-to-peer or on cash). This definition even applies to other cryptocurrencies, which are unrelated to Bitcoin.
There are many desirable characters of Bitcoin like low fees, proof of work mechanism used to generate and validate Bitcoin. But one thing which we need to keep in mind is that not all cryptocurrencies with low fees and SHA-256 based mining algorithm are considered Bitcoin.
Which is the real Bitcoin?
Satoshi Nakamoto created Bitcoin. Any definition of Bitcoin must include the Genesis block, which Nakamoto minted. “Valid most work chain” would be a correct definition but what rules are considered valid and what are not? Rules might change in future but what are the conditions under which an upgraded Bitcoin would be a real Bitcoin. So it is difficult to define Bitcoin both retroactively and proactively.
Theoretically any cryptocurrency. What we accept as money depends on what others/everyone considers/accepts as money. For example Testnet, a clone of Bitcoin’s code and it is deployed as a separate cryptocurrency. Even though it is worthless developers use it to test their products and there is no risk of losing money as well. Bitcoin is also an excellent way to stay anonymous and private. But if your IP is tracked then what is the meaning of anonymity. Take your privacy a step higher, use VPN. Bitcoin and VPN together can provide you with utmost security. VPN protects your real IP address. VPN prevents websites and hackers from using your real IP address to identify you or your location.
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