Since 2009, thousands of other coins and tokens have been created. They are often called altcoins. Many copy parts of Bitcoin's design, but few keep what makes it valuable.
What sets Bitcoin apart
- No founder in charge: Satoshi left, and no company or foundation controls Bitcoin.
- No premine: nobody was given coins before the public could mine them.
- A fixed supply that nobody can change.
- The most computing power securing any network, and the longest track record.
Common questions to ask about any coin
- Who created it, and how many coins did they keep?
- Can a team or foundation change the rules or freeze funds?
- Can an ordinary person verify everything on their own computer?
Stablecoins
Stablecoins are tokens that track the value of a currency like the dollar. They are useful for payments, but they are issued by a company that can freeze them. They are digital dollars, with the same issuer problem you saw in the first lesson.