Is it still altcoin when it becomes national currency

[RapidRabbit]

I found today this article on spam blocked b about Venezuela and thier cryptocurrency. Petro is now official currency of this country (alongside with traditional bolívar soberano) and I wonder, how we should call that kind of crypto. I meen, is it still "alternative" when it is using on such scale?

[DeKingCrypto]

I think the name altcoin is used in place of alternative coin which is referred to alternative Bitcoin, because Bitcoin is believed to be the first coin so any other coin remain alternative.

[Zed0X]

It probably depends on who will call it. @DeKing already mentioned where the term altcoin came from. We'll probably still call it altcoin but Venezuelan citizens can call it their main cryptocurrency or whatever.

[Ed1973]

Bitcoin loses position every day. Pay attention to MobileGo

[Fenix]

I found today this article on spam blocked b about Venezuela and thier cryptocurrency. Petro is now official currency of this country (alongside with traditional bolívar soberano) and I wonder, how we should call that kind of crypto. I meen, is it still "alternative" when it is using on such scale?

Of course, the Venezuelan cryptocurrency El Petro belongs to tokens and is therefore considered to be altcoin. Altcoins are all types of cryptocurrency in relation to Bitcoin. Regardless of any other qualities.

[napster]

Well, I don't think a regular altcoin would be a national fiat money. There would be some restrictions, like it should be a chain which supports x tps per second etc.

I believe it is very important to have a national crypto money, but it should be designed by some amazing brains, so that you might fork it to open new companies, or pay salaries with it etc.

Per my personal opinion, petro is a trash.

[Abusadeeq6]

Altcoin becoming a national currency that is Fiat have different perspective. This has to do with limitations and regulations of the nation. In other hand, altcoin is decentralized and not regulated

[ZionRTZ]

Does calling it an altcoin or not really even matter? If it is that bothersome, then just call it cryptocurrency. No one will ever argue with that.

[Fenix]

I found today this article on spam blocked b about Venezuela and thier cryptocurrency. Petro is now official currency of this country (alongside with traditional bolívar soberano) and I wonder, how we should call that kind of crypto. I meen, is it still "alternative" when it is using on such scale?

Of course, Venezuelan El Petro should be considered as Altcoin, because it is based on blockchain technology, like all cryptocurrencies. It differs in that it is centralized, but this does not affect its belonging to the cryptocurrency.

[leodiaz]

I don't know how to call it but it is the digital currency. It seems another form of national currency, and it will have a new name in digital currency. I am curious what the effect of this currency to crypto world later. Just wait for the next improvement.   

[backfirst77]

It would not seem to be possible Crypto to be a currency of a country in this world. Because Crypto is just an alternative payment tool other than the official currency of a country.

[laughingburger]

I found today this article on spam blocked b about Venezuela and thier cryptocurrency. Petro is now official currency of this country (alongside with traditional bolívar soberano) and I wonder, how we should call that kind of crypto. I meen, is it still "alternative" when it is using on such scale?

Maybe some country will adopt altcoin as nation currency but since altcoin is decentralize in nature for altcoin to achieve the level of national currency will not be easy. Conflict of interest with the government fiat will be a hindrance before this will happen.

[gribble]

I don't think ordinary altcoins will be national fiat money. Because there will be some restrictions, I believe it is very important to have national crypto money, but all that must be designed by some extraordinary brains, so that it can divert it to open a new company, or even pay salaries