Bitcoin Testnet was the first Altcoin ever.

[BayAreaCoins]

After thinking about my other post about Bitcoin Testnet being directly related to Satoshi.

I realized Bitcoin Testnet is actually the first Altcoin ever... previously I had it in my mind that the first was Namecoin, but technically speaking Bitcoin Testnet came first.

Here is the link to Satoshi releasing Testnet:  https://bitcointalk.org/index.php?topic=1528.msg17924#msg17924

Here is a post from Gavin to Andreas on Twitter in 2014.  (I'm slow, but better late than never)



https://x.com/gavinandresen/status/499247483286224896

[MAAManda]

Yes, I agree that the Bitcoin Testnet was the first altcoin, theoretically and chronologically. However, when it comes to use cases, I disagree, as the Bitcoin Testnet was essentially created for experimentation, as it's name.

Regardless, whether Bitcoin Testnet is the first altcoin or not isn't an important discussion, because people will have their own definition & image of the first altcoin, just like what I exemplified in the first paragraph.

[SatoshiDICE_PR]

After thinking about my other post about Bitcoin Testnet being directly related to Satoshi.

I realized Bitcoin Testnet is actually the first Altcoin ever... previously I had it in my mind that the first was Namecoin, but technically speaking Bitcoin Testnet came first.

Here is a post from Gavin to Andreas on Twitter in 2014.  (I'm slow, but better late than never)

https://x.com/gavinandresen/status/499247483286224896

As an early operator in the crypto space, this takes me way back! Thanks for the trip down memory lane! I still remember getting a bunch of Bitcoin, Litecoin and Namecoin stickers that I bought from someone here on bitcointalk, and to think now that there were only 3 cryptocurrencies back then is pretty crazy. Namecoin came before Litecoin, I think, but not by much.

Yes, I agree that the Bitcoin Testnet was the first altcoin, theoretically and chronologically. However, when it comes to use cases, I disagree, as the Bitcoin Testnet was essentially created for experimentation, as it's name.

Regardless, whether Bitcoin Testnet is the first altcoin or not isn't an important discussion, because people will have their own definition & image of the first altcoin, just like what I exemplified in the first paragraph.

Back then Namecoin had some utility, but not much traction. It was definitely the first real altcoin, and then when Litecoin came along it brought with it the parallels of Bitcoin being like gold, and Litecoin being like silver. What people really appreciated about it though was the ease of mining, and the utility of Litecoin's faster transactions. I have to say, I do miss those days a little!

[BayAreaCoins]

After thinking about my other post about Bitcoin Testnet being directly related to Satoshi.

I realized Bitcoin Testnet is actually the first Altcoin ever... previously I had it in my mind that the first was Namecoin, but technically speaking Bitcoin Testnet came first.

Here is a post from Gavin to Andreas on Twitter in 2014.  (I'm slow, but better late than never)

https://x.com/gavinandresen/status/499247483286224896

As an early operator in the crypto space, this takes me way back! Thanks for the trip down memory lane! I still remember getting a bunch of Bitcoin, Litecoin and Namecoin stickers that I bought from someone here on bitcointalk, and to think now that there were only 3 cryptocurrencies back then is pretty crazy. Namecoin came before Litecoin, I think, but not by much.

Yes, I agree that the Bitcoin Testnet was the first altcoin, theoretically and chronologically. However, when it comes to use cases, I disagree, as the Bitcoin Testnet was essentially created for experimentation, as it's name.

Regardless, whether Bitcoin Testnet is the first altcoin or not isn't an important discussion, because people will have their own definition & image of the first altcoin, just like what I exemplified in the first paragraph.

Back then Namecoin had some utility, but not much traction. It was definitely the first real altcoin, and then when Litecoin came along it brought with it the parallels of Bitcoin being like gold, and Litecoin being like silver. What people really appreciated about it though was the ease of mining, and the utility of Litecoin's faster transactions. I have to say, I do miss those days a little!

Ah, a walk through memory lane seeing a post from y'all as well!!!!  (I'm glad to see y'all still working, stuff got kinda rough there for a bit as I recall! )

I can remember many of dice rolls in the early days sitting with my buttcheeks clenched waiting to see if SD was going to send me any Bitcoins back.  The suspense was rough.

Just curious, do you know if y'all Developed with Testnet first before Mainnet or did y'all go balls to the walls and test in production?  (I know the site has since changed hands, but I wasn't sure if that was viewable.)

I like that I can spot *a lot* of projects coming in Testnet fairly easily (small world and not much noise on chain)... kinda cool.  Removing the "financial" aspect decreases noise on the chain.

[Accardo]

You forgot to add 'the moment it got value' that should be when Testnet became a genuine altcoin. Over the periods when it was not traded and was distributed for free, I'd still consider it a test coin for project testing. My question is, did the selling of testnets begin before the creation of litecoins, eth and co.

[BayAreaCoins]

You forgot to add 'the moment it got value' that should be when Testnet became a genuine altcoin. Over the periods when it was not traded and was distributed for free, I'd still consider it a test coin for project testing. My question is, did the selling of testnets begin before the creation of litecoins, eth and co.

Testnet has been traded in the shadows since launch.  (Here is the link to Satoshi releasing Testnet:  https://bitcointalk.org/index.php?topic=1528.msg17924#msg17924)

V1 Bitcoin was ~5 cents, the concern of splitting the mining power was high.

V2 came quickly after v1 due to *value*/trading and more importantly, the concern of splitting mining.  Lots of people consider Namecoin the first altcoin. A big part of Namecoin is that the merged mining keeps the entire mining focus on Bitcoin.  This is propaganda to strengthen Bitcoin in those early days, and I think the mindset is/will/should evolve.

V3 came after Bitcoin had cleared that magick $1 and $10 mark.  The mainnet was hot and obtainable.  Testnet still had an economy, but it was very disorganized, and you had to know "someone" or beg in the right places.  Until 2022 when we got involved and organized it a bit... I think this is what you are referencing as "the moment it got value"?  But even as the owner of the website, I understand it isn't me who is adding value... I just get a small reward for organizing & allowing the coins to flow more easily.

If 1 BTC = 1 BTC, then 1 TBTC = 1 TBTC, so regardless of the "present market value" (which is often under or over the price at which I buy/sell by ~10-30%).  Price talk is subject to the moment rather than the future.  Most people may not see how trades are actually going in bulk.  (Do I charge more or less for an entity to purchase 1% of the entire Testnet version whatever?  It's hard to tell, it seems the market and her traders say "more".)