Altcoins make Bitcoin better by acting as beta testers: Tim Draper

Altcoins allow developers to test new functions and applications, which eventually make it onto Bitcoin, says American venture capital investor Tim Draper.

Venture capitalist and founding partner of Draper Associates, Tim Draper, says altcoins could ultimately make Bitcoin better by acting as testing grounds for upgrades.  

During an interview on CNBC’s Squawk Box on Monday, Draper said there will also be “many other cryptocurrencies,” created over time, which will help grow Bitcoin's (BTC) dominance. 

“Competition is good for the world, but as a percentage of all cryptocurrencies, Bitcoin, with the first boom, they had a 40% market share, with the next boom, they had 50% market share, and now the market share is running around 61 to 62%,” he said. 

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