I really like the idea of this as a captcha alternative, especially with the "train our neural nets" approach google has been taking recently with them.
rate-limiting is not what captcha does, that's for DDoS protection and even in that scenario I feel HashCash and crypto mining is a very terrible idea.
Most of these crypto currency exchange are derived from bitcoin's codebase (or at least from bitcoin's white paper) so from that perspective I don't consider calling these other crypto's as "bitcoin" to be incorrect, just not specific. I could imagine that maybe could use the distinction of capital Bitcoin to refer to the specific blockchain while lowercase bitcoin to refer to any Bitcoin forks.