Bitcoin maximalist position: there are two types of people in the crypto space. The first are those who believe that in 20 years, every other chain in the industry will eventually join Bitcoin. The second are those who believe that this is nonsense, says Víctor Fabusola of Ankr.
For many anti-Bitcoin maximalists, it is easy to call Bitcoin maximalism a ridiculous position. In fact, it is the current argument against Bitcoin maximalism; mockery. These anti-peoples believe that Bitcoin Maximalists regard currency as an article of faith and that the position is completely ridiculous. But they couldn’t be more wrong.
Bitcoin’s maximalist position has some really solid premises and is certainly not an exercise in ridiculousness. It is not unreasonable to think that cryptocurrencies begin and end with Bitcoin. In fact, in many ways, that could be true. Most of the independent chains today are imitating the original bitcoin chain. Almost every major development or protocol is inspired by something on the Bitcoin blockchain, and of course Bitcoin is much more valuable than all other altcoins on the market.
The position of the Bitcoin maximalists is this. The robust design and network of Bitcoin means that all other currencies should end up as a derivative of bitcoin and that bitcoin will eventually completely replace fiat. So, if you’re a bitcoin maximalist, you probably don’t see any reason to measure the value of your bitcoin in dollars.
That value would be irrelevant to you, since your main goal would be to acquire as many bitcoins as possible. Of course, this does not mean that Bitcoin maximalists cannot trade other tokens. The only difference is that they plan to use those exchanges to maximize the amount of Bitcoin they have.
Bitcoin maximalist position and misconceptions
One misconception people have about Bitcoin maximalists is that they think all other projects in crypto should be scrapped. No, that is far from the truth. I have talked to many Bitcoin maximalists who have become very rich on Bitcoin. And a total of zero of them think that Bitcoin is the only major crypto project. However, everyone is unified in the idea that Bitcoin is the most important thing, and all other chains must join the Bitcoin mega chain.
Those are big dreams, and when it comes to crypto ideas (which can be fantastic at times), it’s not ridiculous. As I have said before, Bitcoin has earned the right to be at the head of the pack. Some think that if Bitcoin had not started the crypto revolution, some other currency would have. That might be true, but again it was Bitcoin that did it, and it is because of the success of that network that we even have a crypto future to dream about.
Bitcoin maximalist position: reasons
There are many reasons why Bitcoin maximalists claim to be Bitcoin maximalists. The first, and possibly the most important, is that Bitcoin has been proven to be safe. It has never been hacked and the core code has never shown flaws that can be exploited. And since Bitcoin is the biggest animal in the crypto space, its invulnerability is not due to a lack of trying. Thousands of hackers have tried to hack the Bitcoin code and all have failed. Curiously, these hackers have had success with other chains.
Another reason the Bitcoin maximalists are who they are is that Bitcoin is truly decentralized. It is probably the only project without a CEO and with thousands of nodes around the world. Every major country has, at some point, tried to ban or regulate Bitcoin.; all have failed.
Both of these reasons are sound. Bitcoin has proven to be safe and is truly decentralized. In other words, it performs as advertised and has the potential to be better than fiat in literally every way. But does that mean the Bitcoin maximalists are right? Because they not only believe that Bitcoin is a net asset for the crypto space, they argue that it is the net good. Is that necessarily correct?
The answer is no. Bitcoin is part of the future, but it is not the future. The future is multi-chained, and the evidence for that is simply unblemished.
Bitcoin maximalists often say that Bitcoin is the only truly secure project. But that is false: Ether also has proved to be very safe. While it is true that security is an important issue that many chains must resolve, the existence of Ethereal it means that security can be achieved outside of the Bitcoin blockchain. It’s not an elusive feat that can’t be done.
Let’s assume, for the sake of argument, that Bitcoin is the only currency that is truly secure and truly decentralized. That only speaks to what Bitcoin is today, and says nothing about the future. The nature of technological innovation guarantees that in the coming years (or even decades) several chains will emerge that will have these qualities in abundance. These projects will be secure, truly decentralized, and will be truly anonymous. That, of course, assuming those chains don’t exist today.
Other than that, it’s just bad planning to be a maximalist on anything, especially when it comes to things like crypto. Being a maximalist means that, by definition, you are blind to its faults and have an incentive to simply not pay attention to things that are going wrong. That could lead to truly catastrophic results.
Crypto market in general
This is why a viable crypto business cannot be built on the basis of Bitcoin maximalism. It’s just not an accurate lens to view the future of cryptocurrencies, and the assumption that all other coins will eventually need to be added to the Bitcoin chain is pretty presumptuous.
Ankh operate a truly free crypto market. The future is crypto, and it is better to allow a level playing field for all types of chains. So it doesn’t matter if you’re building on ghost, avalanche, Polygon, Ethereum, Heco or Bitcoin. It is better to be completely chain neutral and interoperable. All strings are important. For Web3 to truly surpass Web2, it must be built everywhere and will require endless collaboration. The vision for the future is to build on all chains, all day, every day, not just big chains like Ethereum and Bitcoin.
My Bitcoin maximalist friends, of course, disagree with me. They think it’s a waste of time to invest heavily in a multi-chain future. But the goal is to create a free Web3 for everyone. The future is multi-chain.
About the Author
Victor Fabusola is a freelance writer with a focus on Blockchain and Web3, a self-proclaimed philomath: not only is he obsessed with mental models, but he’s also passionate about the mainstream adoption of emerging technologies. He loves reading good books, having intellectually stimulating conversations with friends, and listening to mindful hip-hop and classical music when he’s not writing.
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