What is a Bitcoin Maximalist?
There is a big difference between Bitcoin and cryptocurrency, although both concepts overlap in the minds of many. Diehard Bitcoin maximalists will be happy to explain why Bitcoin is all that matters. In fact, there are several maximalists or people-who-became-maxis, further lending credence to the “Bitcoin rules all” vision.
The concept of Bitcoin maximalism
As the name suggests, a Bitcoin maximalist is a person who believes that Bitcoin is the only cryptocurrency that matters. Not only in terms of value and price, but also as the only digital resource that can positively affect society. All other digital currencies, known as altcoins – or shitcoins – are inferior to Bitcoin and do not meet the standards envisioned by Satoshi Nakamoto, the creator of Bitcoin.
Even though Bitcoin is the best cryptocurrency – and always has been – many believe that every Bitcoin maximalist is wrong. They will talk about how Ethereum, Solana and other networks provide much better infrastructure, lower fees and faster settlements. However, Bitcoin maxis would counter that argument by saying that none of these networks are as secure as Bitcoin. There are many back-and-forth arguments to be made, and there is no right or wrong, as everything is open to preference and personal preference.
The term Bitcoin maximalism is also a bit of a misnomer, as Bitcoin is not the first project to build a decentralized cryptocurrency. That said, it is the most successful attempt so far, fueling the maximum Bitcoin faith in how Bitcoin will offer everything investors, companies and everyday users demand. It is a future-proof digital currency that is capable of monopolizing the cryptocurrency industry in the future. It may seem impossible on paper and a rather toxic attitude towards cryptocurrencies, although Bitcoin maximalism is a bit more nuanced.
Even Vitalik Buterin, co-creator of Ethereum, acknowledges that a Bitcoin maximalist will — deep down — seek ways to support Bitcoin and make it better. This makes the motivation beneficial for the ecosystem. However, Buterin feels that “building on Bitcoin is the only way” is not the right way to go, although opinions will be divided on that front. Bitcoin is the most established network and the dominant cryptocurrency, making it a force to be reckoned with.
Overcoming key challenges
While Bitcoin’s maximalist vision will always remain present, one cannot turn a blind eye to network inefficiencies. Bitcoin has scaling issues, although solutions like the Lightning Network help address some of these concerns. Nevertheless, the technology is being used relatively slowly, especially among regular shops and merchants. All this will change and improve in the future if Bitcoin maxis is to be believed.
There is also concern about how volatile BTC is these days. Although it is the most valuable and dominant cryptocurrency, its fluctuating value makes it less suitable for payments. Bitcoin maximalists will point out that wider use of BTC will lead to lower volatility. A similar sentiment applies to smart contracts, which are now widely available on Bitcoin through Rootstock and Stacks, making the leading cryptocurrency’s technology stock more versatile.
The Bitcoin maximalist you know
Despite increasing competition between cryptocurrencies and their associated networks, many are converting to Bitcoin maximalism. Some of these people may be better known than others, although they will all try to spread the word about Bitcoin and try to convince people why it is the only cryptocurrency and network that matters.
Michael Saylor, CEO of MicroStrategy, is a noted Bitcoin maximalist. He’s not a fan of any of the alternative cryptocurrencies out there, and hopes regulators will step up their game to address the risky practices they represent. Moreover, MicroStrategy is one of the many companies that has a Bitcoin treasury and continues to pile more every time the market price falls. After all, Bitcoin maximalist Michael Saylor is convinced that Bitcoin is the only commodity, with all other cryptoassets as unregistered securities.
Another good example of Bitcoin’s maximalist mindset is Dan Held, although he considers himself more of a Bitcoin rationalist these days. Held is a long-term Bitcoin supporter and has filled many roles in the industry, including working for Blockchain.com and Kraken. He is now a marketing advisor at Trust Machines, an ecosystem focused on building DeFi products on top of Bitcoin. Held is convinced that Bitcoin must offer decentralized financing options and leverage the network’s native security, appealing to tackle a trillion-dollar market.
With the support of industry heavyweights like Dan Held and Michael Saylor, the future of Bitcoin looks very bright. The time is ripe to bring more developers into the Bitcoin space and have them build new products and services that focus on the leading cryptocurrency.
