Bitcoin Maximalist Definition
Table of Contents
What is a Bitcoin Maximalist?
A Bitcoin Maximalist (aka Bitcoin Maxi) believes that Bitcoin is the only cryptocurrency worth owning and altcoins should be avoided. They view altcoins as a threat to the dominance of the Bitcoin network and aim to devalue all other cryptocurrencies after the oldest one, Bitcoin.
Bitcoin Maximalist Argument
Bitcoin maxis argue that Bitcoin is the first and oldest crypto that was created perfect in every way to become the official currency of the internet.
In their eyes, BTC solved the global currency problem and altcoins are poor copycats of Bitcoin.
Understanding Bitcoin Maximalism
Bitcoin Maxis think like members of a special cult that worship the Bitcoin network and all of its ability. You have to think like a BTC Maxi if you want to truly understand why Bitcoin maximalism is becoming more popular.
First off, crypto is a relatively new industry with many newbies entering the space every day. Of course, new money attracts scammers and con-artists who look to take advantage of unsuspecting crypto investors.
Bitcoin Maxis argue that only using Bitcoin helps limit the amount of newly minted crypto scams and makes understand crypto much more simple.
There are over 20,000 cryptocurrencies listed on Coinmarketcap and it would be impossible to understand each and every one properly. Bitcoin Maxis save time and energy by focusing only on Bitcoin and ignoring all of the new crypto coins even though some projects appear quite interesting.
Reasons for Bitcoin Maximalism
BTC Maxis are a passionate group of crypto holders who back Bitcoin above all other cryptocurrencies. Here are some reasons why Bitcoin Maxis believe Bitcoin makes all other altcoins obsolete.
The Bitcoin Network
Bitcoin’s network is one of the reason why Bitcoin Maxis believe BTC is the only necessary cryptocurrency for the internet. The Bitcoin network requires miners to protect the network by issuing a newly created block every 10 minutes under the “Proof of Work” model.
Most new cryptocurrencies follow the “Proof of stake” model and can easily be manipulated by a centralized organization or group of people. Hundreds of millions of people hold Bitcoin in their crypto wallets, which gives BTC plenty of social proof unlime most crypto coins.
Concerns about Bitcoin Maximalism
Nothing is perfect and even Bitcoin contains weaknesses that could affect its usability over the long run. Here are some concerns about Bitcoin Maximalism.
Famous Bitcoin Maximalists
Some famous Bitcoin maxis are:
- Michael Saylor – Executive Chairman of MicroStrategy
- Jack Dorsey – CEO of Block Inc
- Max Kieser – Long time Bitcoin HOLDer
- Ricardo Salinas – Mexico’s Richest Man
