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There is a big difference between Bitcoin and cryptocurrency, even if both concepts overlap in the minds of many.Diehard Bitcoin maximalists will gladly explain why Bitcoin is all that matters.In fact, there are several maximalists or people-who-became-maxis, further lending credibility to the “Bitcoin rules all” vision.The Concept Of Bitcoin Maximalism
As the name suggests, a Bitcoin maximalist is an individual that believes Bitcoin is the only cryptocurrency that matters.
Not just in terms of value and price but also as the only digital asset capable of positively impacting society.All other digital currencies, known as altcoins – or shitcoins – are inferior to Bitcoin and do not adhere to the standards envisioned by satoshi nakamoto satoshi nakamoto satoshi nakamoto Developer/Programmer Followers : 0 View profile , the creator of Bitcoin.
Although Bitcoin is the top cryptocurrency – and always has been – many people think every Bitcoin maximalist is wrong.They will talk about how ethereum ethereum Blockchain Network Followers : 0 View profile , solana solana Blockchain Network Followers : 0 View profile and other networks provide much better infrastructure, lower fees, and faster settlement.However, Bitcoin maxis will 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 slight misnomer, as Bitcoin is not the first project building a decentralized cryptocurrency.That said, it is the most successful attempt thus far, fueling the Bitcoin maximalist belief of how Bitcoin will offer everything investors, companies, and everyday users require.It is a future-proof digital currency capable of monopolizing the cryptocurrency industry in the future.That may seem impossible on paper and a rather toxic attitude toward cryptocurrencies, although Bitcoin maximalism is a bit more nuanced.
Even vitalik buterin vitalik buterin co-founder at ethereum Vitalik Buterin is a professional programmer and writer who is famous as the Co-Founder of Ethereum.Buterin along with Gavin Wood, Charles Hoskinson, Joseph Lubin, and Anthony Di launched Ethereum in 2014.He co-created Ethereum when he understood that he could construct a new, possibly enhanced version by iterating on the Bitcoin blockchain.
He has been involved in the Bitcoin community since 2011, writing and co-founding articles for Bitcoin magazine.Vitalik linked Bitcoin to a calculator and a future blockchain to a smartphone and used the same method of improving the system’s strength by making it more general purpose to blockchain network space.He was honored with the Thiel Fellowship Award in 2014 for bringing his innovative scientific and technical projects to reality, won the World Technology Network prize, Fortune 40 under 40 lists, and appeared on the Under 30 list of Forbes at the age of 23.Entrepreneur Developer/Programmer Publishing & Printing Crypto and Blockchain Expert Followers : 0 View profile , co-creator of Ethereum, acknowledges a Bitcoin maximalist will – at heart – seek ways to support Bitcoin and make it better.
That makes the motivation beneficial to the ecosystem.However, Buterin feels that “building on Bitcoin is the only way” isn’t 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 reckon with.Overcoming Key Challenges
While the Bitcoin maximalist vision will always remain present, one cannot turn a blind eye to network inefficiencies.Bitcoin has scaling concerns, although solutions like the Lightning Network help solve some of these concerns.Even so, adoption of the technology is still relatively slow, especially among mainstream stores and merchants.
That will all change and improve in the future if the Bitcoin maxis are to be believed.
There is also concern over how volatile BTC is these days.While it is the most valuable and dominant cryptocurrency, its fluctuating value makes it less suited for payments.Bitcoin maximalists will point out that broader adoption of BTC will lead to lower volatility.A similar sentiment applies to smart contracts, which are now broadly accessible on Bitcoin through Rootstock and Stacks, making the leading cryptocurrency’s technology stock more versatile.
The Bitcoin Maximalist You Know
Despite growing competition among cryptocurrencies and associated networks, there are plenty of people converting to Bitcoin maximalism.Some of these individuals may be better-known than others, although they will all try to spread the word about bitcoin org bitcoin org Event Organiser Technology Followers : 0 View profile and try to convince people about why it is the only cryptocurrency and network that matters.
Michael Saylor, CEO of microstrategy microstrategy Tech & Design (Software) Followers : 0 View profile , is a well-known Bitcoin maximalist.He is 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 holding a Bitcoin treasury and continues to stack more every time the market price dips.
After all, Bitcoin maximalist michael saylor michael saylor president and chief operating officer at coinbase at coinbase Micheal J Saylor is the greatest visionary in the Information Systems industry.An enthusiastic blockchain influencer, and a splendid leader.He believes that prudent institutional investors should only consider trusting a crypto-asset network after it has operated reliably for at least ten years without a hard fork.
He is an American entrepreneur and business executive, he co-founded Microstrategy, a company that provides business intelligence, mobile software, and cloud-based services, under his leadership Microstrategy has grown at a tremendous rate and made a mark in the BI industry, and he is chairman and CEO of the same Microstrategy.He is a vocal advocate of bitcoin.He is highly skilled in enterprise software, and also has a rich knowledge of numerous fields including analytics, data warehouse, leadership, SaaS, management, cloud computing, startups, professional services, enterprise architecture, mobile devices, and many more.In 1983, he matriculated at the Massachusetts Institute of Technology (MIT) on an air force ROTC scholarship.And then he joined the Theta delta chi fraternity, through which he met the future co-founder of Microstrategy, Sanju k.
Bansal.He graduated from MIT in 1987, with a double major in aeronautics, and science, technology, and society.He is engaged in volunteering at Saylor Academy as a Trustee, which provides free college education to all students worldwide.The way he expertizes himself in bitcoin, people started calling him the bitcoin bull, he is the most optimistic person when it comes to bitcoin.He expects that the entrepreneur will always keep buying Bitcoin every time it dips.The bitcoin community has begun to rise to the fact that his company might own too much bitcoin.Owning too large a portion of bitcoin could be harmful to the cryptocurrency’s decentralized culture that Bitcoin has so rigorously built over the years.He is still expected to be a principal BTC champion throughout the year.
Instructing businesses about Bitcoin potentially through his powerful podcasts and learning courses.[email protected] Entrepreneur Investor Crypto and Blockchain Expert Followers : 0 View profile is convinced Bitcoin is the only commodity, with all other crypto assets being unregistered securities.
Another good example of the Bitcoin maximalist mindset is Dan Held , even though he considers himself more of a Bitcoin rationalist these days.Held is a long-term Bitcoin backer and has filled many roles within the industry, including working for blockchain.com blockchain.com Wallet kraken a**** [email protected] Centralised Exchange Followers : 0 View profile .He is now the marketing advisor at Trust Machines, an ecosystem focused on building DeFi products on top of Bitcoin.Held is convinced Bitcoin needs to offer decentralized finance opportunities and leverage the network’s native security, and appeal to tackle a trillion-dollar market.
With the support from industry heavyweights like dan held dan held growth lead at kraken Dan Held traveled to San Francisco after discovering Bitcoin in 2012, where he discovered a regular crypto meet-up attended by crypto pioneers such as Jed McCaleb (Mt.Gox), Jesse Powell (Kraken), and Brian Armstrong (Coinbase).
He founded Bitcoin data tool ZeroBlock in May 2013, which was eventually acquired by crypto data aggregator Blockchain.info.
He co-founded The Picks & Shovels in 2017, after spending two years working on Uber’s app.The company created institutional portfolio management solutions for the crypto sector.In 2019, Kraken purchased its product, Interchange.He joined Kraken as part of the purchase, initially as the exchange’s head of business development and then as its growth lead.He is also a well-known crypto influencer, with over 100,000 followers.
He played a critical role at Kraken as the exchange’s growth led to a year of unmatched growth and record-breaking volumes.With its Kraken Financial bank in Wyoming, Kraken became the first cryptocurrency company to get a banking license in the United States.After a two-year hiatus, it restored services to Japanese citizens and entered the Australian market for the first time.
Staking services on the market attracted $1 billion in user funds in 2020.According to Bitwise, Kraken is the third-largest spot exchange in the world by volume, demonstrating His ability to build the firm.
He has long been a Bitcoin bull, predicting that 2020 will be the start of a significant bull run for the cryptocurrency.His predictions were accurate.His prognosis that Bitcoin “may reach $1 million” this year may not come true, and his claim that Bitcoin will be “the prelude to the extinction of gold” is also uncertain.As one of Crypto Twitter’s most popular influencers, He will continue to share his crypto opinion and observations.He will oversee the revamp of Kraken’s web and mobile user interfaces in 2021, as well as the launch of new fiat on-ramps and the introduction of “new financial products” that He claims “will be enormous.” Entrepreneur Investor Crypto and Blockchain Expert Followers : 0 View profile 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.
Source: https://coinpedia.org/information/what-is-a-bitcoin-maximalist/.