Bitcoin Maximalism is a movement formed by die-hard Bitcoin fans who see BTC as the one true valuable cryptocurrency. They argue that other cryptocurrencies fail to reflect the principles set forth by Bitcoin’s creator, Satoshi Nakamoto, making them lesser in comparison to Bitcoin.
The Fundamentals of Bitcoin Maximalism
The idea of Bitcoin Maximalism revolves around a collection of beliefs that have gained traction in the community since the first block was mined. These beliefs stem from the insights and concepts laid out in the Bitcoin whitepaper.
People might have their own interpretations of these principles or choose to emphasize some over others.
Secure
A key reason people love Bitcoin is the security of its blockchain. It’s been operational for ten years without any hacks or significant security issues.
The network relies on a Proof of Work consensus system, which makes it extremely costly for anyone to alter the ledger, while allowing users to easily verify that all transactions are valid.
The future of money
They view bitcoin as the sole currency of importance and believe it will ultimately take the place of traditional fiat currencies. This belief stems from BTC’s capped supply—only 21 million bitcoins will ever exist. On the other hand, governments have the ability to print fiat money whenever they choose, which can diminish the currency’s value.
Supporters of this view also highlight bitcoin’s leading market capitalization, its advantage as the first to enter the market, and its exceptional security track record as key reasons for their stance.
Decentralized and Transparent
Bitcoin is often considered the most successful decentralized cryptocurrency ever made.
Because Bitcoin is decentralized, no single individual or organization controls the blockchain, which helps protect it from outside manipulation.
Additionally, the network is open to everyone, meaning there are no barriers to entry. Anyone with internet access can buy, send, and receive bitcoins. Plus, all transactions are publicly accessible, contributing to a transparent financial system.
Pseudonymous User
People don’t need to show ID to own or get involved with blockchain. It’s worth mentioning that while the Bitcoin ledger is public and all the data can be seen, the actual identities of those who own and control Bitcoin wallets remain private.
Viable payment method
Anyone can use Bitcoin for payments, and it usually costs less than international wire transfers. Bitcoin enthusiasts urge both individuals and businesses to embrace Bitcoin as a payment option to boost the network’s activity and expand its reach.