When Satoshi Nakamoto created Bitcoin, he had many intentions that were documented in the whitepaper. As a result of their early adoption of the technology, the early adopters have not only become millionaires but are now referred to as Bitcoin maximalists.
Who are Bitcoin maximalists?
They tend to fully embrace the concept of Bitcoin, its growth, computation, and hardly accept other cryptocurrencies as value other than “Bitcoin”.
There is often a perception that “maximalists” are only interested in maximizing their profits from the holding and selling of other cryptocurrencies to own more Bitcoin. This has been acknowledged by the Bitcoin community as well, whereby those who are skeptical of anything “crypto” that is not BTC would never hold other coins or tokens.
In order for Bitcoin to become the sole digital currency, Bitcoin maximalism must overcome certain hurdles. Due to the limitations of the Bitcoin network and its cryptocurrency, many altcoins and different variations of blockchain networks have arisen.
There is however a gradual change occurring as more and more projects are gradually taking away the shine from Bitcoin. This has had a very serious effect on the Bitcoin community, where members tend to talk down other upcoming projects in order to give Bitcoin the relevant preference in the crypto sphere.
The so-called maximalists have sponsored several conventions with the purpose of creating the hype Bitcoin needs among world leaders and financial institutions. El Salvador has taken the lead in advocating the use of Bitcoin as legal tender and a store of value.
It appears that Bitcoin’s maximalist goal is one of the major reasons why governments have not yet adopted it as a financial instrument. As a consequence, the maximalists want everyone to think that Bitcoin is the only monetary system with value ascribed to it, whereas there are other cryptocurrencies with proven intrinsic value. Synergies between projects in the development stage and projects with established use cases would make the crypto market flourish.
The popularity of blockchain technology has led to the creation of private blockchains, modified versions of Bitcoin’s distributed ledger. Companies and governments can therefore create private blockchain networks in which only a few participants are permitted access to the network after they have been verified or authenticated. This blockchain can allow both permissioned and permissionless technology to be used, and it might also impose restrictions on what functions participants may use, such as read-only and editing functions.
For example, a local government might be able to offer legal titles and record-keeping to certain taxpayers and businesses while restricting public access to these records.
Due to all this development on the Bitcoin network, Bitcoin maximalists today support the idea that a digital currency’s success depends on the blockchain network.
The Klever community and Klever team are fervent supporters of the Bitcoin network and its application. We continue to encourage people to seek knowledge and the possibility of attaining a deeper understanding of the benefits and utility of Bitcoin rather than just being proponents (Bitcoin Maximists) as the case may be.
James Enajite
Follow me on Twitter
