“Bitcoin (BTC) Isn’t a Cryptocurrency,” and Here’s Why According to Bitcoin “Maximalists”





A negative connotation that follows crypto is that it is overloaded with scams and bad actors. This may interest you: Bitcoin’s short-term price outlook has improved slightly, but most traders are far from optimistic. And this reputation does not come out of thin air, as due to its nascent and unregulated nature, there is an excess of unethical and sometimes explicitly criminal behavior in the crypto space.

To find out just how spammy and scammed cryptocurrencies can be, check out a major influencer/analyst’s account on Twitter. Find someone reputable and trustworthy who offers informed views, and even then, when you scroll through the replies to their tweets, you’ll find fake accounts attempting phishing and bots offering projects doubtful.

In this environment, it’s understandable why many investors want to play it safe, and staying in the bitcoin-only space is one way to do that. That’s not to say flimsy businesses can’t be built around bitcoin (look at Celsius or Mt Gox), but that’s where the adage “not your keys, not your coins” comes into play.

Take a few hours to learn the basics of security, put your bitcoin in your own custody, and you won’t have to worry about perilous fringes anymore. This also falls within the Culture bitcoin, which is all about being self-sufficient and having a secure hard-money back-up plan.


💎 Open an account for free to Invest in crypto!

CoinHouse allows you to easily invest in crypto-assets. Creating an account is free and takes just a few simple steps.

📈 Trade cryptos online in just a few clicks!

BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

If you spend time on Twitter, you may have seen a recent tweet from MicroStrategy CEO Michael Saylor stating, “I’m a bitcoin maximalist.”

That’s no surprise, as Saylor has become one of bitcoin’s most vocal and persuasive advocates since making the August 2020 decision to acquire bitcoin for MicroStrategy’s balance sheet.

An influential but anonymous Twitter account known as Hodlonaut also tweeted something curious, saying:

“I have never seen so many people become bitcoin maximalists as I do right now. The Norwegian bitcoin-only scene has literally exploded in the last 6-12 months. And, most of these new bitcoin-only were ‘crypto‘ and ‘open-minded’ before turning into maxis. »

All of this begs the question of what exactly is a bitcoin maximalist, why would anyone go down this path, and why more people might join.

What is maximalism?

Taken in a positive light, bitcoin maximalists tend to have a deep understanding of the history of the currency and how it actually works. Read also: Community responds to Vitalik Buterin’s concern about ETH platform. They believe bitcoin can be a good replacement for fiat currencies and our current monetary system.

Maximalism includes the belief that other cryptocurrencies cannot serve this purpose, or are unnecessary since bitcoin already exists and positions itself as a sound digital currency network.

There is a related concept, hyperbitcoinization, which, if it were to occur, would see the world shift to a bitcoin standard, in which all goods and services are valued in bitcoins.

However, bitcoin’s maximalism does not necessitate the abolition of all other currencies, and realistically one can expect that there will always be multiple means and methods of transaction.

Ultimately, if we focus on cryptocurrencies as a type of money, bitcoin maximalists believe that bitcoin alone has a chance of replacing fiat currencies, and as such it is the only cryptocurrency necessary and worth supporting.

Why do people turn to maximalism?

One of the factors is that we are in the middle of a bear market, after a huge crash in which several major participants were not only wiped out, but exposed as being, from your perspective, recklessly mismanaged, hopelessly mismanaged prepared or downright sociopathic. Read also: Here are the good news and plans that are pushing the price of Cardano (ADA) higher..

At times like these, crypto participants err on the side of caution, and within crypto, bitcoin is hands down the most reliable and safest purchase.

There is, however, an aspect of what is happening that goes beyond mere temporary conservatism. A wildfire clears away the waste, and among the bare bones of a bottoming market, it becomes easier to identify where true value lies.

Bitcoin has made no empty promises and its intentions are clear. He just made his case, and it’s up to you whether you want to come on board or not. What’s more, bitcoin has been around longer and serves as a cryptographic benchmark.

On a more superficial level, cultural swirls around what can and cannot be “cool” come and go, but bitcoin is beginning to transcend these distractions. Sure, Ethereum, Solana, or a particularly slick NFT set might seem like the moment, but bitcoin? Well, bitcoin doesn’t care, and when you’re tired and need a break, its habits are refreshingly simple: stacking sats and putting out cards.


Avoid scams

A negative connotation that follows crypto is that it is overloaded with scams and bad actors. This may interest you: Bitcoin’s short-term price outlook has improved slightly, but most traders are far from optimistic. And this reputation does not come out of thin air, as due to its nascent and unregulated nature, there is an excess of unethical and sometimes explicitly criminal behavior in the crypto space.

To find out just how spammy and scammed cryptocurrencies can be, check out a major influencer/analyst’s account on Twitter. Find someone reputable and trustworthy who offers informed views, and even then, when you scroll through the replies to their tweets, you’ll find fake accounts attempting phishing and bots offering projects doubtful.

In this environment, it’s understandable why many investors want to play it safe, and staying in the bitcoin-only space is one way to do that. That’s not to say flimsy businesses can’t be built around bitcoin (look at Celsius or Mt Gox), but that’s where the adage “not your keys, not your coins” comes into play.

Take a few hours to learn the basics of security, put your bitcoin in your own custody, and you won’t have to worry about perilous fringes anymore. This also falls within the Culture bitcoin, which is all about being self-sufficient and having a secure hard-money back-up plan.

💎 Open an account for free to Invest in crypto!

CoinHouse allows you to easily invest in crypto-assets. Creating an account is free and takes just a few simple steps.

📈 Trade cryptos online in just a few clicks!

BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
The latest articles by Thomas E. (see everything)