Bitcoin Maximalist Looks into “Bitcoin Maximalism” and What it Entails in the Crypto Community
In the cryptocurrency space, you’ll hear all sorts of names that crypto enthusiasts use to describe themselves. If you’ve been keen about such names, chances are you’ve come across ‘‘bitcoin maximalist’’ and wondered what exactly it means.
Let’s take a look at bitcoin maximalism, and what exactly it entails.
Who’s A Bitcoin Maximalist?
Generally, a maximalist is someone who has extreme views over something and isn’t prepared to compromise at all. In the context of bitcoin, a bitcoin maximalist is simply someone who believes that bitcoin is the only crypto that’s worth his time and effort. To them, all other cryptos are “shitcoins”.
Being the pioneer of cryptocurrencies, there’s nothing wrong with believing that bitcoin is the top crypto, but a bitcoin maximalist bases their belief on a law known as Metcalfe’s law mostly referred to as the network effect.
The Metcalfe’s Law
See, this law states that network effectiveness is proportional to the square of user number connected to that particular network.
Now think of it this way: if there are only two computers connected to the internet, the network can only be established between the two, but where five PCs are involved, even 10 unique connections can be established. This means that more devices equal to more connections and higher value to the network.
Looking at this concept it’s easy to see why bitcoin maximalists consider bitcoin as the supreme coin and all other coins as ‘shitcoins’. In the essence, they see altcoins as just taking the value of bitcoin network away.
Is Viable Competition Good For Bitcoin?
Whereas the sentiments of bitcoin maximalists might hold some ground, we can’t ignore the fact that competition of altcoins against bitcoin is good and viable. Bitcoin may be the pioneer of cryptocurrencies and provide the source code for other cryptos to thrive, but that doesn’t mean it should have the entire market to itself.
Competition is always good for any market, and the crypto market isn’t an exception. With more blockchain projects emerging and more cryptos being released into the market, there’s no doubt better and more value will be achieved in the crypto space.