I’m Not a Bitcoin Maximalist, I’m Just a Bitcoin Realist Guy
Vires in numeris.
I discovered Bitcoin in 2014 but I must admit that I didn’t immediately grasp the importance it could have for the world of tomorrow. As a developer, I was rather seduced by the technical side of Bitcoin and the successful implementation of the Blockchain concept it represents.
It wasn’t until 2017 that I took a deeper interest in what Bitcoin represents but more importantly, the difference it can make to the world in the future.
Since then, I have continued to learn more about Bitcoin but also about money in general.
This quest to learn more and more about Bitcoin and money leads me to follow its progress on a daily basis in the revolution it intends to build for the world of tomorrow.
I often share my opinions on Bitcoin, and cryptocurrencies, through stories on Medium.
After reading my stories, a reader rightly asked me if I was a Bitcoin Maximalist or not. I must confess that I had never really asked myself this question before.
Attempting to answer this question allowed me to take stock of where I stand in relation to Bitcoin. I am sharing it with you through this story.
What is a Bitcoin Maximalist?
Bitcoin is not the first attempt to create a decentralized digital currency. Before Satoshi Nakamoto, other people had tried to create such a digital currency.
All attempts to create a decentralized digital currency had failed before Bitcoin.
Bitcoin is the first successful implementation of a fully decentralized cryptocurrency.
To make Bitcoin a success, Satoshi Nakamoto invented the concept of Blockchain.
Behind the advent of Bitcoin, a whole industry was born: the cryptocurrency industry.
Bitcoin is therefore at the origin of the entire cryptocurrency industry.
As a first mover in an industry it created itself, Bitcoin has a considerable advantage over its competitors.
Many of Bitcoin’s competitors argue that Bitcoin relies on aging technology and has serious limitations.
It must be recognized that Bitcoin faces problems that it is the only one to face in the cryptocurrency industry.
Due to its phenomenal success, Bitcoin is the only cryptocurrency to really face such scalability issues.
Cryptocurrencies aiming to replace Bitcoin at the top of the industry also highlight the fact that Bitcoin does not support smart contracts as well.
If all these arguments can be heard, the Bitcoin Maximalists have no cure and consider that at some point in the future, the Bitcoin network will be able to offer users everything they expect from a digital currency.
Bitcoin Maximalists are therefore Bitcoiners of a special kind.
They are convinced that Bitcoin will be able to complete its revolution by replacing the current monetary and financial system that is flawed.
But on top of that, the Bitcoin Maximalists also consider all other cryptocurrencies to be worthless Sh*t Coins.
Bitcoin Will Remain a Hegemonic King…
My stories on Medium or elsewhere clearly show what I think of Bitcoin. For me, Bitcoin is a multi-faceted revolution:
Bitcoin has succeeded where all others have failed before it.
If Bitcoin is a considerable financial success, having for example transformed $1 invested at the beginning of 2010 into $90K at the end of 2019, it is much more than that.
Bitcoin challenged everything we knew about money.
The scarcity of Bitcoin is something that humans have never encountered before.
Bitcoin has very specific characteristics that make it our only chance to end the current monetary and financial system that is flawed and not fixable.
Bitcoin was able to capitalize on its first-mover advantage and even widened the gap with its competitors.
The community around Bitcoin is very large and active.
The fact that Bitcoin belongs to everyone gives everyone involved a great sense of responsibility to ensure that Bitcoin continues to move in the right direction.
It is precisely this community that will keep Bitcoin always ahead of its competitors in the cryptocurrency industry.
The community is already working hard to solve Bitcoin scalability issues through the Lightning Network protocol.
Once the Lightning Network has been generalized, the scalability of Bitcoin will be such that mass adoption by the general public will be possible in the future.
For all other criticisms of Bitcoin, such as the lack of support for smart contracts, some startups will eventually develop and offer solutions on top of Bitcoin Blockchain to meet these needs if they become essential to users.
The goal is to keep Bitcoin Core as light as possible while developing the ecosystem around Bitcoin.
And in terms of ecosystem, Bitcoin still has no competitor in the cryptocurrency industry.
… But Some Altcoins Will Have a Role to Play in the Future
I am a big believer in Bitcoin and the fairer world it builds block by block. Such a belief leads some to consider me a Bitcoin Maximalist.
In a sense, I am a Bitcoin Maximalist since I fundamentally believe that Bitcoin is, and will remain, superior to all Altcoins.
Bitcoin will be able to adapt thanks to the strength of its community and its unique characteristics will allow it to remain the king.
Nevertheless, this does not mean that I do not think that some Altcoins will have a role to play in the future.
Some Altcoins responding to real-world user issues will persist in the future and will come to play a role in addition to Bitcoin.
First of all, I am thinking in particular of Basic Attention Token, whose project to implement an Open Web model is very promising.
Brave Browser, which is at the heart of the Basic Attention Token project, is already an important success and the future looks very promising.
Its innovative advertising model that respects user privacy has a role to play in the future against Google.
Likewise, I think Nexo has a bright future ahead of it.
Nexo is an instant credit line platform in cryptocurrency. You deposit your assets in cryptocurrencies (Bitcoin, Ethereum, XRP, Litecoin, Nexo, …) within your Nexo account.
Once these assets are deposited, you instantly have a line of credit in fiat currency at your disposal without the need for any verification.
In the future, Nexo could evolve, and why not offering this type of credit line in Bitcoin directly for example.
Developed by Enjin, Enjin Coin is the cryptocurrency leader in Blockchain gaming.
Among the sectors that will be strongly impacted by massive adoption of Blockchain technology is the gaming industry.
Already having partnerships with Microsoft and Samsung, Enjin Coin has a bright future in its specific domain.
When the average person hears the word Blockchain or the word cryptocurrency, there is a 99% chance that they will immediately think of Bitcoin.
Since 2017, everyone has heard about Bitcoin at least once.
This gives Bitcoin an important advantage that allows it to have more and more fresh money coming into its network.
Behind Bitcoin, Ethereum is the most well-known cryptocurrency for the uninitiated.
Ethereum is the second cryptocurrency and has put forward the concept of smart contracts.
Ethereum is migrating to Proof-of-Stake as a consensus algorithm which will make its network more centralized.
This negative point is offset by the fact that the most promising cryptocurrencies are based on the Ethereum Blockchain.
By buying Ether tokens, you will indirectly benefit from the Alt Season.
Finally, Ethereum is currently at the heart of the decentralized finance movement (DeFi) which is set to continue to develop strongly in the future.
Here again, the success of DeFi will benefit Ethereum and will allow its Ether token to see its price rise sharply.
Apart from these few examples of specific cryptocurrencies, I think that 99% of current cryptocurrencies will tend towards zero in the future.
Cryptocurrencies that do not answer to real world user problems are the ones that will disappear in the future because without any real use, a cryptocurrency cannot survive in time.
I’m Just a Bitcoin Realist Guy
As you may have understood from reading this story, I am a Bitcoin Maximalist in some ways since I strongly believe in Bitcoin and its revolution.
However, unlike the Bitcoins Maximalists, I don’t think all Altcoins are Sh*t Coins.
“Only” 99% of Altcoins are Sh*t Coins.
There is still 1% of Altcoins that respond to real user issues for which a future seems to me quite possible alongside Bitcoin.
It’s not much, I’ll grant you that, but it’s quite a difference from the Bitcoin Maximalists.
After thinking long and hard about the question I was asked, I think I am not a Bitcoin Maximalist.
Bitcoin has become obvious to me and to a growing number of people.
It is our only chance to put an end to the current monetary and financial system that is flawed and not fixable.
As such, I think I am simply a Bitcoin Realist Guy.