Maximalism: The opposite of minimalism; a tendency toward excess.
Bitcoin Maximalism has always been a contentious subject for many. Especially myself. The idea that one, and ONLY ONE cryptocurrency can succeed is something that has been met with both acceptance and complete disbelief.
Some believe that we will see an unimaginably complex crypto ecosystem that is built on a plethora of algorithmic protocols. All working together to build a more cohesive, efficient, and safe society. However, there is no place for something like bitcoin. These people tend to view bitcoin as "outdated technology", "slow", and will compare it to the likes of Windows '95 while other "faster" cryptocurrencies will make bitcoin obsolete.
Others believe that we will see a revolutionized financial system all built on Bitcoin's infrastructure. After all, bitcoin is perfect money. It solves all of the problems of today's ineffective financial policies. We are all aware that the current financial system is broken on the fundamental level. There is no fixing it without a complete overhaul and the introduction of "sound money". (Which we did not have until BTC). In the minds of these folks, if Bitcoin were the only cryptocurrency, we would be perfectly fine. These are our Maximalists.
Furthermore, there are those that believe in a combination of these. They believe that we will see a revolutionized ecosystem all built on bitcoin, but differ in the belief that they see how other cryptocurrencies could complement bitcoin in a number of ways. They see that blockchain technology is something that is here to stay, and will disrupt many industries outside of the financial market. This includes music, health care, gaming, art, real estate, and legal industries alike. These people tend to think bitcoin will always be #1, but also think there are too many industries to disrupt that it would be impossible for all other cryptocurrencies to fail.
The only mindset that I personally have distaste for is the first one. To think bitcoin is "outdated" is a complete delusion.
Some condemn Bitcoin Maximalism, saying that such a mindset is "close-minded" and "dangerous to progress". These comments do not come without strong arguments.
What these folk do not realize is that Bitcoin Maximalists are why we are all here. They are why Bitcoin has been able to live through the never-ending FUD. They are one of the largest reasons bitcoin has survived so many vicious attacks.
This brings me to my point...
Let's first discuss the dangers of Bitcoin Maximalism. Being a Bitcoin Maximalist generally means you do not believe in any other cryptocurrency that describes itself as a store of value. If you are a hardcore Maximalist, you generally do not believe in any other crypto at all regardless of its use. Inherently, this is not good because this includes you shutting out new ideas that could be highly beneficial for our society. We have all seen companies and individuals fail because they were resistant to change. Maximalists will counter that its not "change" if it's produced by shitcoins. This is a good point. We are seeing many different cryptocurrencies all trying to solve the same problems. For example, smart contract/defi platforms are all trying to disrupt the same industries. They are also so young that we do not know which will come out on top, making many alts a gamble rather than an investment.
Nonetheless, Bitcoin Maximalism is inherently dangerous in the eyes of many because it denies the fact that there are other industries to disrupt that could not be disrupted by bitcoin. There are projects that use blockchain in ways that would twist your brain. There are also far too many practical applications for blockchain outside of the financial ecosystem that bitcoin would not be able to accommodate as efficiently as other protocols.
Regardless of these notions, these kinds of individuals almost always miss the major role that Bitcoin Maximalists have played. This is where we get into the blessings of our friendly-neighborhood Bitcoin Maximalists.
Maximalism is why bitcoin has been able to keep the integrity of its protocol. There have been a handful of "geniuses" and "influencers" that have tried to come in, tinker with the code, and attempt to "improve" it without considering the intrinsic values of bitcoin. They twist and contort the code until it is virtually unrecognizable. The Bitcoin Maximalists act almost like the white blood cells of the bitcoin ecosystem. (BTCM, 2021) They attack bad actors attempting to make bitcoin what it was not meant to be. They stick to bitcoins original values. Without them, bitcoin could very well be looking at 10MB block sizes and a planned POS transition. (I gagged typing that). Even that issue with Marathon producing "clean" blocks. Who fixed that? Maximalists. Look at the threads on here from when that was going on.
Maximalists are also a huge reason we have been able to survive through some of the most vicious FUD attacks. From bitcoin bans to bitcoin killers, Bitcoin Maximalists have calmed the waters on some VERY significant storms. Just this past year we have received some of the harshest FUD bitcoin has seen in quite some time. Maximalists to the rescue.
But who are these Maximalists? Are they Whales? Devs? No. They're everyone.
We are the Maximalists. If you defend bitcoin and what bitcoin stands for, you're a Maximalist in my book.
Maximalism is bitcoins best defense system. Without it, bitcoin would not be the bitcoin we know today.
Next time you see your favorite Bitcoin Maximalist, give them your best regards.
Feel free to drop your 2cents.
