Bitcoin Maximalism- Everything You Need To Know About It!
What is Bitcoin maximalism? – It’s a school of thought in which one believes that Bitcoin should be the only blockchain to exist. If you have been following the crypto ecosystem for some time now, then you must have heard this term quite a few times by now. In this article, we will try to understand what exactly bitcoin maximalism is.
So, the basics first! Bitcoin maximalists argue that since BTC is an open-source project, anyone can copy it and create their version of it with their own set of rules in place. And in doing so, they are free to do that without any cost or permission from the original developers. They would not need permission to do so.
Anyone can copy the open-source code and run their forked version to manage their transactions without any restrictions put in place by the original developers.
Many ardent supporters of Bitcoin Smarter also like the idea that no single party can control it or monitor it. And this is where Bitcoin shines out of the competition; it doesn’t require any intermediaries for anything, unlike other currencies, which need governments and financial institutions for governing them.
And as you know, there are some inherent flaws in some cryptocurrencies. This makes it much easier for a cryptocurrency to overtake a flawed one since the original blockchain can be copied and taken over relatively quickly compared to other platforms, which take a long time and require tremendous effort to copy or overtake.
Maximalists also believe that all of this is possible simply because of the level playing field available to all, as it is a fact that any single party doesn’t own Bitcoin. So anyone can take it up at any given time. The power that this level playing field provides is something that only a maximalist would understand since many people think that an open blockchain like bitcoin should be regulated somehow.
A network where the power is given to both the senders and receivers provides a free flow of finance from anyone to anywhere across the world. Furthermore, this level playing field does not allow any intermediary or third party to monitor the transactions. And so, a person’s privacy is safe on a Bitcoin blockchain while they have the freedom to send and receive money from anyone around the world.
And so, Bitcoin is a valid form of a free-market economy that gives everyone the power to take control of their finances without worrying about overspending or double-spending, which can be a problem with most cryptocurrencies. So, in a bitcoin maximalist’s case, they believe that the hard cap on bitcoin ensures that it is a perfect payment method with which you can send and receive money from anywhere in the world.
Having said all of this, many people often forget that Bitcoin maximalists aren’t against altcoins or any other form of cryptocurrency. It’s just a state of mind where one prefers bitcoin over other cryptocurrencies. To get maximalists, you have to get them into this state of mind where they are so satisfied with what BTC offers that they want nothing more than it.
And the reason why it’s not against altcoins is that there are still some areas where Bitcoin can be improved upon. And since it’s open-source, a person could fork it whenever they want to create their improved version of bitcoin. And in doing so, they won’t have to approach the original developers or ask for permission from them.
So basically, maximalists are against regulation and centralization around the cryptocurrency space, where people think of ways to control it.
With the many problems that Bitcoin has to solve, it is a unique cryptocurrency trying its best to stay intact in this world of digital currencies. Its decentralized nature and open-source code make it free from government or financial institution intervention. The level playing field available to anyone makes it an attractive option for many people.