Bitcoin maximalism: good or bad?

[peter0425]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

Some of the prominent bitcoin maximalists are Michael Saylor, Max Keiser, and Jack Dorsey.

As the original crypto, bitcoin’s blockchain is the longest (it stores the most blocks of transactions), making it harder and more expensive to hack. Bitcoin's originality also plays a huge benefit since it is now the most trusted crypto in the industry. A lot of people associate crypto with just bitcoin. Bitcoin has built a brand of its own. Most importantly, it grew without any real authority hovering over it. The growth of bitcoin laid on the people believing in it. Now, bitcoin is being adapted all over the world not just by your average citizens but governments at large.

Bitcoin might be the best cryptocurrency but should we play into the bitcoin maximalist idea? A lot of people argue that this is harmful as this closes off innovation. Altcoins may not share bitcoin’s track record, but they’re responsible for the majority of the innovation in the crypto space over the last nine years. Altcoins are responsible for experimenting new tech, new networks and etc. Some of which could be even applied to bitcoin, yes?
Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a bitcoin maximalist? Do you believe this idea to be the correct one? Is there even a correct ideology or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?

If you are a bitcoin maximalist, would you want a world without altcoins?

[Ambatman]

There's no good or bad in it. Just personal belief
And yes I believe Bitcoin is currently the only true cryptocurrency
And maybe monero for is privacy.

A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit

No they don't believe Bitcoin is the only one that would give you profit
They believe others are glorified scam and Would fade among their fellow trash in the future.
The issue isn't on profit

Altcoins are responsible for experimenting new tech, new networks

and also New Rugpulls.
I don't hate altcoin or people holding it perse
I just personally consider it too risky and their supposed usecase has never ticked mY interest.



My biased POV.

[bitbollo]

There's no good or bad in it. Just personal belief
...

I would say the same too...for sure if you are a maximalist you have done extend research on the matter and you have at least an "exposition" on this coin (likewise you have a work on this field or you're just saving on bitcoin).
Otherwise it would be something non sense being a "maximalist" and not invest heavily on the technology.
Sometimes some of these people seems more fanatics. But if you know well waht is bitcoin and what is important NOW what's going on you can easily understand that this "passion" or literally love is not baseless. even if you will not become "economic rich" with this invention you could still enjoy many advantage that are literally priceless!

[348Judah]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

If you're a lover of bitcoin, then you're a bitcoin maximalist, because you can adopt for its use, invest and make profits from it, this is because you understand more about the network and are willing to make every single opportunity being taken with utmost advantage.

If you are a bitcoin maximalist, would you want a world without altcoins?

Yes because they are not part of the initial plan for cryptocurrency, it was later after bitcoin that they begin to pop in and continue to cause some of the disturbances we now see in crypto.

[DubemIfedigbo001]

This topic has been discussed before here
https://bitcointalk.org/index.php?topic=5505820.0, but it's more than 120 days old, so creating a new one is valid.

In as much as Bitcoin tops the race in the crypto industry, it surely isn't the only valid coin, it's core features and functions does not match every activity in the crypto space, hence the need to coexist with other useful altcoins.

For example, Ethereum is used for smart contracts, Dapps e.t.c. SUI network is coming up in that regard too Solana had it's features too different from Bitcoin, so I think being a Bitcoin maximalist in thinking and actions is a wrong thing.

Personally, I have investments in other altcoins, but a very small portion since their core features doesn't make them a store of value unlike Bitcoin which I hold almost 90% of my crypto investments

[hd49728]

A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.

Some of the prominent bitcoin maximalists are Michael Saylor, Max Keiser, and Jack Dorsey.

If you are a bitcoin maximalist, would you want a world without altcoins?

What you want and what you have to live with are different and the world is big enough to nullify your wanted scenarios.

Like Bitcoin maximalists possibly hope that Bitcoin will completely replace fiat currencies, CBDCs in future and will be an altcoin killer in a future without altcoins. The fact is painful for them, as the world and societies will continue with existence of fiat currencies, CBDCs, and altcoins together with Bitcoin. None of those things will completely disappear over the globe no matter what Bitcoin maximalists want.

Altcoins are very scam with their promises and what they can achieve practically, but if you are experienced, you can take advantage of altcoin seasons to enrich your Bitcoin portfolio, and I see it is good enough.

[Taskford]

There's no good or bad in it. Just personal belief
...

I would say the same too...for sure if you are a maximalist you have done extend research on the matter and you have at least an "exposition" on this coin (likewise you have a work on this field or you're just saving on bitcoin).
Otherwise it would be something non sense being a "maximalist" and not invest heavily on the technology.
Sometimes some of these people seems more fanatics. But if you know well waht is bitcoin and what is important NOW what's going on you can easily understand that this "passion" or literally love is not baseless. even if you will not become "economic rich" with this invention you could still enjoy many advantage that are literally priceless!

Exactly because they won't came to the point to became a Bitcoin maximalist if they didn't do a research and also learned already from their past mistake made from their investment done with multiple alts before.

We cannot erase some facts that there are fanatics which just ride the fame and think about they are Bitcoin maximalist while its not especially if they are still investing on shitcoins. Usually they easily got exposed if there's a sudden bearish condition since of most them got easily panic then sell their holdings and think about that better to dump rather than getting nothing. If they know the importance of Bitcoin for sure they would think about those future development that will happen and ignore those short term disturbances.

[Free Market Capitalist]

If you are a bitcoin maximalist, would you want a world without altcoins?

Ideally yes, but since bitcoin is so valuable, it will surely coexist with other forms of payment that if they are not altcoins will be some forms of fiat, so whatever. Being a maximalist I don't have shitcoins, but I do have fiat to spend, and likewise if all payments were to go digital and with cryptocurrencies I suppose I would pay for coffees with some shitcoin.

[Helena Yu]

I have to disagree if Bitcoin can bring more profit than altcoins, even though in my experience, I made most from Bitcoin. It's either I'm not lucky or using Bitcoin's mindset for holding to long, so whenever my altcoins is rising, I don't sell it immediately.

Yeah I agree becoming Bitcoin maximalist is high likely will reject any new innovation and improvement.

Rather than to be Bitcoin maximalist, better to be decentralization maximalist.

[EL MOHA]

hr]
Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a bitcoin maximalist? Do you believe this idea to be the correct one? Is there even a correct ideology or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?

If you are a bitcoin maximalist, would you want a world without altcoins?

First of all I don’t go against having Altcoins but never as ones investment, moreover the true question is if i decide to actually add Altcoins to my portfolio, what Altcoins should I add? I know lots of people will come with their own different Altcoins and there by making me spread my money into most of which would never yield any results so for me the best thing is to treat bitcoin as your only investment and probably trader Altcoins if you wish but it is definitely a gamble.

As a bitcoin maximalist I wouldn’t say bitcoin should exist alone, because bitcoin it self actually promotes freedom and is actually an alternative to everything in the financial world, my only problem is bitcoin having to be associated with Altcoins because I believe it is very far different from them

I have to disagree if Bitcoin can bring more profit than altcoins, even though in my experience, I made most from Bitcoin. It's either I'm not lucky or using Bitcoin's mindset for holding to long, so whenever my altcoins is rising, I don't sell it immediately.

I can confidently say bitcoin is the only coin promised of profit and over a long  timeframe it brings more profits that any other Altcoins. People actually get this idea that more profits are in Altcoins which I don’t disagree like that but my defense is usually which Altcoins and how do I spot them, I can categorically tell you that many people lost money on Altcoins before they can catch one good move. And over a long time Altcoins die off after the hype

[Dogedegen]

Good. The advice about not keeping your eggs all in one basket is wrong. Is it better to have all your eggs in the best and most secure basket possible, or to distribute some of them away into cheap and fragile baskets? As long as you know what you are doing and what the risks are of this strategy then you can proceed accordingly. A lot of people made mistakes by acting smart and being gullible.

• Put all your money into 1 altcoin, which led to catastrophe.
• Split all your money across several altcoins, all of which suffered.

Maximalism is pretty good if you pick the right asset, but that is the difficult part of it.   If you pick weak or risky things then this strategy is bad.

[franky1]

its not about blind admiration of one coin
its not about wanting only the existence of one coin

its about recognising the strongest of all the coins aswell as recognising when others are trying to manipulate it, to try to preserve it from such manipulations and controlling parties with ulterior motives

also bitcoin should remain the strongest to hedge against crap coins and fiat
other coins are called crap coins for multiple reasons, such as:
pre-mined ICO scams
lack of utility play, and just gambling play
zero minting cost leading to zero bottom value

bitcoin maximalism is not about wanting a one world currency. its about wanting bitcoin to remain the strongest hedge against the other crap currencies, and not become one of them, wanting the best for bitcoin

[Dogedegen]

its not about blind admiration of one coin
its not about wanting only the existence of one coin

its about recognising the strongest of all the coins aswell as recognising when others are trying to manipulate it, to try to preserve it from such manipulations and controlling parties with ulterior motives

also bitcoin should remain the strongest to hedge against crap coins and fiat
other coins are called crap coins for multiple reasons, such as:
pre-mined ICO scams
lack of utility play, and just gambling play
zero minting cost leading to zero bottom value

bitcoin maximalism is not about wanting a one world currency. its about wanting bitcoin to remain the strongest hedge against the other crap currencies, and not become one of them, wanting the best for bitcoin

Yes, that is exactly it. They keep coming with new zero utility coins, and often even speak of it as the next Bitcoin. All of this is designed to trick people to buy those instead of the valuable one, Bitcoin. If we look at the price charts between Bitcoin and old altcoins, it tells a bad story. Those who bought the alts, are much worse off than those who bought Bitcoin instead.

[Bit_Happy]

If you're a lover of bitcoin, then you're....

If you're a knowledgeable lover of bitcoin, then you are aware of the fact there are many things which currently cannot be done with BTC, for example, advanced smart contracts and many of the great features of Chainlink - including effective communication with SQL databases! Who can show a "maximalist" solution with an entire list of currently missing BTC features?

[Obim34]

People say what they want and do what they want. Being a Bitcoin maximalist is no big deal in the sense that same way people are provocative towards Bitcoin, one can also be entitled to having Bitcoin as the only asset they want to hold, everything is based on how you see one over the others, other reason why investors becomes highly Bitcoin maximalist is due to probably misfortunes they've had with doing cryptocurrency aside Bitcoin, one bad experience is enough to make anyone hate the idea of investing in anything aside from Bitcoin.

Personal choice matters, don't try to sweep another from his perspective. Who cares about a maximalist if others are not getting equally what they want for themselves. Bitcoin vs Altcoin, to the core i take Bitcoin and dump Altcoin, but let's not forget that also people have made huge gains from Altcoins and it has become there favorites.

 

[headingnorth]

Bitcoin is the only digital asset worth investing in.

Everything else is a pump and dump Ponzi scam with creators
who give crypto a bad name and should be in prison IMO.

[passwordnow]

Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a bitcoin maximalist? Do you believe this idea to be the correct one? Is there even a correct ideology or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?

If you are a bitcoin maximalist, would you want a world without altcoins?

I've been a bitcoin maxi for how many years and just tried to dive into the world of alts. I would say that I shouldn't have done that but I am already here and trying to regain my losses after selling early and also diversifying into various altcoins. If we can just have Bitcoin entirely, it's better. Think of all of the money that are flowing into altcoins will be flowing to Bitcoin all at once, the market cap will be greater and the price of it will be higher and that's why for me, if we're into Bitcoin that's what I am thinking right now. And those that are playing fire with the alts of their choice, it's your decision but if you can steer it, stay on BTC.

[Sticky Bomb]

Bitcoin is the only digital asset worth investing in.

Everything else is a pump and dump Ponzi scam with creators
who give crypto a bad name and should be in prison IMO.

I can agree with you since it's the only one which is cute principles dollars that it's a store of value and a hedge against inflation and Fiat depreciation. I believe the attitude towards each coin should be referenced upon it's core values.

Meme coins are the worst, I don't even look in that direction since I've not got no funds to lose in that dirty game. Bitcoin is the strongest and the best, so whenever I'm ready to invest my money into cryptocurrency, I always turn to Bitcoin.

[fuguebtc]

Bitcoin is the only digital asset worth investing in.

Everything else is a pump and dump Ponzi scam with creators
who give crypto a bad name and should be in prison IMO.

To me, this could be considered one of the downsides of being a bitcoin maximalist. Being a bitcoin maximalist makes us closed-minded and inflexible. That means we will tend to reject new ideas or any new changes, and this will hinder the growth of the crypto industry.


I don't deny that crypto is full of scams and most of them are related to altcoins, but you know scams happen because of human greed. As long as human greed exists, scams will never go away, even without altcoins. They will also find other ways or create scam projects labeled as bitcoin or use bitcoin as a tool to scam people.

So instead of just blaming altcoins and scammers, blame yourself for not being able to control your greed. I bet you that if you are not greedy, do not want to get rich quick, know how to control your greed then you will never be cheated.

[ABCbits]

or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?

Yes. In addition, people should also accept that few cryptocurrency have different strength and weakness compared with Bitcoin. I use term "few" since most cryptocurrency is just copy-paste without bringing new strength or uniqueness.