Bitcoin maximalism: good or bad?

[Fundamentals Of]

Is any kind of maximalism good? I think maximalism is an extreme. It represents closed-mindedness and limited view. If you are a maximalist you are probably not appreciating alternatives.

In crypto, maximalism might hinder growth and development. People who seem to stick to one thing whatever happens might perceive progress as a deviation from the original. They might consider this progress as a kind of betrayal or disrespect to what came first. How can we move forward with this kind of religious obsession? We are like fanatics with this attitude.

[aylabadia05]

Whatever it is called, for me who has Bitcoin then he is a person who is planning something good for his future with the Bitcoin he has.
I am also a person who wishes to become a large holder of Bitcoin and has no thought that Altcoin does not exist because it is the right of anyone who wants to give birth to his work in the crypto space. One of my thoughts about altcoins is that people can compare which one is better.

[mindrust]

Bitcoin is obviously the best decentralized cryptocurrency out there and I support it more than anything else but it is also not wise to ignore the other projects completely. Some of these alts are actually unique. Monero for example. It is the OG privacy coin and when privacy is desired, Bitcoin can’t compete with it. Should I dislike monero and pretend it doesn’t exist? Would that be wise? Monero solves a real world problem just like btc does.

So no, while I accept that btc is superior to many alts out there, maximalism is not a very healthy mindset to have.

[davis196]

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

That is not true. A memecoin can give you way bigger profits, but memecoins suck and I wouldn't recommend investing in memecoins(unless you want to gamble). The profits don't matter. What matters the most is the blockchain behind Bitcoin and the trust around Bitcoin.
The statement that altcoins are responsible for most of the innovations in the crypto world is partially true. If you consider ICOs, NFTs, smart contracts and Proof-of-Stake as an innovation, that's your problem. I don't consider those "innovations" to be particularly useful(maybe except smart contracts). I don't consider myself to be a Bitcoin maximalist. I don't mind the existence of altcoins. Competition is good for the market.

[reagansimms]

Yes, Bitcoin is the best Cryptocurrency ever, some of the names you mentioned above have gained huge profits from Bitcoin investment and will continue to accumulate most of the Bitcoins till now. In general, Bitcoin maximalism has both good and bad arguments depending on where each individual's beliefs position themselves. When measured in a broader perspective, Bitcoin has the largest and most decentralized network, making it safer than other cryptocurrencies, which is why some people who have achieved financial freedom trust Bitcoin more as a hedge asset in the future.

Bitcoin is the only cryptocurrency worth having based on its community having a strong and active base that can promote adoption and sustainable development. If you can see other profitable assets in assets other than Bitcoin, then it can be an alternative to increase wealth value.

[traderethereum]

I also believe that most of my portfolio contain Bitcoin but I have some altcoins that I think that can give more profit. I don't know what it is call but I am only a Bitcoin holder which hodl Bitcoin for a long term.

I don't just need Bitcoin but I also need altcoin to help me gain my profit because I don't close my eyes for more opportunities to have more profit. Altcoin can do that while I used Bitcoin for my long term investment.

No matter what the innovation will be, it will be back to Bitcoin and used Bitcoin as a long term investment. They search for more opportunities to make a profit and used that profit to buy Bitcoin as their investment.

[Mpamaegbu]

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

It's amusing how Michael Saylor gets mentioned as a Bitcoin maximalist this day. Those who didn't know his antecedence wouldn't know he was a big critic of Bitcoin in the past. Anyway, they say the only constant thing in life is change. He's now a repented ambassador for the same thing he condemned a few years ago.

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...

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

Variety is the spice of life. I think those who class themselves as maximalist are getting it all wrong. It's the same way some people say they're feminist but would need a man's help when it gets tough. I don't believe in extremism. Moderation is key in everything we do in life. Bitcoin may have started this industry but it hasn't advanced it the way an alt like ETH has done.

[Z_MBFM]

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!

Those who have good knowledge about Bitcoin will definitely know about the potential of Bitcoin and will be able to predict the position Bitcoin will reach in the future. Bitcoin investment is a great opportunity to become wealthy at the present time. This is because no other asset or investment is able to give such good profits as quickly as Bitcoin.

However, not everyone wants to believe in such potential of Bitcoin or many are still afraid to invest in Bitcoin. However, as Bitcoin adoption is increasing rapidly and people's positivity towards Bitcoin is increasing, Bitcoin's ATH is increasing more and more and it will reach a level that we cannot even imagine.

[hd49728]

If we look at Altcoin, they do not give us the profit and growth and good exchange that we get in the world of Bitcoin and you are also saying the same because this is the one coin that has done the most advance work compared to other coins. Due to which it is considered the best and most successful coin. Whoever has money to invest in Bitcoin will also collect money for the exchange without saying anything because he will have done good and best work in Bitcoin. It is really expensive but it is easy for those who have it because they have acquired it for a long time and so far they are in profit.

If you don't care anything about blockchain security, transaction security and only care about profit, Bitcoin is still your best choice.

All cryptocurrencies have bull and bear markets but Bitcoin is unique as after each market cycle with bull and bear months, it will make new higher bottoms and new higher ATHs. Altcoins are different and opposite with Bitcoin, as many altcoins make lower lows, deeper bottoms and end with deaths.

With Bitcoin, you don't have to worry about accuracy of your entry price because with its strong survivalability in this market, if you can hold your bitcoin even you bought at ATH of a previous market cycle, you can still exit with a draw or profit in a next market cycle. You can not have it with most of altcoins and even lose all money when an altcoin project dies.

https://charts.bitbo.io/yearly-candles/

[Alpha Marine]

I don't buy into the Bitcoin maximalist idea. I understand that bitcoin is the best cryptocurrency by a continent mile, but I don't believe in a world where there is only bitcoin. Now, I believe that without altcoin, if bitcoin bitcoin was the cryptocurrency, it would have been bigger than it is today, but that doesn't mean I want a world where bitcoin will be the only crypto. If the dollar was the only fiat currency, it will be bigger than it is today, but that doesn't mean I want the dollar to be the only fiat currency in the world.

What I believe is that there should be a regulation to altcoins. There should be criteries and things that should be me before a coin can be launched. That way, the market won't be flooded with thrash.
People are free to choose what they want. There is a demand for altcoins and that is why they're still here, the once that have no demand have withered away even though there was a supply. As for me, I have demand for bitcoin alone.

[bubilas]

Now is the time when we see that altcoins are as weak as possible. Everyone was waiting for the altcoin season, but in reality it turned out that nothing happened and there were many more Bitcoin maximalists, because everyone saw that Bitcoin is the true Digital gold, needed by everyone and stable from hacks, and all other coins are just an accompanying phenomenon.
It is certain that due to the speculative nature of the market, altcoins will be pumped up more than once in the future, but only Bitcoin will have the ability to constantly grow in price.

[peter0425]

Bitcoin is obviously the best decentralized cryptocurrency out there and I support it more than anything else but it is also not wise to ignore the other projects completely. Some of these alts are actually unique. Monero for example. It is the OG privacy coin and when privacy is desired, Bitcoin can’t compete with it. Should I dislike monero and pretend it doesn’t exist? Would that be wise? Monero solves a real world problem just like btc does.

Yes, good example. Monero is a very different kind of coin to bitcoin. I do not think most who use monero are in it for profit the way some people buy and hold bitcoin. Those who use monero are people who value and prioritize privacy and while bitcoin offers some privacy a lot of people use it mainly for profit and the convenience of making transactions from and to all over the world.

[philipma1957]

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?

I believe in POW.

So I like sha-256 specifically BTC
and I like scrypt both LTC and Doge

We do not need 10,000 alts and they hurt crypto in general

We do need a few coins other than BTC

For the most part I am not a fan of bitcoin maximalists

I mine 30 k-watts of gear an hour.

27kwatts on btc
 3kwatts on ltc/doge

[Y3shot]

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.

But that is the truth. Bitcoin maximalists work with facts and knowledge, not with ignorance like some people who think a particular altcoin is the best to invest in and trade. Bitcoin is better than all cryptocurrencies when we talk about reliability, security, value, and in every other aspect. Maximalists do not invest in Bitcoin blindly, and what they know about Bitcoin is based on facts, not ignorance. No real maximalist regrets their decision to invest in Bitcoin; they always take good advantage of the value in Bitcoin. It is a privilege for anyone to be a Bitcoin maximalist, and it is not a wrong path to take.

[xzone]

Yes, Bitcoin is the best Cryptocurrency ever, some of the names you mentioned above have gained huge profits from Bitcoin investment and will continue to accumulate most of the Bitcoins till now. In general, Bitcoin maximalism has both good and bad arguments depending on where each individual's beliefs position themselves. When measured in a broader perspective, Bitcoin has the largest and most decentralized network, making it safer than other cryptocurrencies, which is why some people who have achieved financial freedom trust Bitcoin more as a hedge asset in the future.

Bitcoin is the only cryptocurrency worth having based on its community having a strong and active base that can promote adoption and sustainable development. If you can see other profitable assets in assets other than Bitcoin, then it can be an alternative to increase wealth value.

Bitcoin is of course the best, most reliable and longest lasting. But can we predict what we will see 10 years from now? Maybe we will see something more popular, more functional than bitcoin.
My personal opinion is that bitcoin will always remain number 1. But one day things may change, technology is developing and the world is changing. So we always have to be prepared for everything.

altcoin investment should always be done, I don't think it's right to invest only in bitcoin

[_BlackStar]

-snip-

Yes, good example. Monero is a very different kind of coin to bitcoin. I do not think most who use monero are in it for profit the way some people buy and hold bitcoin. Those who use monero are people who value and prioritize privacy and while bitcoin offers some privacy a lot of people use it mainly for profit and the convenience of making transactions from and to all over the world.

Bitcoin maximalists will not use any altcoins to transact or fiat - they will definitely prioritize using bitcoin in everything. Bitcoin transaction fees are sometimes not profitable for users - that's why some people choose altcoins to transact, but they are not bitcoin maximalists.

Let's be honest - I'm not a bitcoin maximalist, that's because I still need fiat and altcoins in most cases.

[coolcoinz]

Is any kind of maximalism good? I think maximalism is an extreme. It represents closed-mindedness and limited view. If you are a maximalist you are probably not appreciating alternatives.

In crypto, maximalism might hinder growth and development. People who seem to stick to one thing whatever happens might perceive progress as a deviation from the original. They might consider this progress as a kind of betrayal or disrespect to what came first. How can we move forward with this kind of religious obsession? We are like fanatics with this attitude.

It's not going to stop anybody from developing anything. You're overestimating maximalists here.

I see a lot of good in their thinking. They see how many people fall victim to scams and want to protect them. What people like Saylor are trying to tell you is that if you have a million dollars in the bank and want to invest it, many people will try to invite you into their schemes. If they're into Doge, they will tell you to buy doge, while people who love XRP will tell you to get XRP and you'll try to balance your investments between them not to miss out on any opportunity. That's a mistake because at least 50% of all altcoins are made to be scams, or become scams somewhere along the way. For instance IMHO Trump  and Melania coins were made to be scams, while Terra Luna wasn't but ended up being a scam.

Why risk your money when you can safely park it in bitcoin?

[AbuBhakar]

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?

I never considered to become a bitcoin maxinalist.  While it's true that it's the most safest asset to invest into crypto, I'm aiming for more profit potential so I hold larger percentage of altcoins than bitcoin in my portfolio.

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?

There is no right or wrong ideology in investing. Each one of us have different risk appetite. Some investors are aggresive and willing to dive into high-risk, high reward cryptocurrencies while there are others who prefers safe investments and only want to invest into crypto that is proven to be trusted over the years.

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

Altcoins is still needed for innovation of the blockchain technology. They are being created for different purposes like gaming, ai, rwa, and many more utilities.

[summonerrk]

Now is the time when we see that altcoins are as weak as possible. Everyone was waiting for the altcoin season, but in reality it turned out that nothing happened and there were many more Bitcoin maximalists, because everyone saw that Bitcoin is the true Digital gold, needed by everyone and stable from hacks, and all other coins are just an accompanying phenomenon.
It is certain that due to the speculative nature of the market, altcoins will be pumped up more than once in the future, but only Bitcoin will have the ability to constantly grow in price.

Yes, it is now true, but who could have expected that everything would turn out this way? It used to be that altcoins were trying to improve the overall contribution to the speed and reliability of transactions, and no one was sure that altcoins would not be able to displace Bitcoin. Remember Bitcoin Cash, some allowed themselves the scary thought that it would displace Bitcoin.
But in fact, it turned out that only those who initially believed in Bitcoin and did not let their faith waver are now in the winners. Yes, some altcoins at one time grew rapidly when Bitcoin stood still, but now everything looks like these times will not come anytime soon.

[Smack That Ace]

I never considered to become a bitcoin maxinalist.  While it's true that it's the most safest asset to invest into crypto, I'm aiming for more profit potential so I hold larger percentage of altcoins than bitcoin in my portfolio.

Most of us enter the market for profit and that is our main goal. So being a bitcoin maximalist will only cause us to miss out on opportunities beyond bitcoin. Although the altcoin market may seem risky, there is no denying that the greater the risk, the greater the reward, and many altcoins today offer better returns than bitcoin.
I never intended to be a bitcoin maximalist or adhere to any maximalism.

There is no right or wrong ideology in investing. Each one of us have different risk appetite. Some investors are aggresive and willing to dive into high-risk, high reward cryptocurrencies while there are others who prefers safe investments and only want to invest into crypto that is proven to be trusted over the years.

As I said, investing is about making profit so whoever makes more money is right.

Altcoins is still needed for innovation of the blockchain technology. They are being created for different purposes like gaming, ai, rwa, and many more utilities.

Every coin has its own pros, cons, and use cases, and Bitcoin is not perfect.