Bitcoin Maximalism is catching a tremendous pace amongst millennials. Bitcoin is not similar to fiat currencies as a significant party governs these. Bitcoin comprises a trustless mechanism that does not necessitate any major party’s verification actions. Bitcoin is decentralized, and this cryptocurrency network’s blockchain comes up with public source code.
In short, blockchain sustains the pseudonymous attributes in each bitcoin transaction. But regardless, bitcoin’s immense recognition as a gigantically traded virtual asset, many digital currencies are entering the marketplace. And according to bitcoin maximalists, altcoins are not worth investing resources in contrast to bitcoin. So let’s know what bitcoin Maximalism ideology is.
Bitcoin maximalists believe that BTC is the mere digital currency that this world will need in the forthcoming years.
As per these people, no other digital currency can defeat Bitcoin in terms of market cap and store of value.
But bitcoin scalability is one of the most criticized aspects of this network. So, developers started to develop a more scalable blockchain model due to the lack of scalability in the bitcoin network.
Bitcoin maximalists demonstrate that minor errors and challenges in the bitcoin network can be resolved.
Understanding Bitcoin Maximalism!
Undeniably bitcoin was not the initial attempt to develop a decentralized digital currency, but only bitcoin survived the previous attempt to develop a digital currency. Therefore, bitcoin maximalists think that only BTC can offer every possible aspect that a virtual currency user will demand in the future from digital currency technology.
In short, bitcoin maximalist favors bitcoin over any other digital currency no matter how much altcoins are developing in terms of scalability. Bitcoin Maximalism is so popular that even the founder of Ethereum has commented on it. When Vitalik Buterin designed Ethereum in 2014, he addressed bitcoin Maximalism ideology and referred to this ideology as bitcoin dominance.
Reasons Behind Growing Bitcoin Maximalism!
Bitcoin maximalists do not support bitcoin silently as they openly pass comments upon the future of bitcoin. On the contrary, bitcoin maximalists support this digital currency over any other coin, and here are the reasons why bitcoin as an ideology is increasing.
Bitcoin maximalists openly agree that the hit rate of virtual coins relies upon the fundamental technology, blockchain. Maximalists have kept addressing the growth of bitcoin and rigid forks of bitcoin over the last years in terms of market cap as both bitcoin and bitcoin hard forks are leading the charts.
Conclusion: Numerous altcoins have maintained a high-profile market cap leading in terms of market cap. The bitcoin network is the premise of many emerging cryptocurrency developers, and usually, developers structure their digital currency projects around bitcoin’s technology.
Another famous reason bitcoin maximalism is an idealogy is that the bitcoin network is very well established. According to bitcoin maximalists, the actions related to integrating virtual coins into the vanilla marketplace will not catch pace until people start to recognize it as a complete proof payment method. With the entry of many cryptocurrencies budding, bitcoin has an early mover advantage. It has proven its stability and returns on investment over the past few years. Whenever a digital currency network confronts hack or scams events, bitcoin maximalists address the authenticity the bitcoin network has been providing for a very long time.
Bitcoin also Influences Altcoins!
A famous reason behind the popularity of bitcoin Maximalism is that bitcoin trading exerts a massive impact upon the altcoin spot price as the majority of the altcoins are structured around bitcoin technology. Therefore, Bitcoin Maximalism is by far the most popular ideology, and since it has a profound impact on the trading of altcoins, people are more likely to trade in bitcoin.
The above-listed portion explains crucial aspects of this ideology and its massive growth.