In the cryptocurrency space, you will hear all sorts of names that encryption enthusiasts use to describe themselves. If you've been fond of these names, it's likely that you've come across "bitcoin maximalist" and wondered what it means exactly.
Let's take a look at bitcoin maximalism and what exactly it entails.
Who is a Bitcoin Maximalist?
Generally, a maximalist is someone who has an extreme view of something and is not at all willing to compromise. In the context of bitcoin, a bitcoin maximalist it is simply someone who believes that bitcoin is the only crypt worth its time and effort. For them, all the other cryptos are "shitcoin".
Being the pioneer of cryptocurrencies, there is nothing wrong with believing that bitcoin is the top crypto, but a bitcoin maximalist bases their belief on a law known as the Metcalfe law, mostly called a network effect .
See, this law states that the effectiveness of the network is proportional to the square of the user number connected to that particular network.
Now think this way: if there are only two computers connected to the Internet, the network can be established only between the two, but where five PCs are involved, even 10 unique connections can be established. This means that more devices equate to more connections and higher value to the network.
Looking at this concept it is easy to understand why bitcoin maximalists consider bitcoin as the supreme coin and all other coins as & # 39;shitcoins'. Basically, they see the altcoins as lacking the value of the bitcoin network.
Is the competition valid for Bitcoin?
Whereas the feelings of bitcoin maximalists could hold a bit of ground, we can not ignore the fact that altcoin versus bitcoin competition is good and workable. Bitcoin may be the pioneer of cryptocurrencies and provide the source code to make other cryptos prosper, but that does not mean it should have the whole market for itself.
Competition is always good for any market and the cryptographic market is no exception. With more emerging blockchain and more cryptos projects coming onto the market, there is no doubt that more value will be achieved in cryptographic space.