“Bitcoin (BTC) is not a cryptocurrency” and that’s why according to the Bitcoin “maximalists”





A negative connotation that follows cryptography is that it is overloaded with scams and bad actors. This might interest you: Bitcoin’s short-term price outlook has improved slightly, but most traders are far from optimistic. And this reputation doesn’t come out of thin air, as due to its nascent and unregulated nature, there is an excess of unethical and sometimes explicitly criminal behavior in the crypto space.

To find out how spam and scammed cryptocurrencies can be, check the account of a major influencer / analyst on Twitter. Find someone reputable and trustworthy who offers informed views and again, when you scroll through the replies to their tweets, you will find fake accounts that attempt phishing and bots that offer dubious projects.

In this environment, it’s understandable why many investors want to play it safe, and staying in the bitcoin-only space is one way to do it. This is not to say that fragile deals cannot be built around bitcoin (see Celsius or Mt Gox), but this is where the adage “not your keys, not your coins” comes into play.

Take a few hours to learn the basics of security, store your bitcoins and you won’t have to worry about dangerous fringes anymore. This also falls within the culture bitcoin, which consists of being self-sufficient and having a secure cash backup plan.

πŸ’Ž Open a free account to invest in cryptocurrencies!

CoinHouse allows you to easily invest in cryptocurrencies. Creating an account is free and takes only a few simple steps.

πŸ“ˆ Exchange cryptocurrencies online in just a few clicks!

BitPanda allows you to easily trade cryptocurrencies online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.

If you spend time on Twitter, you may have seen a recent tweet from MicroStrategy CEO Michael Saylor stating, “I’m a bitcoin maximalist.”

It’s no surprise, as Saylor has become one of bitcoin’s most vocal and persuasive advocates since making the August 2020 decision to acquire bitcoin for MicroStrategy’s balance sheet.

An influential but anonymous Twitter account known as Hodlonaut also tweeted something curious, saying:

β€œI have never seen so many people become bitcoin maximalists as I do now. The Norwegian bitcoin-only scene has literally exploded in the past 6-12 months. And most of these new bitcoins just were ‘crypto‘and’ open-minded ‘before turning into maxi. “

All of which raises the question of what exactly a bitcoin maximalist is, why anyone should go this route, and why more people might join.

What is maximalism?

Taken in a positive light, bitcoin maximalists tend to have a deep understanding of the currency’s history and how it actually works. Read also: The community responds to Vitalik Buterin’s concern about the ETH platform. They believe that bitcoin can be a good replacement for fiat currencies and our current monetary system.

Maximalism includes the belief that other cryptocurrencies cannot serve this purpose, or are not necessary as bitcoin already exists and positions itself as a solid digital currency network.

There is a related concept, hyperbitcoinization, which, if it were to occur, would see the world transition to a bitcoin standard, in which all goods and services are valued in bitcoin.

However, bitcoin maximalism does not require the suppression of all other currencies and realistically it can be expected that there will always be multiple means and methods of transaction.

Ultimately, if we focus on cryptocurrencies as a type of money, bitcoin maximalists believe that bitcoin alone has the ability to replace fiat currencies, and as such is the only cryptocurrency that is needed and worthy of support.

Why are people turning to maximalism?

One of the factors is that we are in the midst of a bear market, after a huge slump in which many of the major participants were not only wiped out, but were exposed as, from your point of view, recklessly badly managed, hopelessly badly managed. prepared or even sociopathic. Read also: Here is the good news and plans that are pushing the price of Cardano (ADA) higher..

At times like these, cryptocurrency participants err on the side of caution, and within cryptocurrencies, bitcoin is arguably the most reliable and safest purchase.

There is, however, an aspect of what is happening that goes beyond mere temporary conservatism. A fire sweeps away the waste and, in the bare bones of a declining market, it becomes easier to identify where the true value lies.

Bitcoin has not made empty promises and its intentions are clear. He just made his case, and it’s up to you to decide whether you want to get on board or not. Furthermore, bitcoin has been around for longer and serves as a cryptographic benchmark.

On a more superficial level, the cultural eddies around what can and cannot be “cool” come and go, but bitcoin is beginning to transcend these distractions. Sure, Ethereum, Solana, or a particularly elegant NFT set might seem like the moment, but bitcoin? Well, bitcoin doesn’t care, and when you’re tired and need a break, its habits are refreshingly simple: stacking sat and handing out cards.

Avoid scams

A negative connotation that follows cryptography is that it is overloaded with scams and bad actors. This might interest you: Bitcoin’s short-term price outlook has improved slightly, but most traders are far from optimistic. And this reputation doesn’t come out of thin air, as due to its nascent and unregulated nature, there is an excess of unethical and sometimes explicitly criminal behavior in the crypto space.

To find out how spam and scammed cryptocurrencies can be, check the account of a major influencer / analyst on Twitter. Find someone reputable and trustworthy who offers informed views and again, when you scroll through the replies to their tweets, you will find fake accounts that attempt phishing and bots that offer dubious projects.

In this environment, it’s understandable why many investors want to play it safe, and staying in the bitcoin-only space is one way to do it. This is not to say that fragile deals cannot be built around bitcoin (see Celsius or Mt Gox), but this is where the adage “not your keys, not your coins” comes into play.

Take a few hours to learn the basics of security, put your bitcoins in custody and you won’t have to worry about dangerous fringes anymore. This also falls within the culture bitcoin, which consists of being self-sufficient and having a secure cash backup plan.

πŸ’Ž Open a free account to invest in cryptocurrencies!

CoinHouse allows you to easily invest in cryptocurrencies. Creating an account is free and takes only a few simple steps.

πŸ“ˆ Exchange cryptocurrencies online in just a few clicks!

BitPanda allows you to easily trade cryptocurrencies online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.

Thomas E.
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