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I've heard much about bitcoin maximalism. As I've googled it, a bitcoin maximalist is a person who believe that the only real cryptocurrency would really be needed in the future is the bitcoin. Is this correct? Can someone explain it in simple language to me and also the root causes of this belief? Why would some people believe that bitcoin is the only cryptocurrency ever man would need?
Thanks in advance.
I think your question might be opinion-based and therefore off-topic on this site, but I'll still try to give a helpful answer.
Bitcoin maximalists believe that bitcoin is the only cryptocurrency worth holding, studying and/or building upon. That belief comes from any of these and/or related claims (with varying degrees of verifiability):
- Bitcoin is the only cryptocurrency that is truly decentralized. (Its creator is unknown and has not been involved with the project for many years, and there is no central authority saying what the protocol changes should be.)
- Bitcoin is the only cryptocurrency that is distributed fairly. (There was no pre-sale for insiders, no pre-mine, everyone had the opportunity to mine right from the start.)
- Any claimed improvements brought by other cryptocurrencies can be implemented in bitcoin as well if they are shown to be useful.
- Bitcoin has the most proof of work going into it, making it the "most secure" chain.
Bitcoin maximalism became a thing after this blog post by Vitalik:
https://blog.ethereum.org/2014/11/20/bitcoin-maximalism-currency-platform-network-effects/
I do not agree with anything shared in the post which was written in 2014. It was a narrative to promote an altcoin.
In 2022, maximalism is a meme on Twitter that some bitcoiners feel proud to be a part of. There is no team that represents bitcoin maximalists and people are free to associate themselves with different things.
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