Attention Bitcoin Maximalists...
Although Bitcoin is by far not the only existing decentralized cryptocurrency, it is unquestionably been the most successful, the most traded, the most popular, it is the face of cryptos, the first one and perhaps one of the few that serves the real purpose of a “Store of Value" and of that of digital currency.
BTC popularity effectively ushered in the age of cryptocurrencies. Thanks to BTC's overwhelming success, hundreds of other digital currencies (more than eight thousand at the time of writing) have been launched in the past few years. Many of these cryptocurrencies are built from the basic bitcoin structure in some way or another, while others are so-called altcoins, or digital currencies based on blockchain technology but not necessarily on the bitcoin network specifically. It's not uncommon for cryptocurrency investors to search for the "next big thing." After all, one of the strongest and most common criticisms of the space is that it is plagued by speculative investing, and shady ICOs do not necessarily help enhance the reputation of the industry. Nonetheless, there is a vocal group of bitcoin supporters that back BTC above all other digital currencies. This faction has come to be known as the "bitcoin maximalist" group.
I have personally been in the same room or have had face to face conversations with a few Bitcoin Maximalists and their passion to support Bitcoin against all odds and also to trash all other cryptos is very interesting. To start, they refer to all Altcoins as “shitcoins,” for them Bitcoin will rein supreme for ever and ever. Any other blockchain protocol with a coin is nothing but a scam and complete garbage. Basically, these protocols are either very stupidly put together, and their founders/creators are running a get-rich ponzi scheme which will blow in their faces, taking all its investors down. You can easily engage in heated conversations with maximalists on any social media platform and/or read their comments.
As Mr. Naval Ravikant said very wisely in one of his podcasts. “Most individuals who argue on social media sites to protect and justify their extreme views are many times lacking the necessary judgement to fully understand what is being discussed.” Not exact words…
I personally believe that Bitcoin is the best cryptocurrency available, perhaps the only truly decentralized protocol, mainly because to this date no one knows who Satoshi Nakamoto is (or are). I firmly believe that it will be the top crypto in terms of market capacity and adoption for many years to come and I think that it is so popular that most people do not even know much about altcoins or care to learn.
But honestly, to say that all other coins are “shitcoins” and bypass the amazing protocols that have been coded into some altcoins (and yes, probably 96% of the 8k or more in circulation are worthless) without learning about how these blockchains are shaping our daily lives is completely irresponsible and misleading.
To start, to compare Bitcoin with other cryptocurrencies is missing the whole point of the technology. It is like comparing apples and bananas. Yes, both are fruits. But apples are round, harder in texture, taste different, grow in different parts of the world, have different nutrients than bananas but they can co-exist. (Not a food expert, but you get the point). Bitcoin serves one purpose, Ethereum accomplishes a very distinct and important one. In a nutshell it is a decentralized, open-source blockchain with smart contract functionality. NEO was designed as a huge platform to build Decentralized Applications (Dapps) and blockchains. Stable coins are probably not even comparables to other cryptos (not even fruits) since they are pegged to a fiat currency or commodity. Some cryptos are really tokens for Dapps and so on…
The point is that there is no reason to even compare cryptocurrencies. All cryptos serve a complete different purpose in a very distinct way. Yes, Bitcoin is by far the most popular, most efficient (perhaps), and most decentralized cryptocurrency in the market, but that does not make it comparable to any other protocol as they are all built different.
Looking forward to get shit on for this Blog post…. Lets go.