The small blockers who prioritized decentralization and security ultimately "won" the debate, with Bitcoin retaining its smaller block size limit. This victory solidified the belief among many maximalists that Bitcoin's architectural and ideological superiority would prevail over alternatives.
What is the philosophy of a Bitcoin maximalist?
Bitcoin maximalists believe Bitcoin is superior to all other cryptocurrencies due to its decentralized network, robust security, fixed supply, and proven track record. They view altcoins as unnecessary, inferior, or even risky ventures that often deviate from Bitcoin's original ideals of decentralization and security.
While acknowledging Bitcoin's scalability challenges, maximalists maintain that these can and will be solved through layer-2 solutions (protocols built on top of existing blockchains to enhance their scalability and efficiency) and other future developments.
They envision Bitcoin replacing traditional fiat currencies as the dominant global reserve currency, serving as both a medium of exchange and a store of value resistant to inflation. Maximalists also underscore Bitcoin's censorship-resistant nature and network security, believing it provides the strongest foundation for a new financial system.
The initial coin offering (ICO) boom of 2017 to 2018 further bolstered the stance of Bitcoin maximalists. The surge of new cryptocurrencies, many lacking Bitcoin's foundational strengths and some proving to be fraudulent, reinforced the maximalist argument that Bitcoin was the only truly valuable and legitimate crypto. The failures of major crypto projects in 2022 further solidified this belief for many maximalists.
