Buterin highlighted that the future would be in the hands of many cryptocurrencies sharing the market leadership. He said that a maximalist believes that most other crypto assets are scams, explaining that an intolerance culture is inevitable.
Vitalik Buterin, the co-founder of Ethereum, recently published the whitepaper In Defense of Bitcoin Maximalism. In it, he recalled that no other digital asset would benefit more than BTC and spoke in favor of the term maximalist.
According to Buterin, experts have said that the future is blockchain, not Bitcoin, for many years. He highlighted that the world’s future would be in the hands of many cryptocurrencies. He explained that the winners would have strong leadership under one central roof to adapt to user needs for scaling quickly.
However, that narrative might be wrong, and the ideas, habits, and practices of Bitcoin Maximalism might be right.
Curiously, Buterin initially coined the term Bitcoin Maximalist as an insult. People who acted like maximalists seldom called themselves like that, but others did as though it were something wrong.
The Meaning of Bitcoin Maximalism
Bitcoin maximalists believe that Bitcoin will be the only digital asset that people will need in the future. They consider that the other cryptocurrencies are inferior to Bitcoin.
The maximalist ideology consists of believing that other crypto-assets do not conform to the ideals set by Satoshi Nakamoto.
The Co-Founder of Ethereum Defends Bitcoin Maximalism
The whitepaper written by Vitalik Buterin begins by arguing the importance of Bitcoin, describing it as a pioneer and a boomer. It adds that Ethereum (ETH) will inevitably follow in the steps of the first cryptocurrency. Therefore, new cryptocurrencies will revolutionize the essence of BTC to attract many new users.
Buterin called himself a maximalist and defended the term in his whitepaper, saying it is not just for the sake of Bitcoin. He said it was a genuine understanding that most other crypto assets are scams. He explained that a culture of intolerance is inevitable and necessary to protect novices, ensuring that part of that space remains worth living.
In addition, Buterin defended that Bitcoin is simple and does not support smart contracts. He stated that the low technical complexity of BTC has helped reduce misunderstandings and chances of mistakes occurring.
He also argued that proposals for improving Bitcoin seek to return to the most simple cryptocurrency and enrich its use.
The Role Ethereum Plays in Bitcoin Maximalism
Likewise, Vitalik Buterin spoke about Ethereum in the whitepaper. He said ETH could easily create apps where the next person interacts with some contract to obtain a substantial reward.
Buterin also said the Ethereum cryptocurrency could gain some distance from the app ecosystem if it continues with its layer-2-focused approach, thereby obtaining some protection. On the other hand, so-called high-performance layer-1 platforms will not stand a chance.
The co-founder of Ethereum is saying something about the future of cryptocurrencies that users must try to understand. Bitcoin and Ethereum will not be the only ones, as many other crypto assets will share the market leadership.
By Alexander Salazar
