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

The SEC’s rejection did not arrive as a surprise since the response it brought to ARK Invest is the same as it has gotten to others interested in releasing a Bitcoin ETF.

This information got revealed by the SEC during a statement in which it highlights that the request filed last year by ARK Invest wouldn’t go that far.

The request wouldn’t proceed because the product and the entities in charge do not meet the requirements the agency requested to fight against fraudulent acts and market manipulation.

Initially, ARK Invest, the investment company of Cathie Wood, established this request in parallel efforts with 21Shares as a supporter, who intended to release the ARK 21Shares Bitcoin ETF to get listed on the Chicago Stock Exchange (CBOE). The custodian of the currencies would be Coinbase, and ARK Invest itself would manage the entire marketing plan connected to the product.

Regarding the rejection of the request, the SEC highlighted that the exchanges could comply with the obligation. They could demonstrate a comprehensive shared surveillance agreement with a vast controlled market linked to the underlying Bitcoin assets. The latter can get described as the regulatory entity that does not approve the product because the digital market goes beyond its supervision.

More Rejections Come and Go

Those specialists in charge of studying the SEC’s decision probably feel that this statement goes beyond previous presumptions. The nature of this statement has been the same reason it has given to other popular entities whose requests to implement a Bitcoin ETF also got repudiated.

Entities like NYDIG, Global X, Fidelity, First, and WisdomTree have followed the same road. The others awaiting a response will keep on the same path since none of the requests have been answered to the doubts that the SEC still has about this product.

Among the people against the SEC’s stance are the directors of VanEck and Grayscale. In the case of Jan Van Eck, he clarified that the organization is withholding the possibility of accepting an ETF focused entirely on Bitcoin, expecting to have more control over the digital assets market.

On the other hand, according to Michael Sonnenshein, the regulator would be behaving illegally by keeping his rejective stance on this type of policy. He even spoke about filing a legal complaint against the entity for discriminatory treatment.

Finally, all these situations highlighted that the race for the first Bitcoin ETF in the US market would continue, so experts argue that perhaps this situation could go to a better place if conditions change. The SEC strengthens its presence in the market.

By: Jenson Nuñez

The government of La Molina recommends using wallets that support the Bitcoin Lightning network. The mayor considers that the digital nature of Bitcoin will prevent users from evading taxes.

The city hall of La Molina in Lima, Peru, is already implementing the MoliCoin program. That initiative seeks to promote payments in Bitcoin (BTC) and other cryptocurrencies in local businesses.

Mayor Álvaro Paz de la Barra considers it crucial to bring cryptocurrencies closer to society. He said he firmly believes in this new way of paying for goods and services worldwide.

The official also promised they would continue pushing innovations as a local government to make Peru prominent in that sector. According to a statement from the city hall, the MoliCoin program would provide answers on how a business can take payments in cryptocurrencies. They also said it would deal with choosing a wallet, using it correctly, and giving various advice.

They recommend wallets that integrate the Lightning Network (LN) to reduce fees and allow instant transactions.

The mayor pointed out on a local television channel that one of the objectives is to prevent tax evasion. He explained that physical currencies give rise to corruption while digital currencies do not.

Ten restaurants have joined the initiative to accept Bitcoin and other cryptocurrencies as payment. By the end of the year, an estimated 500 establishments will join that project.

Bitcoin Can Generate a Positive Impact on Peruvian Businesses

Jorge Reátegui Reátegui, manager of Economic Development and Private Investment of La Molina, also talked about the initiative. He said that cryptocurrencies are a powerful strategy, and wallets allow for commercial transactions at local businesses in the district.

Reátegui expressed that he was confident that adopting cryptocurrencies as a payment method would be inevitable. In that regard, he promised that they would further spread what decentralized technology does.

El Salvador, where Bitcoin has been legal tender since September 2021, knows of the Molinense initiative. Pablo Caballero, the Salvadoran ambassador to Peru, expressed the need for strict government control when using BTC as a payment means.

The official statements did not inform whether the government plans to issue a new cryptocurrency. Even though there is an Ethereum token named Molicoin, it does not have any relationship with the Peruvian project.

Where People Can Buy Bitcoin in Peru

Many more people may become interested in the MoliCoin project if the initiative goes according to plan.

There are many ways to acquire Bitcoin and other cryptocurrencies in Peru. Citizens can find exchanges, brokers, and P2P platforms, among many other alternatives.

Bitcoin is trading at around USD 46,616 and has accumulated a 1.4% gain over the last 24 hours. Its daily trading volume is above USD 26.31 billion, and its market capitalization is about USD 885.86 billion, according to CoinGecko.

The pioneering cryptocurrency has become increasingly relevant in the economy, which the government of Peru has not overlooked. For that reason, they have decided to implement an initiative that will allow local businesses to accept Bitcoin as a payment method.

By Alexander Salazar