Goodbye, the future is multichain

Bitcoin maximalist position: There are two types of people in the crypto space. The first are those who believe that in 20 years all other chains in the industry will eventually be merged into Bitcoin. The second is those who believe this is nonsense, says Ankr’s Victor Fabusola.

For many anti-Bitcoin maximalists, it is easy to call Bitcoin maximalism a ridiculous position. In fact, it is the current argument against Bitcoin maximalism; mockery. These anti-people believe that Bitcoin maximalists regard the currency as an article of faith and that the position is utterly ridiculous. But they couldn’t be more wrong.

Bitcoin’s maximalist position has some really solid premises and is certainly not an exercise in ridicule. It is not illogical to think that cryptography starts and ends with Bitcoin. In fact, in many ways this may be true. Most independent chains today are just mimicking the original bitcoin chain. Almost every major development or protocol is inspired by something on the Bitcoin blockchain, and of course, bitcoin is far more valuable than every other altcoin on the market.

The position of Bitcoin maximalists is this. Bitcoin’s robust design and network means that all other coins must end up as a derivative of bitcoin and that bitcoin will eventually completely replace fiat. So if you’re a bitcoin maximalist, you probably won’t see any reason to measure the value of your bitcoin in dollars.

This amount would be irrelevant to you as your main objective would be to acquire as much bitcoin as possible. Of course, this does not mean that Bitcoin maximalists cannot trade in other tokens. The only difference is that they plan to use these trades to maximize the number of Bitcoins they have.

Bitcoin maximalist position and misconceptions

One misconception people have about Bitcoin maximalists is that they think all other crypto projects should be discounted. No, this is far from the truth. I spoke to many Bitcoin maximalists who became very rich with Bitcoin. And a total of zero of them think Bitcoin is the only major crypto project. However, all are unified in the idea that Bitcoin is the most important, and all other chains must be attached to the Bitcoin mega-chain.

These are big dreams, and as far as crypto ideas go (which can sometimes be fantastic), it’s not ridiculous. As I stated before, Bitcoin has earned its right to be ahead of the pack. Some think that if Bitcoin hadn’t started the crypto revolution, some other currency would have. That may be true, but again it was Bitcoin that did it, and it’s because of this network’s success that we even have a cryptographic future to dream about.

Bitcoin maximalist position: reasons

There are many reasons why Bitcoin maximalists claim to be Bitcoin maximalists. The first, and possibly the most important, is that Bitcoin has proven to be safe. It was never hacked and the core code never showed any exploitable flaws. And since Bitcoin is the biggest animal in the crypto space, its invulnerability is not for lack of trying. Thousands of hackers tried to hack Bitcoin code, and they all failed. Interestingly, these hackers have had success with other networks.

Another reason Bitcoin maximalists are who they are is that Bitcoin is truly decentralized. It’s probably the only project without a CEO and with thousands of us around the world. Every major country has at some point tried to ban or regulate Bitcoin; they all failed.

These two reasons are solid. Bitcoin has proven to be secure and is truly decentralized. In other words, it acts exactly as advertised and has the potential to be better than the trustee in literally every way. But does this mean that Bitcoin maximalists are right? Because they don’t just believe that Bitcoin is a liquid asset to the crypto space, they argue that it is. The good liquid. Is this necessarily correct?

The answer is no. Bitcoin is a part of the future, but it’s not the future. The future is multi-locked, and the evidence for this is simply indisputable.

Bitcoin maximalists often say that Bitcoin is the only truly secure project. But this is false – Ether has also proven to be very safe. While it is true that security is an important issue that many chains need to address, the existence of Ethereum means that security outside the Bitcoin blockchain can be achieved. It is not an elusive feat that cannot be done.

Let’s assume, for the sake of argument, that Bitcoin is the only currency that is truly secure and truly decentralized. This only says about what Bitcoin is today and says nothing about the future. The nature of technological innovation guarantees that in the coming years (or even decades) several chains will emerge that will have these qualities in abundance. These projects will be secure, truly decentralized, and will be truly anonymous. That is, of course, assuming such chains do not yet exist today.

Also, it’s just bad planning to be maximalist about anything, especially when it comes to things like encryption. Being a maximalist means that you are, by definition, blind to your faults and have an incentive to simply not pay attention to the things that go wrong with you. This could lead to truly catastrophic results.

Cryptocurrency market in general

This is why no viable crypto technology business can be built on Bitcoin maximalism. It’s simply not an accurate lens for seeing the future of cryptocurrency, and the assumption that all other coins will eventually need to be attached to the Bitcoin chain is pretty presumptuous.

Ankr operates a truly free cryptocurrency marketplace. The future is crypto, and better to allow a level playing field for all types of chains. So it doesn’t matter if you are building on Fantom, Avalanche, Polygon, Ethereum, Heco or Bitcoin. It’s best to be completely chain neutral and interoperable. All chains are important. For Web3 to truly outperform Web2, it needs to be built everywhere and endless collaboration will be required. The vision for the future is to build on all chains, all day, every day, not just the big chains like Ethereum and Bitcoin.

My Bitcoin maximalist friends, of course, do not agree with me. They think it’s a waste of time to invest heavily in a multi-chain future. But the goal is to create a free Web3 for everyone. The future is multi-chain.

About the author

Victor Fabusola is a freelance writer with a focus on Blockchain and Web3, a self-proclaimed philomat – he is not only obsessed with mental models, but also passionate about mainstream adoption of emerging technologies. He loves reading good books, having intellectually stimulating conversations with friends, and listening to mindful hip-hop and classical music when he’s not writing.

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