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Welcome to Hard Fork Basics, a collection of tips, tricks, guides, and advice to keep you up to date in the cryptocurrency and blockchain world.
If you’ve been in the Bitcoin $BTC▲0.24% and cryptocurrency game for any longer than a month, you’ve probably come across someone who has described themselves as a “Bitcoin maximalist.”
But what exactly does that mean? In this article, Hard Fork takes a look at what Bitcoin maximalism is, and what it means for cryptocurrencies.
One coin to rule them all
Being a Bitcoin maximalist is pretty easy, all you have to do is believe, with complete unwavering conviction, that Bitcoin is the only cryptocurrency worth caring about. To the Bitcoin maximalist, all other cryptocurrencies are just “shitcoins.”
While there is of course an ideological component to believing Bitcoin is the one true cryptocurrency, Bitcoin maximalists also base their beliefs on something called “Metcalfe’s law,” it’s more casually known as the network effect.