9 principles of bitcoin maximalists for promotion in the network

12.06.2023, 16:55
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For many years, discussing bitcoin and cryptocurrencies, famous people have said "governments will destroy/ban them."
9 principles of bitcoin maximalists for promotion in the network

Bitcoin took this warning very seriously, so everything possible was done to make it impossible to destroy it. Bitcoin has been left without a leader, it has no full-time employees, there is no centralized funding, it is disorganized, it does not have funds leading it, and there is no headquarters that can be closed.

Bitcoin made it easy to launch its nodes and thereby stimulated the global spread of mining. It encourages self-storage and use of cold wallets.

However, not all participants of the crypto market took the potential threat seriously. Impatience, greed and naivety prevail among the crypto community, which led to the rejection of true decentralization in favor of convenient technological solutions, which are rejected by bitcoin at the level of ideas.

And now, after so many years, governments are launching an attack on the crypto market. They see the vulnerabilities of cryptocurrencies, teams, leaders, funds, headquarters, marketing budgets and venture capital. They see outrageous statements that the token is not a security, although it is no different from them.

And, of course, governments see an opportunity to regulate, take control or ban any of the cryptocurrencies, except bitcoin, because none of them, except bitcoin, has such immunity.

Tokens, DeFi, NFT, whatever name they use, stuck their heads right into the lion's mouth. They made a compromise in choosing between true decentralization and easy money. They made the mistake of believing their own marketing.

Bitcoin maximalists can easily explain the mistakes that are happening and committed to the entire cryptocurrency ecosystem, however, their attempts cause irritation and counter attacks.

However, they do not give up and are ready to explain the principles they follow.

1.Commitment to Protect Bitcoin for Future Generations

Maximalists believe that bitcoin is the only global digital alternative to a state—run economy that, by virtue of its design, can withstand attacks from governments. This is the only one among the monetary systems that offers truly neutral money.

From this point of view, the main goal of bitcoin maximalism is to help other users secure both the system itself (the bitcoin network) and the assets in its economy (bitcoins) for future generations.

Maximalists believe that cryptocurrencies are less likely to stand the test of time and should be criticized, and their differences from bitcoin should be clear to everyone.

2. Commitment to Launch Bitcoin Software

Bitcoin maximalists believe that the defining feature of the bitcoin economy is the ability of all users to check its money supply and transaction history using software.

In this regard, they launch and encourage others to launch software for bitcoin, believing that it is the operation of the software (and not just the ownership of the asset) that is the key to both its decentralization and the protection of the network from fraud.

Thus, they seek to make it easier for new bitcoin users to launch software by creating tools and programs that reduce the complexity of starting to use it.

Bitcoin maximalists also question cryptocurrencies whose networks have few software users or which create high barriers to its launch.

 

3. Striving for slow software changes

Bitcoin maximalists view bitcoin as the end product of decades of unsuccessful attempts to create working digital money, and this invention does not require significant improvements.

They believe that making technical changes to the network should be a slow and deliberative process that can only be achieved with an almost universal consensus.

This is due to the fact that Bitcoin maximalists recognize the right of all users to run and use the software at any time and oppose any attempts to make changes to the software that would require users to upgrade to a new version incompatible with their current version.
Maximalists believe that anyone who needs to use bitcoin software cannot be deprived of this opportunity due to lack of availability.

Thus, they believe that cryptocurrencies that update their software, forcing users to do the same without fail, risk depriving users of access to their funds. Accordingly, they criticize developers, pointing out the difference between their software and bitcoin.

 

4. Creating products and services based on Bitcoin

Bitcoin maximalists recognize that entrepreneurs will try to create products and services for bitcoin users who work outside the network's code base, but strive to maintain a high level of standards in these companies.

Obviously, some bitcoin users will want to use storage or lending services, and these systems can pose a real risk. Let's recall the recent collapse of Celsius and Voyager.

Bitcoin maximalists admit that they cannot stop the creation of such companies, but strive to ensure that bitcoin users understand the compromises they make when using them, and which are not present when storing bitcoins personally.

 

5. Striving to maximize the use of Bitcoin

Bitcoin maximalists seek to expand the bitcoin economy by actively using and testing products related to it, as well as encouraging others to do so.

They seek to encourage sellers of goods and services to accept bitcoins for payment and try to pay others in bitcoins, thereby developing the economy as much as possible.

Bitcoin maximalists admit that today the system is not yet able to fully manage the financial life of users, but they believe that over time they will be able to develop services that will expand the use of bitcoins to cover as many areas of people's lives as possible.

Perhaps the best example of this to date is the Lightning Network, an open source software built on bitcoin that allows users to send payments with low fees. This is a viable alternative to traditional payment platforms (if not in Western markets, then in developing countries, where alternatives are completely absent).

 

6. Countering censorship and surveillance

To ensure that bitcoin software is as secure as possible, bitcoin maximalists seek to identify attack vectors on the network.

For this reason, they are skeptical and critical of any company or service that seeks to track users and their transactions.

They acknowledge that these services cannot be completely eliminated yet. At the same time, they strive to support software and solutions that enhance the privacy and anonymity of bitcoin users, recognizing that these tools can be crucial for the survival of the system and the protection of its users.
They believe that cryptocurrencies, which provide greater privacy today, should be studied so that the necessary privacy improvements for bitcoin can be better understood.

 

7. Mining support by any means

Bitcoin maximalists understand that a network health check (PoW) is necessary for its functioning, and believe that alternatives to this system cannot do without compromises that would reduce its viability.
In fact, they believe that Proof-of-Work is the only consensus method by which cryptocurrency can be available to anyone in the world on a free market without barriers to entry imposed by any group of people.
They are sympathetic to the fact that the basics of how and why bitcoin mining works are not well represented. It is for this reason that they seek to clearly distinguish between these two concepts.

Nevertheless, maximalists are critical of crypto assets and services that distort the principles of PoW, and use them to increase the market attractiveness of software and services where their creators have more control.

Bitcoin maximalists believe that PoW is so important that it should be supported by any means and share the value of miners working on renewable energy sources or those using oil, nuclear or any other alternative fuel.

 

8. Commitment to Cryptominimalism

Bitcoin maximalists are skeptical and critical of the statements about technical achievements made by other programs for cryptocurrencies, and strive to maintain and strengthen the control system.

They agree that new services and products have appeared in the crypto sector, and that the result of these efforts can help bitcoin become better.

However, BTC maximalists believe that these crypto assets and services benefit from the current short-term limitations of bitcoin, and therefore their use should be discouraged in order to inspire and finance the development of similar offerings created on the bitcoin network.

Examples of this can be stablecoins pegged to the US dollar, such as Tether, and even the Bitcoin Lightning Network, which, before scaling for payments, tried to replace dedicated crypto protocols that were allegedly developed for this purpose.

 

Read on the topic: Trust Wallet