Many Bitcoin worshipers claim that their cryptocurrency is the only valid one, and the others are scams or speculation. What is true about it?
The cryptocurrencies they raise passions, and confront those who support them, and those who criticize them. But among those who use them, there are the so-called Maximalists or bitcoin purists. They ensure that bitcoin is the only valid cryptocurrency, and the rest are scams, or ethically unacceptable. They are right?
Journalist Jemma Kelly of the Financial Times is an expert on cryptocurrencies and writes often on the subject. So she is used to reproaches, both from those who support her and those who criticize her.
But he has detected some arguments from Bitcoin worshipers, who mess with the rest of the cryptos. Basically they come to say that the Bitcoin is a way of life and a lifesaver for many people, while the other cryptosa term they despise, are “morally reprehensible“. Are there really differences, in terms of validity, between the Bitcoin or Ethereum, for example?
These Bitcoin maximalists or purists they argue that the philosophy behind Bitcoin is unique, being the first. They remember that the Bitcoin It was not born as a crypto to get rich, but as a decentralized currency to break free from banks and politics. The “people’s currency”, as it came to be called.
Also, that the system Proof-of-Work what do you use Bitcoin, based on the computing power of the graphics cards (and on the indecent and disproportionate energy consumption, we add), it is the only one that guarantees decentralization.
It is true, as these Bitcoin purists say, that many of the cryptocurrencies are scams, and that the rest are basically born to specular with a pyramidal structurenot to operate with them as a currency.
And although what they say about the origins of Bitcoin is also true, the current reality is very different. As Jemma Kelly explains, Bitcoin has not ended up becoming a currency, and today it is not used as such. It also operates with the same pyramid structure as the rest, based on continually adding new members.
Regarding decentralization, today Bitcoin is not decentralized. Many miners are grouped into “pools”, and large companies and corporations own the majority of the Bitcoins. It is far from being “the currency of the people”.
Finally, being the first does not guarantee being the best. Other technologies developed later, the Proof-of-Stake it has changed to ethereum, it is infinitely more energy efficient, and more ethical. It remains to be seen if it is also just as safe…
The reality is that, with its strengths and weaknesses, Bitcoin is basically the same as other cryptos. The Financial Times argues that in reality these bitcoin purists They seek to stand out from the rest. Because if there are many cryptos, and they already add up to more than 21,000, investments are dispersed, and it is very difficult to gain value. And that is actually the big problem with cryptocurrencies.