A lot of us are aware of the ideology Bitcoin maximalism. To put it short, a bitcoin maximalist believes that bitcoin is the one and only crypto needed. A bitcoin maximalist believes that bitcoin will be the only crypto to give you significant profit and the one that is the most useful in the real world.
Some of the prominent bitcoin maximalists are
Michael Saylor, Max Keiser, and Jack Dorsey.As the original crypto, bitcoin’s blockchain is the longest (it stores the most blocks of transactions), making it harder and more expensive to hack. Bitcoin's originality also plays a huge benefit since it is now the most trusted crypto in the industry. A lot of people associate crypto with just bitcoin. Bitcoin has built a brand of its own. Most importantly, it grew without any real authority hovering over it. The growth of bitcoin laid on the people believing in it. Now, bitcoin is being adapted all over the world not just by your average citizens but governments at large.
Bitcoin might be the best cryptocurrency but should we play into the bitcoin maximalist idea? A lot of people argue that this is harmful as this closes off innovation.
Altcoins may not share bitcoin’s track record, but they’re responsible for the majority of the innovation in the crypto space over the last nine years. Altcoins are responsible for experimenting new tech, new networks and etc. Some of which could be even applied to bitcoin, yes?
Personally, I believe that most of your portfolio should contain bitcoin but choosing a few good altcoins can't be all too bad. There could still profit in altcoins but we may just have to tread lightly. Would you consider yourself a
bitcoin maximalist? Do you believe this idea to be the correct one? Is there even a correct ideology or should we just accept that we all have different strategies, preferences and goals while coexisting in the crypto industry?
If you are a bitcoin maximalist, would you want a world without altcoins?
I Personally Believe Being a Maximalist in any coin, Bitcoin or other, is the stupidest thing a man could do, with all due respect to Bitcoin Maximalists,
if the Reason behind Hoarding and being maximalists on Bitcoin is to grow your wealth, it's a horrible way to look at life.
Bitcoin was made to ease transactions globally and free up space in economy,
Today Bitcoin, while very Market-friendly and doing just that, it's hoarded by the hundreds of Whales, MSTR, Blackrock, Binance, Etc etc.
while it may sound dumb or childish to think that there may be secret societies where these whales come together, there is always a chance that they might alter the market prices by Pumps and Dumps (ie Bullruns and Bear markets, Monopolies, etc), there is always a chance no matter how slim that they might alter market pricings, making alot of people lose or increase the Fear index to sell.
doesn't matter if not all the Bitcoin is owned or not, even if 10% of the current circulating supply gets sold all at once, it would wreak havoc, we're talking about approximately 1,987,459 Bitcoins selling at once, which is about 5 times of current daily trades of BTC, is a bad way to lose it all.
Personally i believe that Bitcoin's price does not matter for the newb, even if circa 2017, his best bet is to either get a crypto backed loan and use that money to create a stream of income which can pay back the loan, or taking it all out and doing the same thing just the same, creating real life business.
In retrospect, any sort of business today can accept Crypto as a form of Currency paid for items or services, Those who've made fortunes off of bitcoin from 2010 till this date from mining it have gotten their chance, we might not see the chance of BTC doing a tenner 10x from 100K to 1M, not even in the next 10 years, as much as people are marketing it, there is no undeniable touchable evidence that something like that would happen.
so the ones that came over from the start have profited everything from BTC, The early Bird got the worm.
as for the rest of us, who might save up Bitcoins, use bitcoins as a personal saving account, that's as much as we could expect from it, it is impressively hard to break it down less than 80-90K but it's still manageable, but turning a loss on it even if for a considerably small amount of time (Couple months) could have people give up on it, your best bet (even if risky) is to trade perps using BTC, or flash loans, don't expect it would 10x, expect that it will continue to have value and a great way not to lose your money.
Personally again, I think the best bet is to invest into a multitude of Coins, if you have Coinz, Khajiit has Wares.
a portfolio of BTC, ETH, USDT, and some altcoins, with cash reserves, assets, would always be better and sound better than having all of it in once place, don't forget that there's still Leaks, Mt.Gox 2 could be right around the corner, pretty much would be a bad idea to invest all of it into Bitcoin, atleast if i have a portfolio, i wouldn't snap my hair out of my head if for whatever reason or however possible or impossible, that i lose my BTC to some leak on a centralized/decentralized exchange, and that's why you should also invest in a cold wallet or a trezor/Ledger, and if i DONT get miraculously hacked and owned, let's suppose price plummets down back to 80K making me lose an easy 20% of the value, it wouldn't be a total loss
(ex: 100BTC in one place will make me lose 20BTC worth if that happens, 100BTC worth in a diverse portfolio of real life assets, Investments, and multiple cryptos, let's say 33% for the sake of the arguement is BTC, i would only lose 6.6 BTC worth) even if momentarily, i wouldn't know when i'd need to liquidate some of it and it would be a total heartache if i'm losing lots.
Always Invest smart, a profit is still a profit even if smaller, it's all about Risk Management and patience, Don't be neither Saylor NOR Laszlo Hanyecz, and remember, only invest what you can afford to lose, don't jeopardize your whole life for a *Maybe*, always bet on the permanent house over the Temporary Villa.
Just my 2 cents.
~M.M~