Bitcoin Maximalism: Vitalik Buterin Coined the Term as Criticism
Ethereum founder Vitalik Buterin was the first to describe Bitcoin maximalism in 2014 – and he did so critically.
The term "Bitcoin maximalism" was ironically coined by Vitalik Buterin, co-founder of Ethereum. In a blog post by the Ethereum Foundation in November 2014, he defined the movement as the belief that Bitcoin should hold a monopoly position in the crypto scene and that other cryptocurrencies should be unwelcome[1].
Josef Tětek, a prominent representative of the Czech Bitcoin community, explains the motivation of many maximalists: Unlike altcoins, Bitcoin has no central leadership and its monetary policy is practically impossible to change. Ethereum and other projects he describes as "private fiat," since their monetary policy can be influenced by foundations or companies[1].
According to Tětek, many Bitcoin maximalists primarily want to protect crypto newcomers from costly mistakes. However, some in the community view the increasing mainstream adoption through Bitcoin ETFs and banking products critically, as more and more investors opt for third-party custody rather than self-custody via hardware wallets[1].
[1] BTC Echo
Sources
- [1]btc-echo.de
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