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LogoutBitcoin maximalists think that Bitcoin, the most popular cryptocurrency in the world, will be the sole digital asset required in the future. All other digital currencies, according to maximalists, are inferior to Bitcoin. Other cryptocurrencies, according to the maximalist philosophy, are not in accordance with the principles established by the pseudonymous Satoshi Nakamoto, who developed Bitcoin in 2009. Unlike government-issued currencies, known as fiat currencies, which are administered by a centralized body, Bitcoin is decentralized. Bitcoin, on the other hand, is decentralized, and its blockchain is a publicly distributed ledger, which means that all transactions are visible to all participants.
Despite its prominence as a widely traded digital asset, Bitcoin has sparked the creation of a slew of other cryptocurrencies. These additional cryptocurrencies, known as altcoins, are considered unneeded and inferior by Bitcoin maximalists.
Bitcoin Maximalism was the term given by “Vitalik Buterin” for people who believe there can be only one application of a decentralised blockchain i.e. Sound money i.e. Bitcoin.
Bitcoin Maximalists believe this notion because they believe blockchain is just an expensive database and any application other than a hard money is better off running on a database which has been true till now. They believe all other cryptocurrencies are just ways for their founders to accumulate more Bitcoins. No other blockchain apart from Bitcoin has been able to prove it’s worth yet.