Bitcoin maximalists often deride any other cryptocurrency. Ethereum often takes the main brunt of this derision as it is the second largest cryptocurrency (we can ignore Ripple, as for many people, no one cares about the technology or its importance). Their confidence in Bitcoin being the only sole surviving cryptocurrency is huge, but what if they turned out to be wrong and the future is one of multiple coins?
The arrogance of Bitcoin maximalism has been criticised by many in the cryptocurrency industry. They in turn argue that their evangelical faith in Bitcoin is to help stop newcomers losing money on the variety of altcoins that have no product or working ideas. There is no coin safe from the ire of a convinced Bitcoin maximalist.
Despite this, there are many technically minded people that are impressed by the scope, vision, and possibilities of other platforms such as Ethereum. These are not ill-educated people either, but computer scientists who are extremely knowledgable. The question of who turns out to be correct is one for tarot card readers.
Hypothetically, if altcoins were to survive and thrive in the future, would Bitcoin maximalists ever change their tune? Perhaps some might, but the rest would continue with their criticism. The situation is similar to those who say a new financial collapse is imminent. Financial crises are common once every 10 years, so if you say it enough and stick to your guns, sooner or later you can be proved correct.
A part of me is a Bitcoin maximalist. Looking at the variety of cryptocurrencies, the large majority of them do appear to be absolutely useless. Then again, a part of me would really like to see the arrogance of some Bitcoin maximalists taken down a peg or two. It is a tricky situation. In the future, when the market has matured along with the community, such disputes will be handled in a mature manner and we can all get along. Unity within the community would be beneficial for all, but don’t expect it anytime soon.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.