Goodbye, The Future Is Multichannel – Tech Tribune France

Bitcoin maximalist position: There are two types of people in the crypto space. The first are those who believe that in 20 years all other industry chains will eventually be added to Bitcoin. The second is whoever thinks it’s nonsense, says Ankr’s Victor Fabusola.

For many anti-Bitcoin maximalists, it’s easy to call Bitcoin maximalism a ridiculous position. In fact, this is the ongoing argument against Bitcoin maximalism; mockery. These anti-people believe that Bitcoin maximalists view the coin as an article of faith and the stance is utterly ridiculous. But they couldn’t have been more wrong.

Bitcoin’s maximalist stance has really solid premises and is certainly not an exercise in ridicule. It is not illogical to think that crypto begins and ends with Bitcoin. In fact, in many ways it could be true. Today, most independent chains only imitate the original Bitcoin chain. Almost every significant development or protocol is inspired by something on the bitcoin blockchain, and of course bitcoin is far more valuable than any other altcoins on the market.

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The position of the Bitcoin maximalists is as follows. Bitcoin’s robust design and network means that all other coins should eventually be a derivative of bitcoin, and bitcoin will eventually completely replace fiat. Therefore, if you are a bitcoin maximalist, you would probably see no reason to measure the value of your bitcoin in dollars.

This value would not be relevant to you, since your main goal would be to acquire as many bitcoins as possible. Of course, that doesn’t mean Bitcoin maximalists can’t trade other tokens. The only difference is that they plan to use these transactions to maximize the number of Bitcoin they have.

Bitcoin maximalist stance and misconceptions

A misconception people have about Bitcoin maximalists is that they think all other crypto projects should be ignored. No, that’s far from the truth. I have spoken to many bitcoin maximalists who have been made very rich by bitcoin. And a total of zero of them think Bitcoin is the only major crypto project. However, they are all united in the idea that Bitcoin is the most important, and all other chains should be attached to the Bitcoin megachain.

These are big dreams, and when it comes to crypto ideas (which can sometimes be fantastic), it’s not ridiculous. As I said before, Bitcoin has earned its right to be ahead of the pack. Some believe that if Bitcoin hadn’t started the crypto revolution, another coin would have. That might be true, but then again, Bitcoin did it, and it’s because of the success of this network that we even have a crypto future to dream of.

Bitcoin maximalist position: reasons

There are many reasons why Bitcoin maximalists claim to be Bitcoin maximalists. The first, and perhaps the most important, is that Bitcoin has proven to be safe. It has never been hacked and the code base has never shown any exploitable flaws. And since Bitcoin is the biggest animal in the crypto space, its invulnerability is not due to a lack of testing. Thousands of hackers have tried to hack Bitcoin Code, and all of them have failed. Interestingly, these hackers have had success with other channels.

Another reason Bitcoin maximalists are what they are is that Bitcoin is truly decentralized. It’s probably the only project without a CEO and with thousands of nodes around the world. Every major country, at some point, has tried to ban or regulate Bitcoin; they all failed.

Both of these reasons are solid. Bitcoin has proven to be safe and it is truly decentralized. In other words, it acts exactly as advertised and has the potential to be better than fiat in every way. But does that mean the Bitcoin maximalists are right? Because they not only believe Bitcoin is net good for the crypto space, they argue that it is the good net. Is this necessarily correct?

The answer is no. Bitcoin is part of the future, but it’s not the future. The future is multi-channel, and the evidence for that is simply irrefutable.

Bitcoin maximalists often say that Bitcoin is the only truly secure project. But that’s wrong – Ether has also been shown to be very safe. While it is true that security is an important issue that many chains need to address, the existence of Ethereum means that security outside of the Bitcoin blockchain can be achieved. It’s not an elusive feat that can’t be done.

Assume, for the sake of argument, that Bitcoin is the only coin that is both truly secure and truly decentralized. It only says what Bitcoin is today, and it says nothing about the future. The nature of technological innovation ensures that over the next few years (or even decades), several chains will emerge that have these qualities in abundance. These projects will be secure, truly decentralized and will be truly anonymous. This, of course, assumes that these chains do not already exist today.

Other than that, it’s just bad planning to be maximalist in anything, especially when it comes to things like crypto. Being a maximalist means that you are, by definition, blind to his faults and simply better ignore the things that are wrong with him. This could lead to truly catastrophic results.

Crypto market in general

This is why no viable crypto tech business can be built on the foundation of Bitcoin maximalism. It’s just not a definite goal to see the future of crypto, and the assumption that all other coins will eventually have to be added to the Bitcoin chain is rather presumptuous.

Ankr operates a truly free crypto market. The future is in crypto, and it’s better to allow a level playing field for all kinds of chains. So it doesn’t matter if you are building on Fantom, Avalanche, Polygon, Ethereum, Heco or Bitcoin. It is better to be completely neutral in the chain and interoperable. All channels are important. For Web3 to truly surpass Web2, it has to be built everywhere and that will require endless collaboration. The vision for the future is to leverage all chains, all day, every day, not just big chains like Ethereum and Bitcoin.

My Bitcoin maximalist friends, of course, disagree with me. They think it’s a waste of time to invest heavily in a multi-channel future. But the goal is to create a free Web3 for everyone. The future is multi-channel.

About the Author

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Victor Fabusola is a freelance writer specializing in Blockchain and Web3, a self-proclaimed philomath – he is not only obsessed with mental models, but also passionate about the widespread adoption of emerging technologies. He enjoys reading good books, having intellectually stimulating conversations with friends, and listening to hip-hop and classical music when he’s not writing.

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Goodbye, The Future Is Multichannel – Tech Tribune France


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