Photo by André François McKenzie on Unsplash

The term “Bitcoin Maximalism” was coined by ex-Bitcoiner and co-founder of Ethereum, Vitalik Buterin, as a derogatory term to refer to the rejectionist attitude of bitcoin users towards alternative currencies. Soon after, the term was hijacked by the very users who were targeted by it since they found it very fitting for the views they held.

No one is born a bitcoin maximalist so what is the evolutionary process that leads one to becoming a self proclaimed or a closet maximalist ?

To anyone entering the crypto space for the first time in a bull market it could best be described as entering a casino. Sure , you are aware of bitcoin gains but the news of 50X and 100X altcoins are attention grabbers and our nature is to chase the money. Many coming into the space may feel like “ I missed out on bitcoins biggest gains but I still have opportunity in low cap gems “.

In this YouTube video from June 2021 top crypto trader and analyst Lark Davis is discussing low-cap crypto gems within the Polkadot (DOT) and Kusama (KSM) ecosystems that he says have the potential to print 100x gains.

Let’s see how Lark’s recommendations have fared in our current bear market.

• Konomi Network ( KONO ) Now trading at 99.63% off the ATH.
• SHOPX Now trading at 99.36% off the ATH.
• Bridge Mutual ( BMI ) Now trading at 99.02% off the ATH.
• Karura ( KAR ) Now trading at 93.66% off the ATH.

No disrespect to Lark but how many of us have experienced the same results when chasing these so called hidden gems ?

To say that all altcoins are useless is an unfair statement however there are many that do not appear to have a use case or have any utility.

So what does this have to do with becoming a bitcoin maxi ?

The realization that chasing the next 100X altcoin is a waste of time and energy and my time is better spent pursuing value.

Holding bitcoin is peace of mind. Knowing that I can continue living my life with the security that my store of wealth is secure and can’t be devalued or confiscated. The stress and anxiety of chasing low cap alts is gone realizing that I am investing in hard money.

My life is much simpler. I don’t feel the need to check the price of bitcoin multiple times a day as I did with altcoins. Every day is an opportunity to stack more sats and HODL.

I must clarify that I do not consider myself a bitcoin maxi even though my crypto journey is taking me in that direction. I still hold ETH, MATIC, LINK and a few other alts in which I have conviction but I no longer hold 60 altcoins like I used to and I refuse to chase the low caps. When I do take profits on the limited altcoins that I hold those proceeds will be invested in bitcoin.

When you play this game long enough you begin to realize that all roads lead to bitcoin.