I Think I’m Becoming a Bitcoin Maximalist
With all the hype that happens in crypto, I have to remind myself not to lose focus of Bitcoin. From an outsider’s perspective, it may seem that Bitcoin is the only cryptocurrency there is, but if you’re in the space, then you know that altcoins make a lot of noise. It’s easy to lose sight of what’s important in cryptocurrency and try to chase pumps or hype, but the more time I spend around altcoin communities, the more I like Bitcoin. While I’ve shied away from saying that I’m a Bitcoin maximalist who believes that Bitcoin will be the only cryptocurrency that stands the test of time, as time goes on, I am leaning towards Bitcoin more than anything else because its story is so compelling.
Fans of altcoins like to say they’re superior to Bitcoin. For instance, Bitcoin Cash has a larger block size, Litecoin has faster transaction speeds, and Monero has greater privacy per transaction. But whatever feature the altcoin has over Bitcoin, the argument is the same: all altcoins compete solely on tech. In the space, it seems that so many people have a cult-like attachment to technical superiority. They hold onto this thought that the best tech wins while forgetting about past products that were indeed technologically superior, but failed to compete with a technologically inferior product. It just goes to show you that the best tech is not always what wins.
I’ve come to the idea that it was the story that swayed me. People want to relate to a product or company. Similarly, the story of Bitcoin makes people interested in it.
Let’s look at an example of Apple and Amazon. Even though they may not seem like competitors now, back in 2014, Amazon launched Amazon Fire phones which directly competed with Apple iPhones. Most haven’t heard of the Fire phones and that’s most likely because the product was a flop. What’s interesting about Fire phones is that they were marketed as being technologically superior with a 3D screen and better audio capabilities than an iPhone. Here we are, years later, and Amazon doesn’t even make phones anymore. Once again, it just goes to show you that the tech isn’t always what wins.
Let’s bring this example one step further and talk about the leader of each company. When you bring up Apple, the majority of people who aren’t in tech or even tech savvy know who Steve Jobs is. They’ve probably seen the movie about him or read news articles about his life and death. On the contrary, most people have no idea who Jeff Bezos is. Even though Bezos is the richest person in the world, and arguably has a much larger generational impact, it’s surprising more people know Jobs than Bezos.
I think one of the reasons why people know Jobs and the story of Apple is because it’s a true underdog story. Against all odds, Jobs went against competitors who had a seemingly endless supply of money with a stronghold in the industry. Today, Apple iPhones are the most sold smartphone globally, but competitors continue to manufacture phones that are certainly technologically superior in many ways. Even more so now, people know that there are better phones out there, but people still want Apple iPhones.
While the story of Bezos and Amazon is an interesting one, it seems slow-paced in comparison to Apple’s. Bezos started off in the corporate world and wanted to start a company selling books online. Eventually, Amazon added more items and ultimately became focused on logistical superiority. Amazon has altered shipping and customer service expectations of an entire generation. I now want everything shipped for free (or for $120 per year for Amazon Prime), within 2 days and with tracked shipping.
While it’s still an amazing feat, it just seems like Jobs had a hail mary victory while Bezos climbed inch by inch to win. Both overcame huge obstacles, but one just makes a much better story. Apple and Jobs’ story is much like the story of Bitcoin, which started from nothing and gained traction organically while other altcoins were introduced with the only focus of technological superiority.
The issue is that other projects aren’t just competing on tech, they’re competing with the momentum of an incredible story. The mysterious story of Satoshi Nakamoto and he/she/their almost anarchistic creation of Bitcoin created this momentum. Looking back, it seems that it stirred the interest in the beginning, but what’s even more important is that it’s still bringing in an audience. Almost any blockchain or crypto presentation that you attend will include the story.
The movie Jobs, the story of Steve Job’s life, was a rare look into a business and a thought leader’s incredible journey in building that business. Even though technologically superior products came along during Apple’s growth, purchasing an Apple product made you feel part of a movement that Jobs created. I can agree that other altcoins are indeed superior tech wise, but I disagree that the best tech wins. Bitcoin Cash may have a larger block size than Bitcoin, but it’ll never have the following that Bitcoin has. The following was created by the story of Bitcoin, a story that’s given it the momentum it deserves, and will continue to drive it’s growth. Even if you’re into other altcoins, you can’t argue that the story of Satoshi Nakamoto and the creation of Bitcoin isn’t a good one. This is a movie waiting to be written.
