Bitcoin-backed Crypto Entrepreneur Says Maximalism Stalls Apex Coin Growth In Favor Of Ethereum, Others – Bitcoin – US Dollar ($ BTC)

Bitcoin (CRYPTO: BTC) Maximalism is a failing strategy that limits the growth of the apex coin while stimulating Ethereum (CRYPTO: ETH), said Muneeb Ali, the founder of Battery (CRYPTO: STX).

What happened: Ali’s comments on Bitcoin Maximalism came in the form of a Twitter thread Monday.

Ali called himself a “Bitcoiner” and said he had held onto the cryptocurrency through several bear markets and “years of building Bitcoin applications and protocols.”

“Bitcoin maximalism assumes a zero-sum world. However, we are in a growing crypto-economy, ”Ali said.

He said the “developer attack” and “new use cases” don’t help Bitcoin but only encourage innovators to migrate to other ecosystems like Ethereum and Solana.

He cited the examples of Tether and non-fungible tokens or NFTs which both initially used the BTC network but gradually moved to Ethereum.

“Maximumists have been calling Ethereum a ‘scam’ for years now. It hasn’t stopped the growth of Ethereum, ”Ali tweeted.

He contrasted Bitcoin and Ethereum by pointing out that people who “new” to ETH or other L1s “find a thriving community of builders and applications.”

“They make up their minds based on their findings and not by a bunch of angry maximalists.”

Ali said that despite Ethereum’s “many shortcomings”, Bitcoin has “little to offer as an alternative.”

“There are no major decentralized exchanges, liquidity protocols, stablecoins in the Bitcoin ecosystem.”

Ali also raised arms against the maximalists for their attack on venture capital, but made it clear that his criticism was not aimed at people but at the strategy surrounding maximalism.

See also: How to buy batteries (STX)

Why is this important: Bitcoin’s dominance, which was over 63% in December 2020, has fallen to 40.61%.

Ali noted in his tweets that developers’ efforts are paying off on non-Bitcoin blockchains and that is why Bitcoin’s dominance is on the decline.

“The only meaningful answer is to create better products for Bitcoin,” entrepreneur Stacks said.

The token associated with Stacks, a Layer 1 solution focused on bringing smart contracts and decentralized applications to Bitcoin, hit an all-time high of $ 3.61 in November.

There is a vast and vast ecosystem of startups engaged in creating a “User-Owned Internet” on Bitcoin with Slacks.

“Stacks transforms Bitcoin from a passive asset into a programmable asset accessible to all,” said Mitchell cuevas, the growth manager at Stacks Foundation in a Benzinga exclusive.

Price action: As of going to press on 24 hours, Bitcoin was trading 4.09% higher at $ 51,087.91 while Stacks was up 7.83% at $ 2.40.

Read more : These Ethereum rivals made big gains last week even as Bitcoin and Dogecoin collapsed

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