Here is a look at three kinds of supporters and the role they play in the future of Bitcoin.
Today, Bitcoin has a market cap that rivals the biggest corporations in the world and even some great nations. An essential aspect of what has gotten this cryptocurrency so far is the exponentially growing community behind it.
Without the millions of people that flocked to Bitcoin, the vision of a decentralised currency would have been just that — a vision. However, not all Bitcoin supporters have the same enthusiasm for the legacy coin.
Some community members are known for going the extra mile, backing Bitcoin in ways and means that no ordinary investor can. Here is a look at three such kinds of supporters and the role they play in the future of Bitcoin.
Many terms surrounding Bitcoin, such as evangelists and the genesis block, have biblical connotations. This may be by design so that it adds to the mystique surrounding this new financial world order. Evangelists in the BTC community refer to people who bring new members into the realm by educating them about Bitcoin.
An evangelist would bring Bitcoin up in a conversation and try to educate everyone about the vision of Satoshi Nakamoto. However, they would accept differing opinions so long as it takes the conversation forward.
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Evangelists could be credited with making the masses curious about Bitcoin. They encourage people to read and learn about the advantages of a decentralised currency. Therefore, this is perhaps the only kind of Bitcoin investor on the list with negligible negative connotations attached to it.
Bitcoin maximalists are individuals who are heavily invested in Bitcoin and see BTC as the only light at the end of the tunnel. They are against other cryptocurrencies and see them as shams that are taking the spotlight away from Bitcoin.
These supporters wish for a Bitcoin monopoly at some point in the future. Like evangelists, maximalists wish to educate people about Bitcoin too. However, they wouldn’t be as willing to lend their ears to counterarguments.
Maximalists see Bitcoin as a currency that will have profound implications for monetary economics, censorship, and governance. However, they often overlook blockchain’s other technical advantages and disregard altcoins entirely.
In the Bitcoin community, whales are individuals, institutions or organisations that possess more than 1,000 BTC. Their holdings are so large that they can move markets when they buy or sell bitcoin. In fact, some traders study and follow whales to make a profit on their transactions.
A mighty whale we all have come to know is Elon Musk. The billionaire moved Bitcoin to new highs when he announced Tesla would buy BTC worth $1.5 billion in 2021. The announcement pumped the price of bitcoin by $3,000, taking it to an all-time high of ~$4,500 in the start of 2021.
However, whales are not entirely good in the long term because they bring in some features of centralisation into Bitcoin. The aspect of Bitcoin being a democratic currency loses ground when some whales can get BTC to new highs as well as grounding lows.
All three of these supporters have a role to play in the future of Bitcoin.
However, not all of them are good for the crypto ecosystem in general. Some can influence markets at their will, while others view Bitcoin as the only cryptocurrency of importance. Perhaps, even Satoshi Nakamoto would disapprove of such community members and their actions