In a recent episode of “Hashing It Out,” recorded on the eve of Bitcoin 2023 in Miami, Cointelegraph’s Elisha Owusu Akyaw spoke to Cointelegraph journalist Joe Hall about his views on being a Bitcoin (BTC) supporter and the current state of the Bitcoin network. The discussion ranged from Bitcoin maximalism and living on the Bitcoin standard to Bitcoin Ordinals, BRC-20 tokens, and the BTC price.
Hall’s first interaction with Bitcoin was through buying things on the internet. At that time, he felt that the cryptocurrency was difficult to use, but that perception changed in the years that followed. Hall explained that some personal events led him to find the time to conduct extensive research on Bitcoin during the COVID-19 pandemic. This research changed his mind and made him realize how revolutionary Bitcoin is to global finance.
Over the years, the Bitcoin community has evolved to include multiple philosophies intending to define Bitcoin’s place in the broader cryptocurrency market. These philosophies also aim to express how some community members perceive Bitcoin. Hall highlights this by referring to the increase in multiple labels, with people referring to themselves as Bitcoin purists, minimalists, moderates, and maximalists. Hall argues that labels can create a toxic environment, but there is also a good reason why they exist and are regularly used.
Hall explains that he identifies a Bitcoin maximalist as someone trying to get the most out of Bitcoin and maximize its impacts while only holding and using Bitcoin, and no other cryptocurrencies. The Cointelegraph journalist also explains that due to his line of work, he uses other crypto-related platforms solely for experimental reasons.
In addition to maximalism, the podcast touched on the idea of living on the Bitcoin standard. Hall shares his experience living on the Bitcoin standard over the last few years, saying that it is easier to live on Bitcoin than the British pound because more people accept BTC in different places than the pound. However, he also highlights issues, including payment of taxes and price volatility, which he argues can be a good thing sometimes.
The podcast also discussed Bitcoin Ordinals, which are a decentralized naming system for Bitcoin transactions. According to Hall, Bitcoin Ordinals represent transactions on the Bitcoin network and are like postal codes for addresses. He goes on to explain that by using Bitcoin Ordinals, transactions can be found on the blockchain, even if the recipient has changed the receiving address.
Finally, the podcast explored the topic of BRC-20 tokens, which are an Ethereum-based token standard that represents a specific asset on the Ethereum blockchain. Hall explains that BRC-20 tokens could help bring non-fungible assets onto the Bitcoin network.
The discussion ended with a conversation about the current state of the Bitcoin network and the BTC price. Hall argues that Bitcoin has come a long way in terms of usage and acceptance. With more institutional adoption, Hall believes that Bitcoin’s price will continue to rise. However, he also cautions that price volatility is a natural part of the market and investors should be prepared for it.
In conclusion, the podcast offers a fascinating insight into the minds of Bitcoin maximalists and their views on the current state of the Bitcoin network. Hall’s experience living on the Bitcoin standard adds a unique perspective to the conversation, highlighting the advantages and challenges of using Bitcoin in everyday life. Overall, the podcast is a must-listen for anyone interested in the future of Bitcoin and the broader cryptocurrency market.