In this 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 what it means to be 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. His initial impression of the first cryptocurrency was that it was difficult to use at the time, but that changed in the years that followed. Hall explains 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, and 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.
Hall also shares his experience living on the Bitcoin standard over the last few years. Hall says 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.