Bitcoin Is Not Crypto? - BTC Maximalists’ Questionable Motives
Bitcoin, is not crypto?
Apparently, this is exactly what BTC advocates suggest as a new narrative, although the same tagline has been used sparingly in previous years.
BTC marketing, this time, seems to be taking a different approach to stand out from competitors. However, besides its placement in the market cap indexes, what is the underlying message that BTC marketing is trying to convey?
Actually, it should immediately raise concerns for everyone since the obsession with the “not-crypto” characterization hides a lot more than what this catchy phrase appears at first glance.
We dive into this new rabbit hole the BTC maximalists dug and discover (once again) only malicious intentions, manipulation, and propaganda.
Crypto: An Overused and Negative Term
Cryptocurrency synthesizes the words cryptography and currency in one.
Thus Satoshi anointed Bitcoin as cryptocurrency, which was also a fitting description.
Bitcoin, the P2P Cryptocurrency!
The founder of Bitcoin, Satoshi Nakamoto, called Bitcoin a cryptocurrency, yet modern-day evangelists seem to entirely ignore the history of Bitcoin and the intentions and writings of the founder (Satoshi Nakamoto).
Behind Satoshi, thousands of Bitcoin OGs rallied, with similar intentions, to grow Bitcoin into a dominant form of payment that rendered trusted third parties obsolete.
The phrase “Bitcoin is not crypto” suggests that Bitcoin is not a cryptocurrency.
The current marketing strategies employed by Bitcoin influencers seem inconsistent and confusing, which may warrant reconsideration.
The recent BTC promoters failed to delve deep to understand Bitcoin and study its origins and the whitepaper.
A Negative Term, When Combined With Currency
The term “Crypto” originates from the Greek word “κρύπτω” which means “to conceal”. In the dative case “ἐν κρυπτῷ”, it can also translate to “hidden” or “mystical” (with a connotation of something that has a hidden or esoteric meaning).
Even the meaning of the word alone is not positive.
Combined with currency it generates a powerful name, but not a positive one.
However, the term crypto is not a positive one and instead of the scientific meaning it takes in the term cryptography (positive) when combined with the term currency, the term is mostly negative.
In the past, there had been organized attempts to replace the term crypto with “digital currency” or “internet money” and other phrases that would entirely overthrow the term cryptocurrency.
The term crypto used to define cryptography.
Timothy May coined the term crypto-anarchy in his famous paper “The Crypto Anarchist Manifesto”, back in 1992.
Nowadays, the term “crypto” is commonly used as a shortened form of “cryptocurrency”, and it refers to anything related to cryptocurrencies in one way or another.
The issue is both the abbreviation and the use of the term by centralized entities, for-profit companies, and individuals that entirely divert from the original intentions of the whitepaper and Peer-to-Peer Electronic Cash.
Nonetheless, Bitcoin in the dominant BTC version has also diverted from these fundamentals.
Product Differentiation
Bitcoin speculators push marketing into adopting this view.
The market positioning by excluding Bitcoin (BTC) from the rest of the market is significant, however, this strategy can only apply due to the already gigantic marketing BTC enjoys.
It is also a deceptive and abusive strategy by a market leader that increases confusion in the market.
Yet, here is the real reason maximalists are obsessed with the not crypto message:
BTC Maximalists’ Questionable Motives
The Plan: Everything But BTC A Security
It seems that BTC advocates believe that by setting their product apart, they can persuade Finance and the SEC to categorize all cryptocurrencies (ETH, XRP, LTC, etc) and other Bitcoin versions (BCH, BSV, eCash) as securities.
So, it is not just a market positioning technique, but also one that aims at eliminating all competition.
It is not about Bitcoin being dubbed as a security but about every other cryptocurrency out there being dubbed as a security.
The reason is the dwindling market dominance of BTC and the rise of technologically advanced competitors (ETH, BCH, LTC, XRP, etc.).
This is why every community in the cryptocurrency domain should realize as soon as possible that Bitcoin BTC was never their ally but a fierce rival that will try to sabotage their status and even induce viability issues to all competitors in the long run.
Marketing is a crucial aspect of any market, but, unfortunately, some players on the BTC side resort to unfair tactics and propaganda to eliminate competition.
The “Bitcoin, not crypto” argument poses a potential danger for any other cryptocurrency. It is a plea to the SEC to categorize everything else but BTC as a security, which could have negative implications for the broad crypto market.
Innovation in terms of smart contracts, Web3, tokenization, decentralized markets, censorship resistance, and even peer-to-peer payments is the aspect of cryptocurrency that BTC maximalists have stopped promoting in an attempt to align with the banks’ vision of centralized digital cash and assets.
The implications of this dangerous path will be dire for the entire cryptocurrency industry, and will only further reduce financial freedom and innovation.
In Conclusion
With this slogan, the community behind the BTC version of Bitcoin is pursuing one more cunning marketing approach.
Over the years, the BTC “thought leaders” have slowly altered the original Bitcoin message in a deceptive approach that is not immediately observable or understood by the majority.
The BTC maximalists consider ETFs a panacea to the extensive scalability issues and the internal fight between Core and various camps (Ordinals, Drivechain, privacy-oriented services) that could split the BTC community again.
In the end, what is left is a confusing and contradicting message, with BTC influencers today promoting custodial wallets, banks as custodians, and a distorted vision.
Images:
Cover Picture (background) on Pixabay (modified)
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If cryptographic currency is a security, let's make the best of it. When something works as currency, there isn't a thing in defining it as something else. It's still what it actually is used for. m2c