Bitcoin Is Not Crypto? - BTC Maximalists' Questionable Motives

juney (37)in #steem • 7 months ago

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 which means "to conceal". In the dative case "εν κρυπτώ", 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.

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, Drive Chain, 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)