Ethereum’s Vitalik Buterin is Worried About Bitcoin’s Security

Ethereum’s Vitalik Buterin is Worried About Bitcoin’s Security

It’s been a few months since the crypto market was in a bind, and in that time the bearish market and the corrections it spawned have been incredibly annoying.

Being the largest cryptocurrency by market value, Bitcoin’s price fluctuation has a profound effect on the whole cryptocurrency market.

However, this is not the only cause for concern with Bitcoin; the blockchain’s security flaws and its limited scalability have not been addressed by any significant improvements or updates in recent years.

It’s true that Bitcoin hasn’t had any upgrades or updates done to its security and scalability in the recent few years, and that’s something that’s a bit concerning, so it’s no surprise that Ether’s creator, Vitalik Buterin, has serious concerns about the security aspects of the flagship cryptocurrency.
A recent interview featured Ether’s creator, who expressed concern over Bitcoin’s update factor.

Bitcoin needs to switch to a Proof of Stake consensus mechanism.

According to him, for a specialized asset, efficiency and security always amount to the same thing and indicate the same objectives. In light of Bitcoin’s current state of affairs, ignoring security in favor of efficiency is a mistake you’ll come to deeply regret.

As time goes on, your blockchain’s security will weaken, and hackers will develop ways to exploit it; as a result, you’ll have to spend more money and lose efficiency until your blockchain is safe again.

According to Vitalik, Bitcoin’s entire security relies on the fees, but they haven’t increased over the years, and the blockchain hasn’t received any changes that would improve its security. Second, with regards to “Merge,” he stated that proof of work is obsolete and doesn’t improve Bitcoin’s security, and that the cryptocurrency has to give serious consideration to switching to proof of stake.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.