The co-creator of Ethereum, Vitalik Buterin, has once again been critical of Bitcoin. The founder of the cryptocurrency, who is of Russian and Canadian descent, made this remark in a recent interview with Noah Smith. Buterin has been known to poke fun at the most valuable cryptocurrency before.
Last year, he told CNN that Bitcoin may fall further behind. Buterin has also had lengthy conversations on the pinnacle with Bitcoin maximalist and former Twitter CEO Jack Dorsey. Now he was making his argument more clearly. Buterin discussed the safety of Bitcoin and its impact on the environment this time.
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Vitalik thinks that in the long run, Bitcoin’s reliance on fees and revenue isn’t going to be enough to secure sufficient user security. According to him, Bitcoin’s transaction fee generation has slowed down recently. Though, given the available evidence, his claim does make sense.
Since March 2022, the daily transaction costs for Bitcoin have dropped significantly, as revealed by YCharts, a blockchain analytics platform. There were a total of $293,638 in BTC transaction fees at the time of this writing (September 1).
Vitalik Buterin, in praising Ethereum, said that its superiority over Bitcoin was due to its superior support for decentralized apps. Additionally, he stated that PoW (proof-of-work) consensus was less secure than PoS. (proof-of-stake). Keep in mind that Ethereum is still waiting for the migration to the PoS mechanism to go through.
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The ETH co-creator also spoke of an increase in earnings from mining Ethereum. According to Glassnode, Ether miners were more successful than their Bitcoin counterparts. During the time period covered by this article, BTC miner revenue was 1.67 percent, according to on-chain data. In contrast, Ethereum showed a whopping 14.59% increase.
Not to Worry
Additionally, Vitalik urged the cryptocurrency community to maintain a sell position despite the continued volatility. The crypto specialist was surprised by how long the previous bull run lasted, but he expects the current bearish sentiment to end soon. The ETH/USDT exchange rate still reflected volatility despite the claim. Although the Bollinger Bands indicate a high level, it is not at a “very” high level.
Furthermore, Coinmarketcap demonstrated that Ethereum saw an increase to trade at $1,593 at the time of publication. Ethereum HODLers could find some good news as the predicted Merge draws near, lending credence to Vitalik’s optimistic forecasts.
During the time this was being written, the cryptocurrency market showed signs of bearishness. Bitcoin’s price remained on the decline, and it struggled to break through the key $20,000 barrier. Bitcoin was trading at $19,931.26 at the time of writing.