Vitalik Buterin opens up about the downsides of Bitcoin (BTC)

Vitalik Buterin says Eth2 challenge goes beyond technical issues

Ethereum’s co-founder, Vitalik Buterin, once again shared his thoughts on the state of the crypto industry, specifically on Bitcoin (BTC/USD) and Ethereum (ETH/USD). Buterin often did so in the past, but for a long time now, he refrained from speaking on the matter.

Now, he touched upon BTC and ETH once again during the recent podcast with The Stakeborg Talks.

Buterin’s views on Bitcoin and Ethereum

The 27-year-old co-creator of Ethereum has been in the crypto industry for a bigger part of a decade now, and he saw his project go from nothing more than an idea to a $400 billion-large crypto, a massive development platform that gave birth to countless trends, and revolutionized the crypto/blockcahin industry time and time again.

He even started upgrading it towards Ethereum 2.0, and earlier this year, he launched Ethereum’s London upgrade, which introduced the potential for Ethereum to become deflationary.

However, Buterin revealed that he still has concerns regarding the project, specifically due to the crypto industry’s potential to walk into a ‘cultural trap,’ as he called it. This is why he believes that changes must be made to some schools of thought that started gaining more and more ground among the two cryptocurrencies’ community members.

One such idea is that crypto proponents should be crypto-only, and not even consider any other possibility. He also fears that Ethereum could end up serving only the rich, and due to the high fees on the ETH network, he fears that this might already be the case.

He said that some are comparing Ethereum to Louis Vuitton, while Solana is the Walmart — suitable for regular people. However, he is still confident in the future, believing that layer 2 solutions are already working on solving the problem.

As for Bitcoin, he was already criticizing El Salvador’s move to make the coin legal tender, for which he was heavily criticized, himself. However, he still did not shy away from saying that Bitcoin needs to transition to PoS, even though he admitted that PoW was important for it during the first 5 years of its existence.

He said that proof of work is a cultural mistake, and Bitcoin sticking to it could be a potential problem, and the downfall of BTC, especially since there are so many concerns regarding its impact on the environment.

The post Vitalik Buterin opens up about the downsides of Bitcoin (BTC) appeared first on Invezz.

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