Bitcoin is approaching the $60k milestone, but Vitalik Buterin, the founder of Ethereum, has slammed Bitcoin and raised doubts about its future. Buterin dubbed BTC’s PoW (Proof-of-Work) method a “cultural error” in a recent interview with the Stakeborg.
Although the Ethereum co-founder has long been critical of BTC, it has been a long time since he has openly discussed the main coin’s drawbacks. Buterin also expressed surprise that Bitcoin had yet to see the obvious urgency and necessity to shift to PoS. (Proof-of-Stake).
Will Ethereum become the currency of the wealthy?
Etheremum, according to Buterin, appears to be supporting a certain class or culture of individuals, which extends beyond the foundations on which the network was built. In addition, he is concerned that the network’s hefty costs would limit Ethereum’s use to the wealthy. Buterin also stated that ETH is already being compared to Louis Vuitton by members of the community.
He is, however, optimistic that the London improvements and Ethereum 2.0 will address many of these issues.
Buterin is a crypto industry veteran who has played a key role in its development. He reinvented the Ethereum network, growing the company’s net worth from zero to $400 billion. However, his perceptions and ideas are always drawn to the industry’s ethical elements. For example, Buterin also blasted El Salvador’s Bitcoin adoption on a Reddit channel a few days ago, calling it a risky and maximalist approach.
Why is Bitcoin still utilizing the proof-of-work algorithm?
Buterin isn’t the only one who has criticized Bitcoin’s aversion to abandoning the PoW paradigm. Ripple’s creator stated earlier this year that Bitcoin would not be the dominant cryptocurrency in the long run until a more carbon-neutral technique like PoS is considered.
However, because of security concerns, Bitcoin is still clinging to PoW like glue. Developers require devices with higher hashing power to make the network more secure and difficult to hack or attack. Because more hashing power equals more energy, Bitcoin is still thriving on PoW.
However, by no means can it be argued that the PoS is less secure. We can only presume that Bitcoin will be watching Ethereum 2.0 to see how well it performs in terms of security on PoS before considering abandoning the PoW paradigm.