Ethereum co-founder Vitalik Buterin criticized Bitcoin again. The Russian-Canadian cryptocurrency creator remarked during his latest interview with Noah Smith. It wasn’t the first time Buterin took a dig at the bellwether crypto in market value.
Last year, he told CNN that BTC might remain behind. Also, Buterin discussed the top with Bitcoin maximalist and ex-Twitter CEO Jack Dorsey. Now, he had emphasized his point. This time, Buterin focused on Bitcoin’s security and energy consumption.
Fees Don’t Mean Security
Vitalik believes Bitcoin’s reliance on fees and revenue won’t ensure enough user security in the long run. He stated that Bitcoin hadn’t flourished recently in generating transaction fees. Nevertheless, his assertion has some logic, according to the current data.
YCharts, a blockchain data platform, unveiled that BTC’s daily transaction fees plunged substantially since March 2022. While publishing these lines, BTC’s total transaction fees recorded stood at $293,638 (September 1).
While highlighting Ethereum’s success, Vitalik stated that the decentralized applications facet made ETH far ahead of BTC. He added that PoW (proof-of-work) consensus had less security than PoS (proof-of-stake). Keep in mind that Ethereum awaits its final switch to the PoS mechanism.
Also, the ETH co-founder mentioned the surge in Ethereum mining revenue. Glassnode confirmed that Ether miners enjoyed more success than their Bitcoin rivals. On-chain data showed BTC miner revenue was 1.67% during this publication. Meanwhile, Ethereum boasted a staggering 14.59%.
Do Not Fear
Moreover, Vitalik encouraged the cryptocurrency community to remain sold regardless of the ongoing volatility. The crypto-expert expressed surprise at the last bull run’s length, and the present bear stance will pass. Though the claim, ETH/USDT still reflected volatility. Nevertheless, the Bollinger Bands show it isn’t at the ‘extremely’ high level.
Furthermore, Coinmarketcap showed Ethereum noted an uptick to change hands at $1,593 during this publication. With the anticipated Merge approaching, Ethereum HODLers might hoe for lucrative tidings and validates Vitalik’s bullish claims.
Meantime, the crypto market noted bearishness during this publication. Bitcoin maintained downside biases while hovering beneath the crucial $20,000 level. While publishing this post, BTC traded at $19,931.26.
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