Ethereum co-founder Vitalik Buterin tweeted a series of comments revealing his position on Bitcoin.
Vitalik Buterin, the prodigy co-founder of Ethereum, noted on his Twitter account that “Finance is relatively less important in this decade than in the last decade”. Referring to the fact that the cryptographic ecosystem must adapt to a new reality and not continue focusing solely on finances.
Likewise, Buterin pointed out that there are other blockchains that “fortunately” are not focused solely on finances. And as expected, the comment pointed to Ethereum as one of those blockchains existing and available in the world. Although he also added that there are other chains that provide different values to finances within the cryptographic ecosystem.
In this sense, Buterin points to Ethereum as a blockchain that allows users to have decentralized and censorship-resistant communication. In addition, he noted that Ethereum has completely decentralized communities that provide governance to users. At the same time it eliminates any anomaly that may exist within society.
Comments made by Buterin about the importance of finance today were sparked by a tweet Posted by CEO of Binance, Changpeng Zhao. Where Zhao expressed that Bitcoin is the form of peaceful protest that currently exists. Taking as a reference that in the recent demonstrations that have taken place in the United States, many young people are seen carrying signs of Bitcoin indicating that it is a means to achieve their freedom.
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The importance of Bitcoin and Ethereum today
Much has been said in our spaces about Bitcoin. And both the current scenario and that of 10 years ago have been conducive to highlighting the potential advantages offered by this new decentralized financial system. An innovative system that is always in constant development and growth. And yes, at first Bitcoin was seen by the vast majority as a means of payment. But the current reality is that Bitcoin has become much more than just a cryptocurrency.
However, it seems that Vitalik Buterin does not share the same sentiment as most of the crypto community. So his comments, although they reflect a valid point of view, also point to clear competition with the most important cryptocurrency to date, Bitcoin.
The co-founder of Ethereum noted that a period of ideological realignment has taken place from 2016 to the present. So he believes it is time for things to start changing and new approaches to be adopted. Ones that help society undergo a complete transformation in all areas, and not just focused on finances.
In this sense, Buterin tweeted that:
“2016-20 is a period of ideological realignment. Many old ideologies and coalitions are dying, and many new ones are being born. The hills and valleys on the battlefields are changing. “The crypto space needs to be vigilant and adjust to new realities.”
Although these comments from Buterin received messages of support from several users, others stated that the ecosystems provided by the Ethereum network are ultimately related to finances. For example, Ryan Sean Adams, founder of crypto investment company Mythos Capital, pointed out that the DAO, decentralized communities and governance, are “financial things” when viewed from a broad perspective.
Greater usability of cryptography and its potential
However, what Buterin claims and defends is that cryptography has a fairly broad potential for use, which exceeds that of finance. In this sense, he highlights that the Ethereum network has many applications that are very useful for both users and companies as well as developers. Since this network allows the creation and implementation of all kinds of applications on its blockchain.
Even so, Bitcoin remains the most important cryptocurrency today. As of the date of this publication, Bitcoin has a capitalization market of more than 171 billion dollars. As well as a growth in the number of investors and hodlers who use and maintain this cryptocurrency.
On the other hand, errors have occurred within the Ethereum network that have never been seen within Bitcoin. However, despite this, there is no denying that Ethereum has a lot of potential that is just developing. One that identifies and characterizes it with profound differences with respect to Bitcoin.
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