who is of Russian and Canadian descent, made this observation in his most recent interview with Noah Smith. It wasn't the first time Buterin made a jab at the cryptocurrency with the highest market value bellwether.
The previous year, he commented to CNN that it's possible BTC may fall more behind. Jack Dorsey, a Bitcoin maximalist and former CEO of Twitter, was one of the people Buterin spoke with about the top. Now that he had brought up this point, he reiterated it. This time, Buterin centered his attention on Bitcoin's security as well as its energy requirements.
Paying Fees Does Not Guarantee Safety
In the long run, Vitalik feels that Bitcoin's reliance on transaction fees and revenue will not provide sufficient protection for its users. He added that Bitcoin's ability to generate transaction fees has not been particularly successful as of late. In spite of this, his argument does make sense in light of the information that is now available.
Since March 2022, the daily transaction costs associated with BTC have experienced a precipitous decline, according to YCharts, a blockchain statistics company. During the time that these lines were being published, the total transaction fees reported by BTC stood at $293,638. (September 1).
Vitalik Buterin, co-founder of Ethereum, recently asserted that the platform's advantage over Bitcoin lies in its ability to run decentralized apps. He also mentioned that the proof-of-work (PoW) consensus had a lower level of security than the proof-of-stake consensus (proof-of-stake). Bear in mind that the final transition to the PoS method for Ethereum is still in the works.
Additionally, the co-founder of Ethereum brought up the increase in earnings from Ethereum mining. Glassnode verified that miners of Ether had a higher rate of success compared to their Bitcoin competitors. During the time of this publishing, data obtained from the blockchain showed that BTC miner revenue was 1.67%. In the meantime, Ethereum was able to brag an astounding 14.59%.
Have No Phobias
In addition, Vitalik urged the community of cryptocurrency investors to continue holding their positions even in the face of the current volatility. The cryptocurrency industry veteran was taken aback by how long the most recent bull run lasted, but the current bear stance is just temporary. Despite the allegation, the ETH/USDT pair continued to exhibit volatility. In spite of this, the Bollinger Bands indicate that it is not yet at a "very" high level.
Moreover, around the time this article was being written, Coinmarketcap demonstrated that Ethereum had a price increase, reaching $1,593 per transaction. Ethereum HODLers may be in for some profitable tidings as the anticipated Merge draws closer, which verifies Vitalik's bullish comments.
During the time that this publication was being written, the cryptocurrency market exhibited bearishness. The price of bitcoin continued to show bearish tendencies while remaining below the pivotal $20,000 milestone. At the time this story was being published, the price of one bitcoin was $19,931.26.
