Crypto Founder Reveals How Ethereum Is Holding Back Bitcoin Adoption
Despite how great Bitcoin’s adoption over the years has been, a crypto founder has pointed out that one of the biggest challenges to Bitcoin’s adoption is Ethereum, due to the differences in utility.
Bitcoin’s Founder Claims Ethereum Is A Big Challenge
Built With Bitcoin Foundation’s Founder Ray Yossouf has deemed Ethereum to be a very big challenge in the adoption of Bitcoin. Yossouf said in a post on X (formerly Twitter) in response to an argument on drivechains.
Ray’s tweet was directed at a post shared by Pierre Rochard concerning the conversation held between researcher Timoleon Moraitis and Ethereum founder Vitalik Buterin about his lack of interest in Drivechains.
Drivechains usually enable the Bitcoin network to generate, remove, transmit, and accept BTC around secondary chains called sidechains. However, Ethereum’s founder has not been receptive to the idea.
Yossouf took this opportunity to share his opinion on the argument, saying that “ETH has been the biggest block against Bitcoin adoption.” Furthermore, the founder also used this as a way to push his application, civkit, which is supposed to establish a censorship-resistant and permissionless peer-to-peer (P2P) electronic market.
“At first, I saw utility we could copy but the negatives far out weigh any positives. #civkit will replicate what is needed on ultra sound honest money and leave the rest for the scammers,” Yossouf said.
BTC price remains highly volatile | Source: BTCUSD on Tradingview.com
Vitalik Claims Bitcoin Is The Reason For Its Adoption Setback
In response to allegations that Ethereum hinders Bitcoin’s adoption, Vitalik fired back that Bitcoin needs to do more than just accept payments and really needs to address its scaling limitations.
He explained that there are more lessons to be learned from Ethereum compared to Bitcoin, and this was due to Bitcoin’s slow transaction speed and scalability issues.
When he was asked about the new Ordinals protocol, he said his experience with Ethereum has taught him that doing things in consensus is hard and it is a property of social systems in general. He likened it to a scenario where it was easier for a small team to create Uber than for multiple committees to figure out the best way to solve public transit.
Vitalik further emphasised that he believes maximalism is crazy and BTC has effectively integrated its technical and cultural systems causing really weird politics holding it back.
“Sometimes people in (BTC-land) say things that go way too extreme, crazy, and factually incorrect and falsifiable six months later, and I wasn’t really into being part of that,” the Ethereum founder said.
Vitalik further expressed his feelings in the conversation by saying “Miners cannot make invalid blocks become part of the canonical chain event even with 51%.” He also added that miners are no longer in power of PoW blockchains.
However, this conversation seemed controversial in the BTC space because of the protocol’s notoriously constrained transaction capacity.
Featured image from Analytics Insight, chart from Tradingview.com
