InstaForex

October 14, 2021

Bitcoin VS Ethereum: Is Ethereum Able to Overcome Bitcoin? This is the Ethereum Founder's Answer!

 Ethereum (ETH) founder Vitalik Buterin shared his views on his network and Bitcoin (BTC) in a recent podcast interview.


The first thing to worry about is if people think Ethereum is only for wealthy investors. Clearly, this perception may be due to the high transaction costs in the network.


The interview became even more interesting when Buterin did not hesitate to acknowledge Ethereum's potential to overtake Bitcoin in the future:


“The significant difference between Bitcoin and Ethereum is that Bitcoin is a platform where the value of the ecosystem is present from the value of its currency. But at Ethereum, the value of its currency is out of the value of its ecosystem. ”



Not only that, Ethereum became even more exciting with the launch of the London hard fork in June in an effort to improve the transaction payment system: "Especially after EIP-1599, there was a cost-burning which made it more economical."


Buterin also stressed that decentralized autonomous organizations (DAOs) will emerge more important after financial decentralization (DeFi) and non-fungible tokens (NFT). Where not, DAO is known for its ability to make big decisions and not just evolve in the same space.


Maybe one day the DAO will be able to decide on the pivot of the strategy or there will be a merger of the two DAOs: "It's something we'll see later."


Speaking of NFT, Buterin admits it’s very unique from a cultural perspective because this phenomenon has attracted more people to join Ethereum, and they totally have a different mindset to regular crypto investors and DeFi.