Vitalik Buterin recently shared his thoughts on Bitcoin and the future of the cryptocurrency sector in a blog post. The disparities between the Bitcoin and Ethereum communities, as well as the industry as a whole, were described by one of the industry’s most powerful figures.
One of the primary points Vitalik attempted to make in the article was the nature of Bitcoin as a project, which is being inherited by a hostile and overly defensive community. Bitcoin, unlike projects like Ethereum, Cardano, and Solana, does not allow the building of on-chain applications or any other type of decentralised solution. As a result, compared to blockchains that allow smart contracts technology, the number of Bitcoin-related scams and questionable projects is exponentially smaller.
Buterin included an insider allocation graph that compares “real” Bitcoin to current chains, including Ethereum networks. According to the data, Bitcoin is one of the few projects with virtually no insider allocation, meaning that everyone who owns the initial cryptocurrency is intrinsically safeguarded from insider exposure. Finally, Vitalik summarises everything discussed in the paper and claims that no other cryptocurrency currently available in the digital asset field will be able to compete with Bitcoin. Even early cryptocurrencies like Litecoin don’t have the same level of individuality.
Buterin noted that the toxicity and antagonism of the Bitcoin community and its maximalists is a result of modern social media platforms such as Twitter, where crypto projects and enthusiasts are focused. Because of a number of unfavourable factors, the Bitcoin community has been and continues to be more hostile than others.
It’s a wrap for this story.
Read more: Vitalik Buterin’s new sharding proposal for EIP-4844
