Tuesday, May 11, 2021

Vitalik Buterin Defends Ethereum (ETH), Says Bitcoin (BTC) Has Lots of Centralized Middlemen

The co-founder of Ethereum Vitalik Buterin has got another avenue to defend the second-largest cryptocurrency by market, Ethereum (ETH), in the face of criticism.

The Aims of Bitcoin (BTC) and Ethereum (ETH) are the same

The conversation was started by a user identified on Twitter as “Danger”, who writes about DeFi on Medium.

In his opinion, both Bitcoin (BTC) and Ethereum (ETH) are heading in the same direction, considering the fact that Vitalik Buterin founded Bitcoin Magazine.

He believes that the end goals of the cryptographic projects are the same, urging the Bitcoiners and Etherians to get this straight.

He wrote this, “Vitalik Buterin founded Bitcoin Magazine. I think this fact is important for both Bitcoiners and Etherians to digest. The core values that drive Ethereum and Bitcoin are not all that different — and the end goals are the same.”

Some Bitcoiners such as Dan Hedl came to contradict the opinion due to the past comments made by Vitalik Buterin, supposedly meant to destroy Bitcoin (BTC).

“He also tried to destroy Bitcoin, so no it’s not a friendly “let’s all hold hands and sing together”

The conversation was stretched further by a user, who concurred with the opinion that Buterin is still a Bitcoiner but disagreed on the assertion that says Ethereum (ETH) shares the same goals with Bitcoin (BTC).

He said Ethereum is prolonging the legacy of the financial system that is dominated by intermediaries, while Bitcoin is creating a new one with no middleman.

He wrote, “This is true and maybe Vitalik still is a Bitcoiner. But in the present, Ethereum is clearly not sharing goals with Bitcoin. Ethereum is prolonging the legacy financial system, full of intermediaries (look at “DeFi”), and Bitcoin is creating a new one without the middle man.”

Vitalik Buterin Says Bitcoin (BTC) Has Lots of Centralized Middlemen

In response to the tweet that asserted that Ethereum has lots of middlemen unlike Bitcoin, Vitalik Buterin said the opposite seems to be the case.

He wrote:

“I really and truly think it’s the opposite. BTC people seem happy to have lots of centralized middlemen (bitmex, tether, liquid….) and it’s the ETH community that’s trying to decentralize these functions with smart contract constructions.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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