Ethereum co-founder Vitalik Buterin spoke about the difference between Ethereum and Bitcoin and stated that the cryptocurrency community could find itself in a “cultural trap.”
As Vitalik Buterin noted in a podcast where he took the position of a “technological philosopher”, the cryptocurrency community may find itself in a “cultural trap.” This will happen if supporters of the development of cryptocurrencies do not change their attitude towards bitcoin and ether. According to Buterin, the fact is that crypto enthusiasts are used to considering cryptocurrency separately from global problems.
He fears that the main cultural mistake of the Ethereum community may be the adoption of ether as a cryptocurrency for the wealthy segments of the population. Buterin stated that this misconception was formed due to the high transaction fees on the Ethereum network, and in the future this may well take root in the minds of people. He also noted that Ether is capable of surpassing Bitcoin in market capitalization.
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem depends on the value of the currency, and in Ethereum, the value of the currency depends on the value of the ecosystem,” Buterin said.
Recall that the American magazine Time included Vitalik Buterin in the top 100 most influential people in the field of innovation in 2021.