Ethereum [ETH] Co-founder Vitalik Buterin conducted new research into Bitcoin [BTC]. at recent days an interview with Noah SmithThe Russian-Canadian cryptographer made a statement. This was not the first time that Vitalik claimed to outperform the number one cryptocurrency by market capitalization.
2021, is Tell CNN that Bitcoin may be here to stay. On another occasion, he clashed with former Twitter and Bitcoin CEO Jack Dorsey over the same issue. Now Vitalik repeated his point. This time he focused on energy consumption and security in BTC.
Fee does not mean safety
According to Vitalik, BTC’s dependence on revenue and fees will not be able to provide sufficient security for its users in the long run.
He noted that BTC has not grown much in recent years in generated transaction fees. However, his claim may have some truth based on current data.
Blockchain data platform YCharts open The total daily transaction fees for BTC since March 2022 have fallen dramatically.
At the time of writing, the total fees for recently recorded BTC transactions are $293,638. This amount was applied on 1 September.
While creating his foundation for the success of ETH, Vitalik said that the decentralized application component of Ethereum did well before Bitcoin. He added that the Proof of Work (PoW) consensus provides less security than Proof-of-Stake (PoS), which Ethereum has moved to.
Vitalik also mentioned increased revenue from mining Ethereum. According to Glassnode, ETH miners have had more success stories than their BTC counterparts. Based on sequential data, bitcoin miners Revenues It was 1.67% at the time of writing. For ETH it was one enormous 14.59%.
do not worry
In other parts of the interview, Vitalik encouraged the crypto community not to be bothered by the volatility it is currently experiencing.
He noted that he was surprised by the length of the bull’s last run, and the current state of the bear would pass. Despite the claims, the ETH/USDT pair is still showing volatility.
However, it appears to be in a “not too high” state as indicated by Bollinger Bands (BB).
Additionally, according to CoinMarketCap, ETH is up 3.22%. prize to $1,593.57 at the time of writing. With the merger approaching daily, ETH HODLers can only hope that it will bring good news and prove Vitalik’s claims.