Vitalik Buterin, Ethereum’s co-founder, specified the big difference between ethereum and bitcoin in his recent podcast interview. He expressed his views on his network, the leading cryptocurrency Bitcoin, and the blockchains’ communities.
In the interview, Buterin referred to himself as a tech philosopher. Furthermore, he talked about the likelihood of the crypto-space walking into a “cultural trap” if the current schools of thought among top network proponents don’t change.
Generally, he was more concerned about crypto-proponents believing in the crypto-only approach and ignoring other issues in the world. For Ethereum, the entrepreneur feared that the network’s major cultural mistake could be its exclusivity for the rich. Moreover, Buterin shared that this was probably happening due to the high fees of the network.
ETH Taking Over Bitcoin’s Market Capitalization
When asked about why Ethereum could take over the market capitalization of Bitcoin, he replied:
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency. But in Ethereum, the value of the currency comes from the value of the ecosystem.”
Ethereum’s market cap has flipped Bitcoin’s cap by almost 40%. While completely overtaking the top digital asset in terms of transaction fee and transaction count.
After the London hard fork took place on Ethereum, its network fee issues are also in the works while enhancing its transaction payment system. Buterin pointed towards this as another plus point and mentioned:
“Especially post-EIP 1559 when you have the fees burnt, that then becomes true in a more direct economic sense.”
He mentioned the current NFT craze among the crypto community and increasing the traffic on Ethereum by attracting new demographic sets. He said:
“I think NFTs have been interesting from a cultural perspective because they bring people into Ethereum that have a completely different mindset than DeFi and regular crypto people, for example.”