- Bitcoin was discussed by Vitalik Buterin and its eventual fate
- He discussed the distinctions between the Bitcoin and Ethereum group of people
- Many Misconceptions Around Bitcoin and Digital Currency Removed by Founder
One of the main thoughts that Vitalik tried to communicate through the article was the idea of Bitcoin as a business, which is being acquired by a local area around it that appears to be threatening and over-defensive.
Unlike projects like Ethereum, Cardano or Solana, Bitcoin does not allow the creation of on-chain applications or any kind of decentralized arrangement so widely used on different chains. Due to this reality, the number of bitcoin-related tricks and obscure businesses is considerably less than blockchains that help in the brilliant innovation of deals.
Buterin added the insider attribution chart which shows how real Bitcoin is in contrast to current chains, even organizations like Ethereum. The information shows that Bitcoin is one of the few companies with virtually no insider trading, so every individual who holds the leading digital currency is inherently protected from insider exposure.
Finally, Vitalik sums up everything referenced in the article and expresses that no other cryptocurrency that exists today in the advanced resource space will mine Bitcoin. Indeed, even altcoins as old as Litecoin miss the mark by the same degree of uniqueness.
Regarding the harmfulness and antagonism of the Bitcoin group of people and its maximalists, Buterin made sense of this local area following the current virtual entertainment scenes like Twitter, where businesses and lovers of Bitcoin are concentrated. cryptography. The Bitcoin people group was and remains more hostile than the others due to various pessimistic variables.
This way we can see the different sides quite clearly: group blockchain, privileged individuals in wealthy countries who like to signal goodness on overflowing money and private enterprise and can’t resist the urge to be amplified for decentralized administration by trial and error. as a side interest, and the Bitcoin Group, a deeply diverse gathering of rich and poor individuals in many countries around the world, including the Global South, who really use the free and sovereign money industrial apparatus to deliver a real benefit to people today.
Misconception around Bitcoin
A typical misjudgment on why Bitcoin does not honor state-aware contracts is as follows. Bitcoin believes in being extremely simple, and especially having low specialized complexity, to reduce the risk of something going wrong.
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Therefore, he would prefer not to add the most confusing highlights and opcodes that are important to have the ability to help more confusing crafty deals in Ethereum.
This misinterpretation is obviously wrong. Truth be told, there are many ways to add a wealthy state to Bitcoin; search for promises in Bitcoin discussion columns to see many proposals being considered. Furthermore, a significant number of these proposals are shockingly basic.
The reason covenants weren’t added is not that Bitcoin engineers see the value of a wealthy state, but find the complexity of conventions even more serious.