TL; Fault DR
- Vitalik Butrin says the Bitcoin PoW mining model affects its long-term value.
- Butrin says Atrium only serves the rich with high transaction costs.
- Atrium 2.0 will solve many of the problems that currently stop ETH.
Bitcoin is approaching the $ 60,000 mark, but Vitalik Butrin from Atrium has voiced strong criticism and future concerns for the market-leading coin. In a recent interview with Stakeborg, Butrin called the BTCs PoW (Proof of Work) approach a “cultural mistake.”
The founder of Atrium has always been critical of BTC, but it has been a long time since he last spoke publicly about the major flaws of the coin. Butrin also noted that it is surprising that bitcoin still does not see obvious urgency and needs to be transferred to PoS (Proof-of-Stake).
But his fears and anxieties were not limited to Bitcoin. Butrin surprisingly noted that Atrium, despite its unprecedented growth, is at high risk of falling into the “cultural trap.”
Will Atrium become the coin of rich men?
Butrin said Atrium seems to serve a particular class or culture of people, something that goes beyond network development. He fears that the network’s high costs mean that Atrium only serves the rich. Butrin also said that members of the association are comparing ETH with Louis Vuitton.
However, he is confident that the London and Atrium 2.0 upgrades will solve many of these problems.
Butrin is a veteran of the cryptography industry as well as an important part of its growth. He revolutionized the Atrium network and saw the company’s net worth increase from $ 0 billion to $ 400 billion. But his ideas and thoughts are always inclined to the ethical aspects of the industry. Just a few days ago, Butrin also condemned the adoption of El Salvador bitcoin on a Reddit channel, calling it a reckless and maximalist approach.
Why does Bitcoin still use PoW?
Butrin is not the only one criticizing Bitcoin’s reluctance to move away from the PoW model. Earlier this year, the founder of Ripple stated that bitcoin could not remain the dominant digital currency in the long run if it did not use a more carbon-neutral method such as PoS.
However, Bitcoin still adheres to PoW like glue due to security concerns. Developers need devices with more hash power to increase network security and make hacking or attack more difficult. More hash power means more energy, which is why bitcoin remains strong in PoW.
However, it cannot be said that PoS is safer in any size. We can only assume that Bitcoin is waiting for Atrium 2.0 and how well it performs in PoS security before it surpasses the PoW model.