Here’s Why This Crypto Expert Believes Ethereum Is The ‘Biggest Block’ Against Bitcoin Adoption
24 August 2023 - 3:00PM
NEWSBTC
Crypto expert and author of Civ Kit, an app that lets users build
their decentralized marketplace, Ray Youssef, has recently
taken to his X (formerly known as Twitter) account to share his
stance on Ethereum and its impact on Bitcoin adoption. Youssef’s
remarks on Ethereum’s influence over Bitcoin’s growth trajectory
were both striking and laden with implications for the future.
Related Reading: Whale Moves 2,910 Bitcoin (BTC) To Exchange Amid
FBI Warnings, A Bearish Signal? Ethereum’s Challenge To Bitcoin
Growth On August 23, Ray Youssef who is also a founder of the Built
With Bitcoin Foundation, expressed his view that Ethereum, despite
its shared objectives with Bitcoin, presents a significant hurdle
to Bitcoin’s broader acceptance. The crypto expert
particularly noted: “ETH has been the biggest block against Bitcoin
adoption.” Youssef’s rationale? He suggests that the challenges
posed by Ethereum overshadow its utility parallels with Bitcoin.
The foundational issues, according to Youssef, lie in Ethereum’s
inherent characteristics. Further amplifying his viewpoint, Youssef
highlighted the potential of CivKit, a platform he believes could
mimic the necessities of a financial model. In doing so, he
suggests that this would effectively sift out deceptive components,
leaving them to scammers. ETH has been the biggest block against
Bitcoin adoption. At first I saw utility we could copy but the
negatives far out weigh any positives. #civkit will replicate what
is needed on ultra sound honest money and leave the rest for the
scammers. Nuf said https://t.co/4YIvOX3nAF — Ray Youssef
(@raycivkit) August 23, 2023 Building on this, Youssef recently
pointed out the potential role of BRICS nations, including Brazil,
Russia, India, China, and South Africa, in shaping the future of
P2P Bitcoin markets. Civ Kit and Drivechain: The Innovations In The
Crypto Space? April saw the release of a whitepaper introducing Civ
Kit, a product endorsed by Youssef and other Bitcoin enthusiasts
like Antoine Riard and Nicholas Gregory. This tool aims to create a
resistant, decentralized peer-to-peer marketplace. By combining
Nostr architecture with the Lightning Network, Civ Kit promises
enhanced privacy and security, offering features like decentralized
identity, escrowed trades, and P2P messaging protocol. However, the
conversation that initially triggered Youssef’s tweet focused on a
discussion between researcher Timoleon Moraitis and Ethereum’s
founder, Vitalik Buterin. This conversation, highlighted by Bitcoin
expert Pierre Rochard, revealed Co-Founder of Ethereum, Vitalik
Buterin’s lack of interest in Drivechain, a feature that allows
Bitcoin to operate across secondary chains, termed “sidechains.”
Rochard commented on the significance of this conversation, noting
Buterin’s position could be seen as an informal “veto” of
Drivechain’s relevance. I disagree with individual arguments on
both sides of this debate, but it’s great to learn from others
especially when we don’t align. This conversation is interesting
because Vitalik is the ideal “customer” for Drivechains. If he
doesn’t want it, that’s almost like a veto.
pic.twitter.com/uxG2aFnUvj — Pierre Rochard (@BitcoinPierre) August
22, 2023 In a further twist, Buterin opined on the changing
dynamics of Proof-of-Work (PoW) blockchains since 2019, stating
that BTC miners no longer dominate this landscape. Emphasizing the
shift in power dynamics, Buterin remarked that even with a
majority, miners cannot enforce the acceptance of invalid blocks
into the main chain. He underscored that the controlling power now
resides with the users. Related Reading: Ethereum Price Could See
“Liftoff” if It’s Able to Clear One Crucial Level Despite the
argument between Bitcoin and Ethereum, both assets have been in a
continuous downward trend over the past 7 days. Particularly,
Ethereum has dropped by 6.6% while Bitcoin by 7.2% with a current
market price of $26,555, at the time of writing. Featured image
from Shutterstock, Chart from TradingView
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024