How Ethereum’s Influence Weighs Down on Bitcoin’s Potential

Bitcoin’s former founder of Paxful, Ray Youssef, has recently criticized Ethereum, the world’s largest smart contracting platform, for hindering Bitcoin’s progress, calling it a “drain and drag.” According to his Twitter post, Ethereum’s impact has been largely negative, delaying advancements in crypto. However, he expressed gratitude for the recent slowdown following last year’s crypto winter, stating that it allowed the crypto industry to strategize, adapt, and prepare for a new phase of innovation. Youssef’s tweet implied that Ethereum’s role has been to impede Bitcoin’s growth rather than foster its development. Nevertheless, Youssef appears to state that the time spent grappling with Ethereum’s limitations has allowed the industry to evaluate its shortcomings and establish a solid foundation for future growth. Youssef is currently working on a project, CivKit, that will realize what Ethereum failed to achieve, comparing himself with Ethereum co-founder, Vitalik Buterin, saying his participation in the project is like “Vitalik on roids.” Youssef has been a vocal supporter of Bitcoin and has delisted Ethereum from his previous platform, Paxful, citing centralization concerns and the number of scams orchestrated on the Ethereum network.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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