Vitalik Buterin took to the Reddit thread to share his thoughts on Bitcoin and its adoption in El Salvador as a means of payment.
Ethereum founder Vitalik Buterin has criticized El Salvador’s methods of accepting Bitcoin as legal tender, which counteracts one of the biggest cryptocurrency adoption milestones to date.
Buterin posted his criticisms on a Reddit thread against cryptocurrency advocates praising Naib Bukele. Bukele is an authoritarian President of El Salvador who was convicted of trying to undermine the country’s democratic institutions.
El Salvador first made Bitcoin legal tender on September 7 – the same day the cryptocurrency market crashed.
Buterin raised the issue of Bitcoin adoption
The Ethereum founder’s first problem with the adoption of El Salvador was about his undermining freedom by forcing all businesses operating in the country to accept Bitcoin.
“The compulsory adoption of a certain cryptocurrency for businesses runs counter to the ideals of freedom that are supposed to be so important to the crypto space,” he said.
Freedom and decentralization are at the core of the origin of cryptocurrency. Satoshi Nakamoto, the creator of Bitcoin, envisioned the cryptocurrency to be peer-to-peer cash without requiring any government control. Similar to centralizing mining nodes into large pools, Buterin and other crypto enthusiasts may wonder how El Salvador’s technique fits with Nakamoto’s vision.
However, users indicated in response to Buterin that El Salvador’s businesses also accept other currencies, and this is not related, for example, to the requirement to accept US dollars. Other redditors have denied this in their reports, arguing that BTC is different from a regulated, government-controlled currency.
Buterin also warned that the lack of education in the field of cryptocurrency could harm the citizens of El Salvador.
“This tactic of transferring BTC to millions of people in El Salvador at the same time without any prior education is reckless,” he said. “[Это] runs the risk of hacking or defrauding a large number of innocent people. “
Then Buterin called Bitcoin maximalists, a phrase that Buterin coined in 2014. It refers to the part of the cryptocurrency community that sees Bitcoin as the only viable digital asset, and all altcoins are doomed to fail.
“Shame on everyone (well, I’ll name the main culprits: shame on Bitcoin maximalists) who praise him uncritically. Bitcoin maximalists are very easy to get to praise you: you just have to be in power and do or say nice things about them and their coin, ”he said in another comment.
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