Ethereum Founder Vitalik Buterin Says Crypto Is Better Than Gold – Here’s What You Need To Know
Ethereum (ETH) co-founder Vitalik Buterin continues to preach the crypto gospel, declaring that cryptocurrencies are a better option for storing wealth and transacting than gold.
“Gold is incredibly impractical. It is difficult to use, especially when dealing with untrustworthy parties. It does not support secure storage options such as multisig. At this point, gold has less adoption than crypto, so crypto is the best option,” the blockchain developer tweeted.
Buterin answered one chirping by writer Zack Weinersmith who said the only argument he’s heard about crypto that “makes sense within the believer’s own framework is that they don’t want a centralized authority for money. But in that framework, why not just go with gold?”
The founder’s statement in defense of cryptocurrencies has triggered predominantly positive reactions from cryptocurrency Twitter.
“I agree with @VitalikButerin that Bitcoin and crypto are where we need to go, especially for the corporate world, internet money and international payments,” so using Darth Crypto.
At the same time, some Twitter users used the resulting discussion to disagree with Buterin.
“Ethereum is incredibly inconvenient. It’s hard to use, especially when shopping. It can’t be turned into a water bottle like stainless steel. At this point, Ethereum has less use and lower market value than stainless steel, so stainless steel is the best option . declared uses Levraham Spreadsmith.
With gold advocates flocking to the debate, a number of crypto users joined in to weigh in on the discussion.
“Gold has the advantage of not being a pre-mined arrangement where a few parties have most of the world’s supply and can gain control of the transactions worldwide,” GoldenKnight uses contributed to the online exchange in favor of gold.
In reply, User frogster defended crypto’s superiority over the precious metal by saying that “gold is literally a pre-mined arrangement with few parties holding most of the world’s supply AND already controlling the transactions worldwide”.
Last month, Buterin joined the race for crypto-related bestseller of the year with the release of Proof of Stake, a collection of his writings from the past 10 years. The title was released as both a physical and digital book on 27 September. The author declared that his entire share of the proceeds from the book will be used to support open source public goods via Gitcoin Grants.
