Cryptocurrency proponents have always played a key role in paving the way for the adoption of digital assets. Some have become more popular icons than others and are revered in the modern, decentralized community.
One such person was Vitalik Buterin, the co-founder of Ethereum. In a recent interview with Lex Fridman, Buterin talked about Bitcoin’s journey and how it transformed the financial ecosystem.
The co-founder of Ethereum began by discussing the importance of Bitcoin in the timeframe of the cryptocurrency industry.
He claimed that Bitcoin creator Satoshi Nakamoto was a quasi-god-like character and deserved all the applause he received. Buterin added that his interest in blockchain was piqued by its use cases. He stated:
“It is a known fact that Bitcoin opened a lot of doors to a lot of people. In my opinion, Hal Finney was Satoshi Nakamoto because Bitcoin reflected his working style. It is also a known fact that the first Bitcoin transaction occurred between Satoshi Nakamoto and Hal Finney.”
Vitalik Buterin also talked about the use of quadratic funding as an important aspect of the streamlined processes in blockchain space.
The concept of cryptocurrencies was invented in order to create a faster, more streamlined form of capital transfer. Buterin once claimed that his inspiration for Ethereum was a world supercomputer.
According to him, while Bitcoin created the foundation for the cryptocurrency world, it was Ethereum who decided to build applications on it.
He believed that features such as Proof of Work and public keys would greatly benefit the general public. Buterin has drawn on his extensive knowledge of cryptocurrency space since he was a writer in Bitcoin Magazine.
Buterin also talked about how cryptocurrency space has improved over the last decade. Several cryptocurrency projects have seen light over the years, and some have been based on Ethereum.
Projects like MakerDAO have been at the forefront of cryptocurrency innovations.
During the interview, Buterin also elaborated on his skepticism of the centralized industry. The fiat industry has always attacked crypto for being fundamentally flawed but there were several cases when fiat failed miserably, said Buterin.
He pointed out that governments were being aloof to the dangers of what was going on around them. Buterin put forth the idea of a highly mismanaged society with a crumbling financial structure if the current model stands.