The world’s largest cryptocurrency by market value, Bitcoin (BTC), may have solidified its position as a store of value, but some crypto enthusiasts wish to see the ecosystem of the leading cryptocurrency as more than just a payment tool. Among those wanting to see BTC as more than a payment tool is Vitalik Buterin, co-founder of Ethereum (ETH), the biggest altcoin and smart contract platform.
“Bitcoin Needs a Scaling Solution”
Ethereum’s co-founder, Vitalik Buterin, recently made a significant statement by stating that for Bitcoin to be more than a payment tool, it needs to adopt scaling solutions like ZK Rollup. Buterin made this remark during a Twitter Spaces event last week, highlighting one of the biggest problems with Bitcoin as being the policies surrounding it, stating “Bitcoin has some really weird policies,” and also expressing his disapproval of these policies.
During the Twitter Spaces event, Buterin, along with other participants, spoke about the slow transaction volume of Bitcoin and the need for other Layer 2, or second layer, scaling approaches. Second layer scaling solutions mean increasing the speed at which people can send and receive cryptocurrencies.
Throughout the event, the focus was on the topic of scaling. Buterin, altcoin hunter Eric Wall, and Bitcoin developer Udi Wertheimer emphasized that Bitcoin enthusiasts could glean valuable information from rival blockchains in this area. Buterin stated, “I think if we want Bitcoin to be more than a payment tool, it will need scaling solutions like Plasma or ZK Rollup.”
Ethereum’s co-founder also pointed out that Optimism and Arbitrum could be examined as two successful rollup examples for Bitcoin, and that ZK-snark based solutions could also be looked into.
Praise for Bitcoin Developers Testing Ordinals
On the other hand, Buterin spoke of Ordinals as a potential scaling solution for Bitcoin. According to him, Ordinals is an important example of a scaling solution implemented in Bitcoin, providing a reasonable fee market to address decreasing block rewards and security issues.
While speaking highly of Ordinals, a standout development in the Bitcoin ecosystem this year, Ethereum’s co-founder said, “Now that we have Ordinals, I definitely see signs of hope” and claimed that such developments were a real reaction to laser-eyed Bitcoin maximalists.
