Bitcoin and Ethereum are fundamentally different, says Ballet Crypto CEO
Ballet Crypto CEO Bobby Lee has added his voice to many in the company who say the pioneering PoW blockchain should not go the way of Ethereum.
Bobby Lee, CEO of Ballet Crypto, a US-based crypto storage application provider, believes Bitcoin (BTC) is okay just where it is thanks to its consensus mechanism.
Like most in the Bitcoin community, there’s no need to think about an upgrade like what Ethereum (ETH) has been pursuing for several years now – moving from proof-of-work (PoW) to proof. – participation mechanism (PoS).
Lee’s comments were part of a larger outlook on the upcoming Ethereum merger slated for September, and the overall bullish picture thereafter. He also touched on what the transition could mean for Bitcoin, the leading proof-of-work community.
The CEO of Ballet Crypto, who says he is “very bullish” on crypto, shared these views with Bloomberg TV on Friday.
Bitcoin and Ethereum PoS exchange
This week, Ethereum effectively activated one-third of its testnets ahead of the ETH 2.0 transition via “merger.”
The opportunity, slated for mid-September, has come since the Beacon Chain launched in 2020, with tens of millions of Ether, the native token of the Ethereum community staked amid investor expectations of benefit – not of mining, however as validators.
Amid this slow transfer to upgrade, some have urged Bitcoin to think about proof-of-stake as well, with the main competition being the large amounts of power required to run and secure the cryptocurrency community of benchmark through mining.
According to the head of Ballet Crypto, consideration could turn to Bitcoin if Ethereum finally ends up with a profitable PoS community. However, regardless of what might be a “fierce debate” about it, Lee thinks that Ethereum and Bitcoin being totally different essentially means that the two blockchains can continue to follow totally different consensus paths after the “merger”.
“Essentially, Bitcoin and Ethereum are totally different, even though they are regularly lumped together in the same bucket as the decentralized cryptocurrency. But the reality is that they are quite different, as Bitcoin is more money-focused as an underlying asset class, while Ethereum is more of a global computing system – like a global online laptop. .“, advised Lee to Bloomberg.
In his view, Bitcoin will remain a valuable retailer and used like cash, while Ethereum is poised to continue operating good contracts and allowing issues like DeFi and NFT and many additional functions and tokens. .
“And besides, it’s not that it’s not vital that Bitcoin should watch Ethereum for its consensus mechanism. They are often totally different. And right now they go in several instructions” he added.