Vitalik Buterin Suggestion On Scalability Issues - Will Bitcoin Evolve?
Bitcoin has recently experienced a slight plunge in price, with BTC currently trading at about $67,700. This reduction in Bitcoin value was a result of many factors, such as the veto bill by President Biden on cryptocurrency regulations by the SEC.
Vitalik Buterin made his ideas public that Bitcoin scaling issues would require new and advanced innovations, such as ZK-SNARKs. However, Bitcoin value will not be instantly impacted by these technologies.
Vitalik, Ethereum's co-founder, has raised concerns about Bitcoin blocksize. He stressed that the supporters of smaller blocks are succeeding. He highlighted that supporters of bigger blocks don't have the technical expertise to make their ideas achievable.
In the past, major blockers have attempted to use hard forks to raise the transaction capacity of BTC; which includes Bitcoin Unlimited and Bitcoin Classic, but they both failed. Vitalik suggests that innovations like ZK-SNARKS would solve issues concerning scalability.
If we are not actually careful, we might be seeing BTC actually been dethrone by Ethereum in the future