Here’s Why This Crypto Expert Believes Ethereum Is The ‘Biggest Block’ Against Bitcoin Adoption

Samuel Edyme

1 year ago

4 mins read

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Crypto expert and author of Civ Kit, an app that lets users build their decentralized marketplace, Ray Youssef, has recently taken to his X (formerly known as Twitter) account to share his stance on Ethereum and its impact on Bitcoin adoption.

Youssef’s remarks on Ethereum’s influence over Bitcoin’s growth trajectory were both striking and laden with implications for the future.

Ethereum’s Challenge To Bitcoin Growth

On August 23, Ray Youssef who is also a founder of the Built With Bitcoin Foundation, expressed his view that Ethereum, despite its shared objectives with Bitcoin, presents a significant hurdle to Bitcoin’s broader acceptance.

The crypto expert particularly noted: “ETH has been the biggest block against Bitcoin adoption.” Youssef’s rationale? He suggests that the challenges posed by Ethereum overshadow its utility parallels with Bitcoin. The foundational issues, according to Youssef, lie in Ethereum’s inherent characteristics.

Further amplifying his viewpoint, Youssef highlighted the potential of CivKit, a platform he believes could mimic the necessities of a financial model. In doing so, he suggests that this would effectively sift out deceptive components, leaving them to scammers.

ETH has been the biggest block against Bitcoin adoption. At first I saw utility we could copy but the negatives far out weigh any positives. #civkit will replicate what is needed on ultra sound honest money and leave the rest for the scammers.

Nuf said https://t.co/4YIvOX3nAF

— Ray Youssef (@raycivkit) August 23, 2023

Building on this, Youssef recently pointed out the potential role of BRICS nations, including Brazil, Russia, India, China, and South Africa, in shaping the future of P2P Bitcoin markets.

Civ Kit and Drivechain: The Innovations In The Crypto Space?

April saw the release of a whitepaper introducing Civ Kit, a product endorsed by Youssef and other Bitcoin enthusiasts like Antoine Riard and Nicholas Gregory. This tool aims to create a resistant, decentralized peer-to-peer marketplace.

By combining Nostr architecture with the Lightning Network, Civ Kit promises enhanced privacy and security, offering features like decentralized identity, escrowed trades, and P2P messaging protocol.

However, the conversation that initially triggered Youssef’s tweet focused on a discussion between researcher Timoleon Moraitis and Ethereum’s founder, Vitalik Buterin.

This conversation, highlighted by Bitcoin expert Pierre Rochard, revealed Co-Founder of Ethereum, Vitalik Buterin’s lack of interest in Drivechain, a feature that allows Bitcoin to operate across secondary chains, termed “sidechains.”

Rochard commented on the significance of this conversation, noting Buterin’s position could be seen as an informal “veto” of Drivechain’s relevance.

I disagree with individual arguments on both sides of this debate, but it’s great to learn from others especially when we don’t align.

This conversation is interesting because Vitalik is the ideal “customer” for Drivechains. If he doesn’t want it, that’s almost like a veto. pic.twitter.com/uxG2aFnUvj

— Pierre Rochard (@BitcoinPierre) August 22, 2023

In a further twist, Buterin opined on the changing dynamics of Proof-of-Work (PoW) blockchains since 2019, stating that BTC miners no longer dominate this landscape.

Emphasizing the shift in power dynamics, Buterin remarked that even with a majority, miners cannot enforce the acceptance of invalid blocks into the main chain. He underscored that the controlling power now resides with the users.

Despite the argument between Bitcoin and Ethereum, both assets have been in a continuous downward trend over the past 7 days. Particularly, Ethereum has dropped by 6.6% while Bitcoin by 7.2% with a current market price of $26,555, at the time of writing.

Bitcoin (BTC)’s price chart on TradingView — Bitcoin (BTC)’s price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Shutterstock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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