Browse By

Vitalik Buterin, creator of Ethereum, is against El Salvador’s adoption of Bitcoin

Vitalik Buterin, co-founder of Ethereum, disagreed with the way the government of El Salvador is promoting the adoption of Bitcoin.

Vitalik Buterin, creator of Ethereum, is against El Salvador's adoption of Bitcoin

Vitalik Buterin, creator of Ethereum, is against El Salvador’s adoption of Bitcoin

Thus, the Russian-Canadian programmer also criticized the BTC maximalists who have applauded President Nayib Bukele’s every move since he announced his plan for the cryptocurrency to become legal tender.

So Buterin’s argument is that forcing the shopkeeper to accept the cryptocurrency goes against the ideals of freedom he believes should be upheld by the cryptoactive community.

So Buterin, one of the most prominent people in the cryptocurrency ecosystem, went to Reddit for the first time to refer to El Salvador’s Bitcoin Law.

Therefore, the developer criticized Article 7 of the Bitcoin Law, which says that “every economic agent must accept Bitcoin as a form of payment when it is offered by those who purchase a good and a service”.

The only exception will be for those who “de facto” do not have access to technologies that allow the execution of transactions in BTC.

Read more:

So while the article obliges merchants to accept BTC, Bukele insisted that the use of cryptocurrency is optional.

However, it has been said that this is not the case for merchants, who are required to accept payments in Bitcoin, as reported by the El Salvador media.

Thus, once payment is received in BTC, merchants have the option to exchange them for dollars instantly, with no commission cost, through the government wallet ‘Chivo’.

Furthermore, this tactic of bringing the BTC to millions of people in El Salvador at the same time, with almost no previous attempt at education, is reckless and runs the risk of large numbers of innocent people being hacked or deceived.

Thus, the renowned programmer uses the term “Bitcoin maximalists” to refer to the bitcoiners who support Bukele’s plans and appoints them as co-responsible for things that can go wrong.

For Buterin, a hasty adoption, without any education, exposes people who come into contact with the BTC for the first time to the risks of being hacked or defrauded.

Leave a Reply

Your email address will not be published. Required fields are marked *