The founder of Ethereum, Vitalik Buterin recently expressed his concerns about the sustainability of bitcoin security and is concerned for two reasons about its security.
Buterin offers two reasons for his fear of the security of Bitcoin in the future. In an interview with former Bloomberg columnist Noah Smith that was published yesterday, the Canadian-Russian developer went into detail about his thoughts on the future of the largest cryptocurrency by market capitalization in the world.
First, Buterin explained that he believes Bitcoin could face issues in the long-term future because of its fee model. According to the Ethereum founder, Bitcoin’s fees alone won’t be enough of an incentive for miners to protect the network, which he thinks has the potential to grow into a system worth many trillions of dollars.
It is important to remember that miners who play the role of transaction or block validators will only be rewarded with fees once all of the Bitcoin has been mined.
According to Buterin, it is improbable that Bitcoin will be able to earn the level of fee money to support that system.