Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Vitalik Buterin: Misapplication of Blockchain Tech Leads to āWasted Timeā
As many of our readers may already know, the Ethereum ecosystem has been designed in a way such that it can either be used either as an isolated programming interface or as a dApp development platform. However, over the course of the past few months, more and more companies are trying to implement novel blockchain protocolsĀ into their existing governance frameworks. As a result of such activities, Vitalik Buterin, recently went on record to say that āblockchain is best suited for niche market spacesā including the crypto and payments domain.
Also, during the above-mentioned interview, Buterin added that he is āconcernedā as to why big-name players such as IBM are trying to monopolize the crypto sector as well as launch their propriety blockchain systems. This is because IBMs blockchain ecosystem will definitely lack a high level of decentralization, an aspect which over the years has become synonymous with the technology.
ETH: A Technical Outlook
As things stand, the ETH/USD pair is currently experiencing a major economic downtrend which means that more bearish pressure could be on the cards soon. Since last week, the currency has already dropped by a whopping 29%, with many market analysts even claiming that if this current pressure persists, Ether could drop to as low as $38 in the coming few days and weeks.
Final Take
Moving forward many experts are saying that the prevailing market conditions will last for a period of at least 6 months. Following this timespan, it is possible that the crypto market as a whole (especially Bitcoin) will once again start to garner traction and move in an upward financial trajectory.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.