Vitalik Buterin Complains About Cryptocurrencies, “I Lost Bitcoin And Ethereum”

Vitalik Buterin Complains About Cryptocurrencies, “I Lost Bitcoin And Ethereum”

As a result of his decade-long experience using cryptocurrencies, Vitalik Buterin was dissatisfied on several counts. According to the founder of Ethereum, “Most users don’t even know what limits are. gas.”

Regarding this statement, Buterin reported a case from 2022. When he tried to pay for a tea, his transaction failed precisely because he had a “gaslow, not acceptable by the smart contract it was trying to communicate with.

Even his extensive knowledge of the subject could not make the transaction work. On a second attempt, the founder of Ethereum says that he was unable to change that value due to a flaw in the wallet.

It is still not easy to deal with cryptocurrencies on a daily basis, says founder of Ethereum

In another case, still in 2013, Vitalik tells Buterin that he went to a sushi restaurant in San Francisco. When he realized the establishment accepted Bitcoin, he tried to scan the QR code, but the transaction fell through.

“It appeared to have been sent, but the restaurant did not receive it. Tried again, still no luck”Buterin remembered. “I soon found out that the problem was that my mobile internet was not working properly at the time. I had to walk more than 50 meters to the Internet Archive to access their Wi-Fi, which ultimately allowed me to send the transaction.”

As a solution, the founder of Ethereum suggests using solutions such as NFC (English acronym for Proximity Field Communication) to avoid connection problems and have your payment transferred.

Moving on, Buterin reports another common problem with cryptocurrencies, the latency. While some transactions are confirmed in seconds, in the case of Ethereum, they can take hours due to a sudden increase in network demand.

“There are no major red flashing warnings and little clear indication of what to do to resolve this issue”Vitalik Buterin commented on cryptocurrency wallets, especially Ethereum. “Even for an expert, who knows that in this case you have to “speed up” the transaction by publishing a new transaction with identical data but with a higher maximum base rate, it is usually not clear where the button to do that is.”

Therefore, if even the creator of Ethereum does not find it easy to make a payment in its own cryptocurrency, let alone ordinary users who are used to friendlier methods.

Vitalik Buterin Claims He Already Lost Bitcoin And Ethereum Due To A Failed Wallet Backup

Another frustrating experience for Vitalik Buterin was when the developer tested alternative methods to back up his wallet.

Buterin divided his private key into five parts and gave each fragment to a different friend, which would increase the security of his money. However, when he needed them to access his wallet, some parts were lost.

“Two of them lost their key fragments because they switched phones and forgot to move the recovery app. For a third party, the Firebase connection mechanism didn’t work for a long time.”

Fortunately, Buterin found a method to access his cryptocurrencies, but he says the wallet “broke again”.

“This time a regular software update somehow accidentally reset the app’s storage and deleted the key”explains the founder of Ethereum. “I ended up losing a small amount of BTC and ETH.”

Ultimately, Vitalik Buterin hopes that the industry will come up with more user-friendly solutions. Note that many people still choose centralized services precisely because of this difficult experience, even for the most experienced.

Source: Live Coins