Ethereum co-founder Vitalik Buterin said in a recent interview that he is concerned about Bitcoin network security for two reasons. Vitalik Buterin thinks that Bitcoin could have the potential to become a trillion dollar system in the future. Because of this, BTC miners expressed concerns that transaction fees alone would not be enough to secure the network. Miners act as transaction and block validators in the Bitcoin network. Once the mining activity ends, the only incentive to run the network will be fees charged for transactions made on the network. Buterin considers it highly unlikely that only transaction fees will be sufficient for the continuity of the Bitcoin system.
The Ethereum co-founder's second concern about the Bitcoin network is that the proof-of-work consensus mechanism could be vulnerable. Buterin thinks that $5 billion in BTC would be enough to launch a successful attack on the system. He claims that to take action on this issue, Bitcoin validators should consider the proof-of-stake model. The “Merge” update, which will be implemented for the transition of the Ethereum network from proof of work to proof of stake model, is expected to take place between September 10 and 20. With this transition, the energy consumption of the network will be significantly reduced and this update is expected to have a positive impact on the Ethereum supply.
On the other hand, while trying to achieve full consensus for the transition of the Ethereum network to proof-of-stake, some miners formed a group to force a proof-of-work hard fork of the Ethereum blockchain during the transition phase. According to this development, the possibility of encountering some critical problems during the "Merge" update worries investors. In this regard, while some of the major platforms fully support the major update of Ethereum, some crypto exchanges gave the message that they will be prepared for the Ethereum proof-of-work fork. Another development that came to the fore this week regarding the Ethereum founder was the compilation of the articles written by Buterin since the creation of the network and turned into a book. Vitalik’s book “Proof of stake” will be released at the end of September.