Vitalik Buterin Warns about Security of Cryptocurrency Wallets


Vitalik Buterin, a Canadian-Russian programmer and co-founder of the world’s second-largest cryptocurrency Ethereum, asked the crypto community to talk more about security. He said that user-friendly wallets are needed because current wallets are insecure for non-technical users.

During a conversation at the Latin American Bitcoin Conference, Buterin mentioned that the cryptocurrency market didn’t give much importance to the security side and that’s why it’s much easier to lose a large amount in digital assets if a cryptocurrency wallet breaks.

The presenter asked Buterin to outline key issues in the crypto industry, he said: “In my opinion, we don’t talk about the security issues enough because no one is willing to admit they lost $200,000, because if you admit you lost $200,000, you look like an idiot.”

He added that due to the reason that the security issue didn’t get much attention from the industry influencers, a lot of people believe it’s a small problem when people lost billions of dollars in stolen crypto assets worldwide.

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“The fact is that even if you are a super genius or capable of being really careful, the reality is a system that requires you to expend less effort on not losing your stuff is a better system.”

Ethereum 2.0

Buterin also discussed the recent upgrade of the Ethereum network and mentioned that Ethereum 2.0 is a much-needed upgrade to increase the blockchain capacity of the network along with lower transaction costs. Finance Magnates covered the launch of Beacon Chain earlier this month, the first step towards a complete shift of the current proof-of-work network to a more efficient and improved proof-of-stake network. Ethereum 2.0 received strong support from the ETH community as they staked more than 1 million ETH in staking contracts.

The world’s largest crypto asset management firm reported growing interest of institutional investors in Ethereum-focused products. Wall Street firms are also taking interest in Ethereum along with Bitcoin to diversify their investment portfolio.

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