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 did not give much importance to the security side and that is why it is 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 did not get much attention from the industry influencers, a lot of people believe it is a small problem when people lost billions of dollars in stolen crypto assets worldwide.

“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.”

Additionally, Buterin 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. Furthermore, Wall Street firms are taking interest in Ethereum along with Bitcoin to diversify their investment portfolio.

(Photo: Wikipedia)

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