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Legal currency, crypto can coexist: Buterin

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The relationship between legal currency and cryptocurrency is not of competition but of coexistence, said Vitalik Buterin, co-founder of Ethereum, during an interview. Buterin praised the efficiency of Blockchain technology, adding that it is of a practical value.

With the inception of cryptocurrencies, it was speculated that they would oust Fiat currencies. Explaining the assumption, the Russian-Canadian programmer said that it was the exorbitant amount of both panic and excitement among people that had caused the prices to rise in the second half of 2017, which was followed by a decline in price at the dawn of 2018.

The Russian-Canadian programmer said that it was the exorbitant amount of both panic and excitement among people that had caused the prices to rise in the second half of 2017, which was followed by a decline in price at the dawn of 2018.

Nevertheless, Buterin is not the only proponent of the idea that Fiat and cryptocurrencies can exist together. Earlier in 2017, South Korean central bank had made a similar statement, which was picked up by many regulators, analysts, and experts.

However, Vitalik had been previously critical of the centralized organization while discussing the altering dynamics of economies and the cryptocurrency industry. During the TechCrunch Sessions Blockchain event in July, Buterin had said there was no future for centralized crypto exchanges, adding that the exchanges should "burn in hell."

Buterin had said there was no future for centralized crypto exchanges, adding that the exchanges should "burn in hell."

Striking similar chords in October 2017, the Russian-Canadian programmer had said that banks around the world could not match bitcoin or Ethereum, an open-source, public, blockchain-based distributed computing platform. However, Buterin had failed to consider the fact that countries could manufacture digital currencies by themselves.

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