Pierre Rochard, Vice President of Research at Riot Platforms, has drawn attention to the fundamental differences between Bitcoin and Ethereum’s transaction models, emphasizing Bitcoin’s transparency and simplicity in contrast to Ethereum’s more intricate account-based system.
In a recent tweet, Rochard explained that Bitcoin’s Unspent Transaction Output (UTXO) model allows users to directly authorize transactions by specifying which funds are spent and where they are sent. This approach ensures that each transaction represents a clear and verifiable state transition, making it easier for hardware wallets to display accurate details of outgoing transactions.
By comparison, Ethereum operates on an account-based model, which Rochard argues introduces greater complexity. Unlike Bitcoin, Ethereum transactions can trigger smart contracts, executing multiple internal operations that may not be immediately visible to the user. This opacity can create confusion, as hardware wallets often display only a destination address and a data payload, leaving users uncertain about the full extent of their transactions.
Rochard further emphasized that while Ethereum’s programmability offers flexibility, it also introduces risks of hidden fund movements and unintended errors. Despite advancements like structured data signing (EIP-712) improving transaction visibility, users still struggle to fully audit smart contract interactions before signing.
In a separate tweet, he refuted claims that ETH or SOL have surpassed BTC because of their advanced features. He argued that Bitcoin’s true strength lies in its simplicity. He maintained that monetary value comes from verifiable scarcity rather than complex utility.
Meanwhile, Rochard criticized Ripple for allegedly spending millions on lobbying against the Strategic Bitcoin Reserve initiative in favor of its XRP agenda. Ripple CEO Brad Garlinghouse countered that their efforts support the creation of a crypto reserve, including Bitcoin. In 2023, Ripple reportedly spent around $940,000 on lobbying, while U.S. crypto firms collectively spent over $119 million in 2024 to back pro-crypto congressional candidates.
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