21/06/2021 Bitcoin is âown worst enemyâ and will lose to Ethereum: Charles Hoskinson
Bitcoin is too slow when compared to Ethereum and other proof-of-stake networks, argued Cardano founder Charles Hoskinson.
IOHK CEO and Ethereum co-founder Charles Hoskinson has argued that Bitcoin (BTC) sits at a significant competitive disadvantage due to its slow speeds and will be usurped by proof-of-stake networks.
In a five-hour podcast with computer scientist and AI researcher Lex Fridman the Cardano founder argued that proof-of-stake networks offering superior speed and functionality over the original cryptocurrency, stating:
âThe problem with Bitcoin is that it is so slow â itâs like the mainframe programming of the past. The only reason itâs still around is because there is so much invested in keeping it around.â
âYou have to upgrade the damn thing!â Hoskinson exclaimed, regarding Bitcoinâs underlying proof-of-work consensus mechanism, and emphasizing that Bitcoinâs programmatic utility lags behind its competitors.
Hoskinson also criticized the Bitcoin community for being reluctant to innovate beyond the cryptocurrencyâs base layer, also describing Bitcoinâs second-layer scaling solutions as âhighly fragile.â
âIt [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, thereâs no way to change the system, even correcting obvious downsides in that system.â
However, Cardanoâs founder argued that Ethereum has grown to rival Bitcoinâs network but has a nimble development culture that embraces evolution.
âWhatâs really cool is that Ethereum does not suffer that problem [...] It's getting to the point where it has the same network effect as Bitcoin, but the community has a completely different culture. They love evolving and upgrading,â he said, adding:
âIf I had to bet between just those two systems, Iâd say nine times out of ten Ethereum is going to win the fight against Bitcoin.â
Hoskinson, however, did acknowledge the battle for crypto dominance is a âmuch more complex gameâ than competition between Bitcoin and Ethereum, asserting that many other blockchains are now vying for major blockchain market share, unsurprisingly naming Cardano among others.
https://cointelegraph.com/news/bitcoin-is-own-worst-enemy-and-will-lose-to-ethereum-charles-hoskinson