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Charles Hoskinson: Bitcoin Is “Own Worst Enemy”

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Cardano Founder Charles Hoskinson said that Bitcoin has major disadvantage because of its slow speed, environmental issues and proof-of-stake networks can easily take place of BTC.

Read: Why Crypto Market Lost $120B In A Day And $270 Billion In 1 Week

Read: Input Output Global (IOG) Partner World Mobile Launching Their Token On Cardano


He expresses his thoughts In a five-hour Podcast with AI researcher, Lex Fridman. Hoskinson said that because of superior speed and functionality proof-of-stake networks will over take BTC.

Read: China Crypto Crackdown Expands As China Central Bank Restrict Banks and Payment Providers to Deal with Crypto-Related Businesses Including Exchanges

Hoskinson said:

“The problem with Bitcoin is that it is so slow — it’s like the mainframe programming of the past. The only reason it’s still around is because there is so much invested in keeping it around.”

Hoskinson exclaimed:

“You have to upgrade the damn thing!”

Hoskinson criticized the Bitcoin community for not brining innovations in BTC:

“It [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, there’s no way to change the system, even correcting obvious downsides in that system.”

On a Question that what he will choose if he has only two options to select BTC and ETH, and Who will win the battle between them, Hoskinson answered:

“If I had to bet between just those two systems, I’d say nine times out of ten Ethereum is going to win the fight against Bitcoin.”


Hoskinson said that battle for crypto dominance has become much more complex. BTC and ETH have strong competitors like Cardano that are a threat to Top two market leaders in long run.

Read: Charles Hoskinson Announced That Cardano Developers Will Soon Release New Research Paper On Algorithmic Stablecoins

Watch Podcast (Time Line Below Video):

1:31:47 – The problem with Bitcoin

1:21:52 – Cardano vs Ethereum vs Bitcoin

 

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Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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