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.
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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.
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.
Watch Podcast (Time Line Below Video):
1:31:47 – The problem with Bitcoin
1:21:52 – Cardano vs Ethereum vs Bitcoin