Cardano founder: Bitcoin is “its own worst enemy” and will lose to ethereum

Cardano founder Charles Hoskinson argues that the Bitcoin network is too slow compared to Ether and other proof-of-stake networks.

Cardano founder: Bitcoin is "its own worst enemy" and will lose to ethereum

Charles Hoskinson, CEO of IOHK and co-founder of Ether, believes that Bitcoin is at a distinct competitive disadvantage due to its slow speed and will be replaced by proof-of-stake networks.

In a five-hour podcast with computer scientist and artificial intelligence researcher Lex Fridman, the Cardano founder said that proof-of-stake networks offer higher speed and functionality than bitcoin, saying.

“The problem with Bitcoin is that it’s too slow – just like mainframe programming used to be. The only reason it’s still around is because it’s getting a lot of investment.”
“You have to upgrade this awful thing!” Hoskinson expressed dissatisfaction with Bitcoin’s proof-of-work consensus mechanism, emphasizing that Bitcoin’s programming utility lags behind that of its competitors.

Hoskinson also criticized the Bitcoin community for its unwillingness to innovate beyond Bitcoin’s base layer, and called Bitcoin’s second layer scaling solution “very fragile.

“Bitcoin is its own worst enemy. It has a network effect, it has a brand name, it has regulatory approval. But there’s no way to change the system, and even the obvious flaws in the system can’t be corrected.”
However, Cardano’s founder believes that Ether has grown to rival the Bitcoin network, but that Ether has a culture of flexibility – embracing growth.

“What’s really cool is that Ether hasn’t run into this problem [……] it already has the same network effects as Bitcoin, but the Ether community has a completely different culture where they like to evolve and upgrade,” he added.

“If I had to bet between the two systems, I would say that nine times out of 10, Ether would win against Bitcoin.”
However, Hoskinson acknowledged that the race for cryptocurrency dominance is “much more complicated” than the competition between Bitcoin and Ether, saying that many other blockchains are now competing for market share of the Bitcoin blockchain, and he unsurprisingly mentioned Cardano.

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