Bitcoin is ‘own worst enemy’ and will lose to Ethereum: Charles Hoskinson

IOHK CEO and Ethereum co-founder Charles Hoskinson has argued that Bitcoin (BTC) sits at a big aggressive drawback because of its sluggish speeds and shall be usurped by proof-of-stake networks. 

In a five-hour podcast with laptop scientist and AI researcher Lex Fridman the Cardano founder argued that proof-of-stake networks providing superior velocity and performance over the unique cryptocurrency, stating:

“The issue with Bitcoin is that it’s so sluggish — it’s just like the mainframe programming of the previous. The one motive it’s nonetheless round is as a result of there may be a lot invested in holding it round.”

“It’s important to improve the rattling factor!” Hoskinson exclaimed, concerning Bitcoin’s underlying proof-of-work consensus mechanism, and emphasizing that Bitcoin’s programmatic utility lags behind its rivals.

Hoskinson additionally criticized the Bitcoin neighborhood for being reluctant to innovate past the cryptocurrency’s base layer, additionally describing Bitcoin’s second-layer scaling options as “extremely fragile.”

“It [Bitcoin] is its personal worst enemy. It has the community results, it has the model identify, it has the regulatory approval. However, there’s no method to change the system, even correcting apparent downsides in that system.”

Nonetheless, Cardano’s founder argued that Ethereum has grown to rival Bitcoin’s community however has a nimble improvement tradition that embraces evolution.

“What’s actually cool is that Ethereum doesn’t undergo that downside […] It is attending to the purpose the place it has the identical community impact as Bitcoin, however the neighborhood has a totally completely different tradition. They love evolving and upgrading,” he mentioned, including:

“If I needed to wager between simply these two programs, I’d say 9 occasions out of ten Ethereum goes to win the combat towards Bitcoin.”

Hoskinson, nonetheless, did acknowledge the battle for crypto dominance is a “rather more complicated sport” than competitors between Bitcoin and Ethereum, asserting that many different blockchains are actually vying for main blockchain market share, unsurprisingly naming Cardano amongst others.