While several crypto experts predict imminent growth in the price of bitcoin, Charles Hoskinson tackles the problems inherent in the bitcoin network. In an interview published on YouTube, the co-founder of the Cardano and Ethereum blockchains warns that bitcoin could lose its relevance over time. Speech from a competitor or objective warning? Decryption.
“Unable to modernize, Bitcoin could lose its relevance”
Charles Hoskinson believes that Cardano has the potential to dethrone bitcoin due to its unique Cardano attributes of durability, scalability and interoperability. He had already praised the merits of Cardano last August in Denver, during the crypto and blockchain conference entitled “Rare Evo 2023”.
Although his statement did not move the price of ADA, Hoskinson reiterated his belief in an interview from October 16, 2023. The American entrepreneur spoke out about his blockchain projects and the decentralization of the decision-making process.
He took the opportunity to compare the Cardano blockchain to the Bitcoin blockchain, of which he shared what he considers to be the flaws. Charles Hoskinson, who also attacks Ethereum, says that bitcoin suffers from a governance problem that “holds it back in many ways”.
He complains about the bitcoin network’s “inability to upgrade” and “its inability to modernize.” Hoskinson also condemns the fact that Bitcoin is not an open-source project and that the opinions of the main developers are considered “sacrosanct”.
He believes that we must be able to “admit that someone else may have a better idea than the founder”. He finally decrees that Bitcoin’s inability to dynamically price could cause it to lose its relevance.
The flagship crypto cannot be more than “simple digital gold”
Despite the Cardano co-founder’s criticism of Bitcoin, he recognizes that bitcoin plays its “very well-defined role” as digital gold. However, he condemns the fact that its mode of governance prevents it from standing out in other use cases such as decentralized finance.
He would have liked blockchain to embrace other use cases like voting systems, supply chain systems, identity and intellectual property management, DNS systems, etc. For him, the evolution of bitcoin is hampered and its potential is limited to its role as digital gold.
At the time of writing this article, the price of Cardano (ADA) is still below $0.3. Cryptocurrency has still not achieved the big breakthrough that Hoskinson promised. Finally, perhaps you have to be a “simple digital gold”, like bitcoin, to have the price history of the cryptocurrency.
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