{"id":279585,"date":"2021-06-21T07:31:49","date_gmt":"2021-06-21T04:31:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-is-own-worst-enemy-and-will-lose-to-ethereum-charles-hoskinson\/"},"modified":"2021-06-21T07:31:49","modified_gmt":"2021-06-21T04:31:49","slug":"bitcoin-is-own-worst-enemy-and-will-lose-to-ethereum-charles-hoskinson","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-own-worst-enemy-and-will-lose-to-ethereum-charles-hoskinson\/","title":{"rendered":"# Bitcoin is \u2018own worst enemy’ and will lose to Ethereum: Charles Hoskinson"},"content":{"rendered":"

“# Bitcoin is \u2018own worst enemy’ and will lose to Ethereum: Charles Hoskinson <\/strong>”
\n<\/p>\n

IOHK CEO and Ethereum co-founder, Charles Hoskinson, has argued that Bitcoin sits at a significant competitive disadvantage due to its slow speeds and will be usurped by proof-of-stake networks.\u00a0<\/p>\n

In a five-hour Podcast<\/a> with computer scientist and AI researcher, Lex Fridman, the Cardano founder argued that proof-of-stake networks offering superior speed and functionality over the original cryptocurrency, stating:<\/p>\n

\u201cThe problem with Bitcoin is that it is so slow \u2014 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.\u201d<\/p><\/blockquote>\n

\u201cYou have to upgrade the damn thing!\u201d Hoskinson exclaimed regarding Bitcoin\u2019s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin\u2019s programmatic utility lags behind its competitors.<\/p>\n

Hoskinson also criticized the Bitcoin community for being reluctant to innovate beyond the cryptocurrency\u2019s base-layer, also describing Bitcoin\u2019s second-layer scaling solutions as \u201chighly fragile.\u201d<\/p>\n

\u201cIt [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory app<\/a>roval. But, there\u2019s no way to change the system, even correcting obvious downsides in that system.\u201d<\/p><\/blockquote>\n

However, Cardano\u2019s founder argued that Ethereum has grown to rival Bitcoin\u2019s network, but has a nimble development culture that embraces evolution.<\/p>\n

\u201cWhat\u2019s really cool is that Ethereum does not suffer that problem […] it’s getting to the point where it has the same network effect as Bitcoin, but the community has a completely different culture, they love evolving and upgrading,\u201d he said, adding:<\/p>\n

\u201cIf I had to bet between just those two systems, I\u2019d say nine times out of ten Ethereum is going to win the fight against Bitcoin.\u201d<\/p><\/blockquote>\n

Hoskinson did however acknowledge the battle for crypto dominance is a \u201cmuch more complex game<\/a>\u201d than competition between Bitcoin and Ethereum, asserting that many other blockchains are now vying for major blockchain market share, unsurprisingly naming Cardano among others.<\/p>\n