Bitcoin is the “enemy” of the money and will lose to Ethereum

Cardano creator Charles Hoskinson asserts that Bitcoin is too slow in comparison to Ethereum and other proof-of-stake networks.

IOHK CEO and Ethereum co-founder, Charles Hoskinson, has argued that Bitcoin is at a substantial competitive disadvantage because of the slow pace and will be usurped by other proof-of-stake networks.

In a 5-hour Podcast with computer scientist and AI researcher, Lex Fridman, the creator of Cardano contended that proof-of-stake offers superior speed and performance to the first cryptocurrency. First, he said:

“The problem with Bitcoin is that it’s so slow – it’s like how mainframe programming was in the past. The only reason it still exists is because there’s so much investment in having to have Bitcoin in one’s wallet. You have to upgrade Bitcoin!!”

Bitcoin’s inherent proof-of-work, highlighting that Bitcoin’s programmatic utility lags far behind its rivals.

Hoskinson also criticized the Bitcoin community because of its reluctance to innovate beyond the cryptocurrency’s base coating, also describing Bitcoin’s second-layer scaling options as “very fragile“.

“Bitcoin is its own worst enemy. Bitcoin has network effects, has a brand name, has regulatory approval. However, there is no way to change the system, even to correct the obvious weaknesses in that system.”

However, Cardano’s founder asserts that Ethereum has evolved to contend with Bitcoin’s network, but has a culture of nimble development that embraces development.

“What’s really interesting is that Ethereum doesn’t have that problem […] ETH is getting to the point where it has the same network effect as Bitcoin, but the community has a completely different culture, they love to grow and upgrade.”

“If I had to bet just between those two systems, I would say nine times out of ten Ethereum would win the war against Bitcoin.”

However, Hoskinson confessed that the struggle for crypto dominance is a “the game is much more complicated” compared to the competition between Bitcoin and Ethereum, which claims that many different blockchains are now vying for a massive blockchain market share, it’s not surprising to name Cardano amongst others.

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