BTC’s greatest enemy is BTC itself

One of the most powerful men in the cryptocurrency industry and the creator of Cardan, Charles Hoskinson, thinks that the largest cryptocurrency in the world is also his worst enemy.

BTC has been the king of cryptocurrencies for a very long time. Although it has remained the best choice for most retail and institutional investors in the last few years, the last few months have raised serious questions about the further development of BTC and its future.

Charles Hoskinson: BTC is its greatest enemy

Charles Hoskinson said in a recent interview with Lex Fridmanen that the main problem with BTC was that it was developing too slowly.

“The problem with BTC is that it is so slow. It’s like pasting mainframe programming in the past… The only reason it still exists is because so much is invested in maintaining it. ”

Hoskinson also sharply criticized bitcoins for their low programmability, poor transaction speed, and the fact that it does not allow the issuance of native assets, adding that this required a “damn update” of the cryptocurrency.

BTC has everything it takes to stay on the throne, but at present it is almost impossible to change the cryptocurrency. Hoskinson added that the cryptocurrency’s flagship is also its worst enemy.

“BTC is its own worst enemy. It has a developed network, it has a brand, it has regulatory approval. However, there is no way to change the system, or even to correct the obvious disadvantages of this system. “

Although BTC developers are currently working on Layer 2 solutions to improve transaction speed and scalability, Hoskinson says these solutions are mostly centralized and very fragile. He suggested that there are other cryptocurrencies that have the potential to usurp the position that BTC now has.

Will ETH be the winner?

Hoskinson also had a problem with many participants in the BTC 2021 conference, which took place recently in Miami. For him, most BTC enthusiasts don’t even understand what the cryptocurrency is for. In addition, they lack determination and only recommend new entrants to “just buy and hold”.

Although the IOHK CEO disagrees with the BTC maximalists’ belief that the “winner takes it all”, he anticipates that key changes to the BTC protocol, such as improvements to the proof-of-work blockchain algorithm, would make it highly competitive.

He openly praised ETH and his community, which he said is much more open to growing and improving blockchain than BTC. He even told Frindman that he had his money in Ethereo.

“If I had to bet on just these two systems: BTC or ETH – in nine out of ten cases, ETH would win.”

Conclusion

And it wouldn’t be Charles not to overheat his soup in the end, because according to Hoskinson, Cardano will eventually beat ETH, because in addition to an already functioning and ecological proof-of-stake consensus mechanism, Cardano (ADA) is also very close to launching smart contracts.

And who is your winner?