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

Bitcoin is too slow when compared to Ethereum and other proof-of-stake networks, argued Cardano founder, Charles Hoskinson.

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.

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

“The problem with Bitcoin is that it is so slow — 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.”

“You have to upgrade the damn thing!” Hoskinson exclaimed regarding Bitcoin’s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its competitors.

Hoskinson also criticized the Bitcoin community for being reluctant to innovate beyond the cryptocurrency’s base-layer, also describing Bitcoin’s second-layer scaling solutions as “highly fragile.”

“It [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, there’s no way to change the system, even correcting obvious downsides in that system.”

However, Cardano’s founder argued that Ethereum has grown to rival Bitcoin’s network, but has a nimble development culture that embraces evolution.

“What’s 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,” he said, adding:

“If I had to bet between just those two systems, I’d say nine times out of ten Ethereum is going to win the fight against Bitcoin.”

Hoskinson did however acknowledge the battle for crypto dominance is a “much more complex game” than competition between Bitcoin and Ethereum, asserting that many other blockchains are now vying for major blockchain market share, unsurprisingly naming Cardano among others.




Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us!

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

ChartEx Accounts Beta Update

Dragara NFT ⚡

Dragara NFT ⚡

The First Libra Wallet POC— Building your own Wallet and APIs

TeaSwap Surprise!

xbullion Expands to Pyth Network as Data Provider Securing Trusted Precious Metals Pricing

SBCC is available at Biswap.

Monthly Recap: December in review

Smoothy.Finance to launch IDO on Ignition!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Stock Point

Stock Point

Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us!

More from Medium

FARM Emissions: Week 66

The Eternal Ethereum Bull Strategy

A Currency to Last Forever — VERA

Note 2. Digital Coin Price Index (DCPI): How to Indicate Inflation for Cryptocurrencies?