Cardano’s CEO claims BTC is too slow and it will lose to ETH

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jun 21, 2021
  • Cardano’s CEO, Charles Hoskinson, recently spoke about Bitcoin and Ethereum.
  • He said that Bitcoin is its own worst enemy, and that it would lose to Ethereum nine times out of ten.
  • BTC’s biggest problems, according to Hoskinson, are its slow speeds and the community that fears innovation.

Cardano’s founder, Charles Hoskinson, recently shared his thoughts on Bitcoin (BTC/USD) and Ethereum (ETH/USD) during a five-hour podcast with Lex Fridman, an AI researcher and computer scientist. During the discussion, Hoskinson argued that Bitcoin is bound to eventually lose to Ethereum due to its slow speeds, which are a major competitive disadvantage.

Of course, Ethereum itself is also very slow, but its transition to Proof-of-Stake is expected to change that and significantly improve the project’s speed. In the end, Hoskinson seems rather convinced that PoS networks will usurp Bitcoin and take away its dominance simply due to superior speeds and functionality.

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Hoskinson even compared Bitcoin’s speed with the mainframe programming of the past. In fact, he believes that BTC wouldn’t be around anymore if not for so much investing that was already done.

However, he also believes that Bitcoin can bounce back, if it gets upgraded. However, the coin’s community is too reluctant to innovate beyond the base-layer, which Hoskinson heavily criticized. He said that Bitcoin is its own worst enemy, and that its second-layer scaling solution is highly fragile, at best. Basically, he believes that BTC has everything needed to succeed — the network effects, the regulatory approval, the brand name — all it lacks is a way to change the system, or even to correct some obvious downsides.

Hoskinson feels a lot more optimistic about Ethereum, however, which he argued has grown to rival Bitcoin’s network. The biggest difference between the two is the community mindset, meaning that Ethereum’s community is simple more willing to embrace evolution and development.

In the end, it all comes down to the community, according to Hoskinson. Ethereum’s community loves evolving and upgrading, and so Ethereum is thriving, and while it does still have severe issues — it is working hard on solving them. Bitcoin’s community, on the other hand, fears change, and because of that, the project is starting to lose its advantages.

Hoskinson even said that if he had to bet on one of the projects, he would bet that Ethereum could beat Bitcoin nine times out of ten. Of course, he said that the battle for dominance in crypto is infinitely larger and more complex than just Bitcoin vs Ethereum, but when it comes to these two coins, specifically, he clearly sees Ethereum as a superior project.

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