Bitcoin skeptic Charles Hoskinson, founder of Cardano, said in an interview with the Cardano subreddit that bitcoin, like fiat money, is the only thing of value it has is acceptance.
“Fall” of the Dominant Coin
Therefore, when it loses its only strength – popularity, it will eventually die.
Over the past week, bitcoin has made it to major talks and discussions globally, especially with its current surge. Opinions have been voiced, saying that Bitcoin will go over the moon and others saying that it will die sooner or later.
Is Cardano Better than Bitcoin?
From a very basic level, Cardano is just but another blockchain. However, Cardano is a third-generation blockchain, which is why Hoskinson offers more potential value than bitcoin. Bitcoin is the first generation blockchain. Coins are transferred from one wallet to another, and that’s it.
Ethereum is an example of a second-generation blockchain. Smart contracts transmit value and allow employees to control those operations, making the blockchain more functional. However, this blockchain suffers from several design flaws that make it difficult to stand the test of time.
On the other hand, as a third-generation blockchain, Cardano is trying to solve the famous blockchain trilemma by adding several technologies to the second-generation blockchain. Ultimately, this should make the network scalable, secure, and efficient without losing decentralization.
Hoskinson added that Bitcoin needed to make some significant developments to compete with its competitors. When it turns away from other cryptocurrencies, unless they find a way to innovate again because there’s no reason to hold it above its neighbors, Bitcoin dies.
Some of the developments focused on improving Bitcoin – the most notable of Segwit, Taproot, Schnorr’s Signatures, and the Lightning Network. Once all of this has been implemented, Bitcoin could theoretically handle an exponentially larger volume of transactions.
Bitcoin Will Only Survive With Better Guidance
During the interview, Hoskinson said that the community’s decentralized nature and a lack of focus were detrimental to developers.
Hoskinson addresses an issue that could be very important in the future. In his view, the lack of consensus among developers could lead to problems overcoming future problems such as network restructuring, blockchain management when it gets too large on the order of petabytes of information, and similar issues that are not discussed.
Blockchain needs a management system, which, from Hoskinson’s point of view, Satoshi Nakamoto cannot understand to solve this problem.
What will the future hold for the crypto ecosystem? Bitcoin seems to be dying, giving way to a better blockchain with all good and nothing bad. However, being a highly volatile cryptocurrency, you can’t predict its price based on past performance.