Bitcoin’s recent rise brought everyone out of their silence.
Over the past few weeks, the favorite discussion has been between the Bitcoin bulls who see Bitcoin going to the moon, and the bears who see it going down, while Charles Hoskinson, the founder of the Cardano project, believes that Bitcoin will die.
In an interview shared on the source, Hoskinson asserted that Bitcoin is exactly like fiat money, and that the only valuable thing Bitcoin has is its degree of acceptance and adoption.
For this reason, Hoskinson believes that Bitcoin will eventually die when it loses its only strength: popularity.
He added, explaining:
Bitcoin is only valuable because it is valuable.
It has no technological advantages.
In fact, it is the least advanced of all the alternative cryptocurrencies, and the least future.
There is no reason for this other than the fact that it exists.
Cardano founder and bitcoin:
Cardano is a third-generation blockchain, which is why Hoskinson gives it more potential value than Bitcoin.
Bitcoin is the first generation of blockchain, which provides a service that transfers digital currencies from one wallet to another, and that’s it.
Ethereum is an example of a second-generation blockchain.
In addition to the ability to move currencies and send value, smart contracts allow people to adapt those processes, making the Ethereum blockchain more effective.
However, this blockchain suffers from some design flaws that make it difficult for it to withstand the test of time.
As a third-generation blockchain, Cardano seeks to solve the famous triple problem of blockchain networks:
Scalability, security, and decentralization.
The Cardano project attempts to solve the aforementioned problems by further developing on the second generation blockchain and adding features and layers that solve the aforementioned problems.
Hoskinson added that Bitcoin needs to make some important developments in order to be on par with its competitors, in the absence of a new innovation in Bitcoin, the currency will die because there is no reason to hold it with the presence of its most advanced and innovative competitors.
Several developments focus on improving Bitcoin, most notably the “Segwit” update, “Taproot”, “Schnorr” signatures, and the “Lightning” networks. In theory, once they are all executed, Bitcoin can handle a significantly larger volume of transactions.
Bitcoin needs a better management system to survive:
Bitcoin has lost some of its oldest and best features.
This is an indication of the inability to keep pace with what is happening, so how if quantum computers came? How will you deal with smart contracts?
Hoskinson addressed issues that could be fundamental in the future.
In his view, the lack of consensus among developers could lead to issues when faced with future issues such as network restructuring, blockchain management when it reaches excessive petabyte sizes of information, and similar issues that are not discussed.
To solve these problems, the Bitcoin blockchain needs a governance system. In Hoskinson’s view, Satoshi Nakamoto did not think of it.
So what is the future of the crypto system?
According to Hoskinson, Bitcoin will die to make way for better blockchain networks, and he tells what it means:
The crypto system and the blockchain will continue to settle transactions the way Bitcoin does … But then you will have smart contracts, governance, interoperability and much faster capabilities, the ability to expand globally and work well on a mobile phone and have privacy and all these additional features and functions.