Bitcoin
BTC$17 068.95

1.50%

Ethereum
ETH$1 278.37

1.23%

Tether
USDT$1.000025

0.01%

Binance Coin
BNB$293.85

-1.52%

USD Coin
USDC$1.000107

0.01%

Binance USD
BUSD$1.000461

0%

Bitcoin is own worst enemy and will lose to Ethereum


21 Jun 2021

#Ethereum

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, the Cardano 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.


Related

NFT rides shotgun as Red Bull Racing closes out F1 season
NFT rides shotgun as Red Bull Racing closes out F1 season
Ether staking withdrawal schedule removal faces harsh criticism
Ether staking withdrawal schedule removal faces harsh criticism
NFTs are the key to turning passive fandom into an active community
NFTs are the key to turning passive fandom into an active community
Bored Apes founders propose new model for NFT creator royalties
Bored Apes founders propose new model for NFT creator royalties
Bitcoin and Ethereum: The Price of Bitcoin Struggles
Bitcoin and Ethereum: The Price of Bitcoin Struggles
Ethereum is trading near $1300
Ethereum is trading near $1300
Cryptocurrencies need a driver
Cryptocurrencies need a driver
Ethereum is gaining 3.5% overnight to $1330
Ethereum is gaining 3.5% overnight to $1330
ETH After the Merge: Fall Instead of Growth
ETH After the Merge: Fall Instead of Growth

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.2% 75 $17 068.95 1.50% 2.94% $328 093 649 109 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.6% 73 $1 278.37 1.23% 6.57% $156 439 268 664 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000025 0.01% 0.06% $65 364 325 174 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 64 $293.85 -1.52% -1.65% $47 007 631 475 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000107 0.01% -0.02% $43 258 083 171 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000461 0% 0% $22 225 598 039 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 73.6% 57 $0.398567 -0.86% 4.33% $20 043 935 380 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 87 $0.103187 -1.30% 26.67% $13 689 952 284 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 64.4% 74 $0.315840 0.76% 0.33% $10 879 640 850 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 73 $0.916794 5.83% 7.32% $8 007 570 648 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66.4% 66 $5.37 -0.13% -0.41% $6 119 440 034 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.6% 1 $1.000127 0.05% -0.02% $5 658 986 064 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 70.4% 63 $0.054505 1.26% 4.33% $5 541 826 151 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 62.8% 78 $76.95 -1.25% -0.43% $5 519 967 967 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.