Cardano founder Charles Hoskinson believes Bitcoin is “the least advanced of all cryptocurrencies,” and if developers don’t innovate, it will eventually die.
Bitcoin’s massive winning rally leaves no one indifferent. Over the past few weeks, this has become a favorite discussion among experts. Some people think Bitcoin will go to the moon, and others believe Bitcoin will die.
Charles Hoskinson, the founder of Cardano, is among the Bitcoin skeptics. In an interview shared on Cardano’s official subreddit, Hoskinson assured that – like fiat money – the only valuable thing Bitcoin has is its acceptance. Bitcoin’s recent bullish performance is the result of growing institutional interest in crypto.
“Bitcoin Will Die When It Loses Popularity.”
According to Hoskinson, bitcoin will eventually die when it loses its only strong point: popularity. “Bitcoin is only valuable because of it’s popularity. It has no technological advantage. In fact, it is the least advanced of all cryptocurrencies, the least futuristic. There is no reason for it other than the fact that it exists,” argued the founder of Cardano. Hoskinson added that Bitcoin needs to achieve some significant developments in order to be on par with its competitors. At the time of writing, bitcoin is trading just above $49,500.
Cardano Founder Questions Lack of Consensus Among Developers
Hoskinson further noted that the decentralized nature of the community, and lack of direction, cost bitcoin network developers a lot of time.
“Bitcoin lost some of its earliest and best people simply because of the block-size system parameters. It’s just telling you, if you can’t even agree on something as trivial as block size, then how do you get post-quantum crypto when quantum computers come around? How do you get a smart contract? he asked. Hoskinson alludes to an issue that could be key in the future. He questioned the lack of consensus among developers which might pose a problem when dealing with future issues such as network restructuring.