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"The World Doesn't Need Bitcoin Anymore," Says Cardano Founder

Cardano's Hoskinson calls Bitcoin outdated, sparking debate over security, speed, and industry leadership.

Key Insights

  • Cardano founder Charles Hoskinson recently claimed that Bitcoin is outdated technology and is not needed anymore.

  • Bitcoin supporters have criticized Hoskinson right back, considering Bitcoin's security and its established role as an industry leader

  • Hoskinson's critique may have been due to Bitcoin's slow transaction speeds compared to newer blockchains like Cardano and Solana.

  • Ironically, Hoskinson himself recently explored a possible collaboration between Cardano and Bitcoin Cash.

  • Despite criticisms, Bitcoin will always be relevant, due to its unparalleled security and decentralization

As of late, Charles Hoskinson, the founder of Cardano, has been in the news a lot lately.

This time around, Hoskinson has come under fire for saying something controversial.

According to the details from a recent interview with the Cardano founder, “the world doesn’t need Bitcoin anymore”.

As expected, the Bitcoin and Cardano communities have erupted into chaos, with both sides firing at the other in another crypto war.

Is Bitcoin Dead?

In a recent interview, Hoskinson criticized Bitcoin and its devout “followers”, comparing it to a religion, rather than an actual movement.

The Cardano founder says that resting on past glory isn't an option for technologies that wish to stay relevant in the rapidly evolving blockchain world and that Bitcoin's role in the blockchain system may be overrated.

<div class="paragraphs"><p>Is Bitcoin Dead?</p></div>

Is Bitcoin Dead?

Hoskinson sees Bitcoin as more of a “cultural phenomenon”, rather than a form of a viable, scalable bit of technology.

“It’s a religion, not an ecosystem,” Hoskinson remarked, in an obvious shot against Bitcoin’s ability to keep up with the modern world’s demands.

Could Hoskinson be Right?

To begin with, Hoskinson’s reasons for bashing Bitcoin may have been due to scalability concerns.

For example, Bitcoin’s block time is around 10 minutes. Moreover, the blockchain can only process around 7 transactions per second.

Moreover, at the time of writing, the Bitcoin mempool contains about 192,000 unconfirmed transactions at an average confirmation time of 135 minutes (more than two hours) according to YCharts.

<div class="paragraphs"><p>Bitcoin’s confirmation time</p></div>

Bitcoin’s confirmation time

While all of these metrics are impressive, newer blockchains like Solana have a functional speed of 2,500 transactions per second, which is way below its hypothetical limit of 50,000 TPS.

This is without mentioning Solana’s block time of around 400 milliseconds.

Cardano boasts similar metrics to Solana, which outshines Bitcoin’s metrics by far, as Hoskinson outlined.

It is easy to mention from here, how “inefficient” Bitcoin is compared to some of these newer innovations.

However, the major flaw in Hoskinson’s reasoning is that Bitcoin is the most secure and decentralized network on the planet.

Moreover, in a 15 Feb report, Coin Metrics researchers Lucas Nuzzi, Kyle Waters and Matias Andrade reported that Bitcoin was now immune to 51% attacks—a display of strength that few other blockchains can compare with.

The Irony of Hoskinson’s Stance

In an ironic plot twist, Hoskinson himself recently conducted a Twitter poll to gauge investor interest in a partnership between Cardano and Bitcoin Cash, as a way to boost the performance of both.

This move from the Cardano founder shows a willingness to collaborate, despite Hoskinson's reservations about Bitcoin.

The Bitcoin community has reacted so far, with one user, Jay Bird, commenting "This is the reason everyone clowns Cardano. ".

Another replied to Hoskinson’s comments, calling him a “sore loser”, while another commented on how Bitcoin continues to make new highs and how “$RUNE and $STX will flip $ADA at some point, rendering [Hoskinson] out of touch with ‘the industry’”

Overall, the price action of $ADA hasn't been very smooth so far, with the cryptocurrency peaking at $0.52 earlier in the month, before declining to $0.46 at the time of writing.

Overall, while  Hoskinson’s perspective may hold water in some perspectives, Bitcoin is (and always will be) a major part of the crypto industry, if not for its scalability, then for its unchallenged security and decentralization.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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