One of the most influential men in the crypto space thinks the crypto flagship is its own worst enemy.
Bitcoin has been leading the space for a long time now. Though the digital asset has been the first choice for traders and investors (both institutional and retail) in recent years, it has faced a lot of questions and serious struggle in the past couple of months on its evolution and that the future holds.
For all purposes and intents, these questions have been ringing louder recently with the energy consumption debate hovering around BTC and the need to embrace a technological switch to up its chance of survival.
Having a conversation with Lex Fredman in the recent episode he released, Charles Hoskinson said that the main problem of Bitcoin is its slow response to evolution.
“The BTC’s problem,” he said, “is that it is so slow. It is like the mainframe programming of the past. The only reason why it is still around is that more has been invested in keeping it around,”
Hoskinson also criticized BTC for its slow transaction speed and the low programmability, and the fact that it doesn’t allow the issuance of native assets, adding that the cryptocurrency needs a “damn upgrade.”
At the center of his sentiment is that BTC has everything to remain the leading crypto in the space, but it is looking quite impossible to change the base layer of the crypto. Hoskinson’s statement implies that the assets are its own enemy.
While BTC developers are looking to implement the layer two solutions to improve the scaling and block times, Hoskinson believes these are mostly fragile and mostly centralized. What he insinuated is that other assets in the space have the potential to overtake bitcoin.
Ethereum is More Likely to Win the Struggle
Charles Hoskinson also had an issue with the 2021 Bitcoin Conference held in Miami recently. In his opinion, a number of people who attended the conference don’t even know what crypto is meant for.
The IOHK CEO does not in any way agree with the belief of the BTC maximalists on the “winner-takes-all-system.” He thinks the improvement of the Bitcoin Protocol would make it more competitive. Meanwhile, Charles Hoskinson is lauding ETH though he used to have issues with Vitalik Buterin and the second-ranked blockchain. He thinks the ETH community is more open to growth and enhancement than the BTC community.