Founder of Cardano and CEO of IOHK, Charles Hoskinson, says that Bitcoin is operating really slow in comparison to Ethereum and might eventually lose its position as the king of Crypto.
Charles was invited to a Podcast hosted by Lex Fridman, in which Charles argued multiple times that Bitcoin had many disadvantages compared to advantages, so because of its slow transaction speeds and will be taken over by Ethereum and other networks that operate on the proof of stake system. Networks using proof of stake, in general, have much better transaction speeds and offer great features and functionality to any system.
Charles said that the problem with Bitcoin is that it is not fast enough compared to other networks, and the only thing keeping it alive is the absurd number of investments that have been made in the name of Bitcoin. Charles also furiously stated the point that Bitcoin has to be upgraded to match the performance of other cryptos, and because of its proof-of-work systems, the system lags and falls behind.
Hoskinson also targeted the community around Bitcoin, saying that the community doesn’t want to come out of the base-layer and avoids innovative new ideas that can expand the functionalities and capabilities of the currency. As for 2nd Layer solutions, Charles marked them as very fragile. Continuing on talking about innovation, Charles stated that Bitcoin is its own enemy. It has all the resources, all the value, all the fame, but it never seems to work on introducing new and unique ideas for Bitcoin traders and holders.
Ethereum all the way
On the other hand, Ethereum has ways to deal with problems like these and has a lot of new unique, and innovative features arriving every say. The best thing about Ethereum is that it has almost the same level of network dominance as Bitcoin and has one of the best communities that focuses on coming up with new and innovative ideas.
Charles said that if there was a fight between the two systems, Ethereum would probably win 9 out of 10 times, as it will always have some new moves that the enemy might not anticipate. Despite all this, Hoskinson believes that the battle for becoming crypto king is an extremely complex matchup compared to Ethereum versus Bitcoin only.