The Bitcoin bull run has left no one indifferent. Over the past few weeks, it has been the favourite discussion among experts. Some 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 – just like fiat money – the only valuable thing Bitcoin has is its acceptance. For this reason, it will eventually die when it loses its only strong point: popularity.Bitcoin is only valuable because it’s valuable. It has no technological advantages. In fact, it’s the least advanced of all cryptocurrencies, the least futuristic. There is no reason for it other than the fact that it exists. “Ok Bitcoiner”
Cardano is a third-generation blockchain, which is why Hoskinson gives it greater potential value than Bitcoin. Bitcoin is a First Generation blockchain. It basically moves coins from one wallet to another wallet, and that’s it.
Ethereum is an example of a second-generation blockchain. In addition to sending value, smart contracts allow people to condition those operations, making the blockchain more functional. However, these blockchains suffer from some design flaws that make it difficult for them to stand the test of time.
On the other hand, as a third-generation blockchain, Cardano seeks to solve the famous Blockchain Trilemma, adding a series of technologies to the second-generation blockchains. Ultimately, this should make the network scalable, secure and efficient without losing its decentralization.The Blockchain Trilemma: Right now a blockchain can only achieve two out of these three characteristics. Image: Forbes
Hoskinson added that Bitcoin needs to achieve some significant developments for it to be on par with its competitors.The minute that it gets flipped by another cryptocurrency, unless they can find a way to innovate again, Bitcoin will die becaus...