Cardano founder Charles Hoskinson has claimed that Ethereum will easily defeat Bitcoin.
Charles Hoskinson discussed cryptocurrencies, including why he believes ethereum will soon eclipse bitcoin. He began by discussing the speed of bitcoin transactions. Bringing up the network’s sluggishness and how slow it is compared to other proof-of-stake networks.
In particular, he claimed that ethereum surpassed bitcoin in a variety of ways.
Ethereum Is More Valuable Than Bitcoin
As digital currencies have grown in popularity, Ethereum has grown in popularity. It is now the second most popular cryptocurrency behind bitcoin. Several investors have thrown their hats into the ring to invest in the coin. Believing that the coin would achieve far greater success than bitcoin. And Hoskinson appears to be one of them.
The flexible development culture associated with eth, according to Hoskinson, is one of the ways it is superior than bitcoin. One of the benefits he mentioned, among others, was a decent depth evolution.
Any faults found in the ethereum network are fixable. There are no issues that are locked into the network. This is what makes development in the blockchain so flexible.
An example of this is Ethereum 2.0. A development that has been in the pipeline for a while now. It is meant to replace the current network. And in doing so, solve the bottlenecks that come with using the network. Making it cheaper to send coins even in high traffic times.
The upgrade is also going to help with scalability and security. Making the whole network much more secure for users.
Teams from around the eth ecosystem are working on this.
Bitcoin’s Worst Enemy Is Itself
Bitcoin has a lot of network effects, according to the CEO. However, he noted that there was no way to alter the system. This means that network enhancements are not possible. This makes it nearly impossible to address bitcoin’s evident faults.
The hefty network fees associated with transferring bitcoin have long been a point of contention in the cryptocurrency community. Lightning technology was supposed to solve this problem. Even with this new technology, though, exorbitant network prices remain the standard.
This isn’t to suggest that ethereum isn’t plagued by high network costs during peak usage periods. However, when compared to bitcoin, it is still a much superior option.
In this aspect, Cardano triumphs above both. Sending the coin via the network costs merely a cent or two.
These were not concerns with ethereum, though. Because of the network’s development flexibility, network problems can be easily remedied. As a result, network upgrades are constantly being made. The network is always being improved and made more user-friendly.
In a dispute, the Cardano founder stated that his money was on ethereum. In comparison to bitcoin, ethereum is almost always going to win 9 out of 10 occasions.
To sum up, Charles Hoskinson stated that the cryptocurrency struggle is still in its early phases. Several blockchains are already vying for a significant piece of the blockchain business.
In the competition, Ethereum and bitcoin are on top. Despite this, according to Hoskinson, Cardano is still a significant contender to all other blockchains in the sector.
