As we go further into cryptocurrency updates, the debate between Bitcoin and newer, more technologically advanced blockchains like Cardano intensifies and fires up. Charles Hoskinson, the founder of Cardano, has been open about his thoughts that Cardano could eventually surpass Bitcoin in coming years. Let’s get to know more about this hot topic.
Who Is Charles Hoskinson?
Charles Hoskinson is a very famous figure in the cryptocurrency community. He is mostly known as for co-founder of Ethereum and founder of Cardano. He dropped out of college and started mining Bitcoins in 2013 and then founded the Bitcoin education project. His journey then led him to the creation of Ethereum alongside Vitalik Buterin in 2014. However, due to some disagreements, Hoskinson left the project.
In 2015, he also founded the Input Output Hong Kong with Jeremy Wood which was used to develop Cardano. It aims to address the limitations Hoskinsons faced working with other blockchains.
The Cardano vs Bitcoin Debate
The debate of Cardano vs Bitcoin depends on multiple key factors:
- Energy efficiency
- Technological advancements
- Scalability
- Long-term volatility
- Use cases and functionality
Charles Hoskinson has been stating that Cardano could possibly overtake Bitcoin as the main leading cryptocurrency. These thoughts sparked debates in the crypto community about Bitcoin and Cardano.
The trading volume of Cardano is reaching $303,807,565 and market cap is $16,316,680,096. Meanwhile, Bitcoin’s market cap of $1,3,358,773,794,405.
Hoskins’s Thoughts On Bitcoin vs Cardano
Hoskinson’s thoughts on Bitcoin vs Cardano are mentioned below:
- He believes that Bitcoin is simple which was a good advantage in the initial years but now this could become a limitation. Cardano on the other hand is designed to be more adaptable and flexible to new upgrades and changes.
- Hoskinson stated that Cardano represents the next generation of blockchain technology, unlike Bitcoin.
- Bitcoin’s proof-of-work is less efficient than cardano’s proof-of-stake consensus which is more energy-efficient.
- Unlike Bitcoin, Cardano is built to support complex smart contracts which easily enables a range of applications.
- He even said that Cardano’s architecture allows better scalability, making it handle more transactions per second as compared to Bitcoin.
- Cardano also has on-chain governance mechanisms which Hoskinsons believes is very crucial for for long-term sustainability and adaptability.
Comparing Cardano And Bitcoin
Here is the breakdown of Cardano and Bitcoin:
| Features | Cardano | Bitcoin |
| Consensus mechanism | Proof-of-stake | proof-of-work |
| Smart contracts | Yes | Limited |
| Transaction speed | Higher | Lower |
| Energy efficiency | High | Low |
| Governance | On-chain governance | Off-chain governance |
| Maximum Supply | 45 billion ADA | 21 million BTC |
| Launch year | 2017 | 2009 |
Is Hoskinson Right About Cardano?
The question of Cardano being better then Cardano could be a very complex subject to debate on but here are some points which should be considered:
- Cardano is technically advanced and it also has to potential to offer better performance and functionality as compared to Bitcoin.
- Cardano’s design and governance mechanism could allow it to evolve and adapt to chances easily.
- Cardano has lower energy consumption which is the need of the hour keeping in mind the environmental conditions.
- Cardano’s ability to support smart contracts opens up more applications.
Arguments Against Hoskinson
Here are some argumentative points against Hoskinson:
- First-move advantage: Bitcoin’s image, branding and established position gives it a significant advantage.
- Network: Bitcoin uses its large user base and more extensive infrastructure.
- Store of value: Bitcoin is called “digital gold” and gained store value that is not easy to displace.
- Simplicity: Bitcoin is simple but this can be seen as its feature making it more resistant to attacks and easy for users to understand.
Also, Read: Buying Bitcoin For Beginners: A Comprehensive Guide
Finally
Charles Hoskin presents compelling statements against Bitcoin to show that Cardano can surpass Bitcoin over some years, but the clear result of this result is not easy to say. Bitcoin has an established position in the cryptocurrency space despite not being as advanced as newer blockchain projects. But bitcoin has formidable advantages and Cardano has technological advancements.
The success of either of these platforms will basically depend on market dynamics, user engagement, adoption rates and regulatory changes. It is also possible that both the platforms could co-exist together providing different features to the users. This debate will continue as the cryptocurrency market evolves.
