News - Adam Back explains to Charles Hoskinson why Bitcoin is unique

By Mike Hesp

Adam Back explains to Charles Hoskinson why Bitcoin is unique

Bitcoin (BTC)
Cardano (ADA)

The question remains: when is a cryptocurrency a security - and when is it a commodity? Charles Hoskinson wants to know, too.

A discussion between Cardano founder Charles Hoskinson and Bitcoin veteran Adam Back took place on Twitter follower X yesterday, Nov. 27.

During a livestream, Hoskinson asked his viewers to name the difference between cryptocurrencies such as Bitcoin, Cardano and Ethereum.

An easy task for Blockstream co-founder and Bitcoin pioneer Adam Back: "Bitcoin has not conducted an ICO [Initial Coin Offering], it is decentralized, there is no CEO and no ICO-approved foundation."

According to Back, Bitcoin is a commodity and the Commodity Futures Trading Commission takes the same view. Ethereum and Cardano, on the other hand, are unregistered securities because of the coins that were initially issued.

Hoskinson argued That there was no ICO for Cardano (ADA). However, some members of the Bitcoin community pointed to Cardano's ICO price of $0.0024 per token and the ability for investors to buy ADA with Bitcoin.

The background to the discussion: the U.S. Securities and Exchange Commission (SEC). The authority has already identified Cardano as a security in several court cases.

Hoskinson is known for his dislike of Bitcoin. In the past, he has labeled Bitcoin maximalists as "beyond stupid."

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