News - "I don't see how Bitcoin can survive."

By Mike Hesp

"I don't see how Bitcoin can survive."

Cardano (ADA)
Bitcoin (BTC)

Cardano foreman Charles Hoskinson delivers a scathing verdict: Bitcoin is obsolete, useless and heading for an uncertain future.

Charles Hoskinson, the man behind Cardano, has probably not made any friends in the Bitcoin-community.

In a interview with Cointelegraph he reduced the Bitcoin community to a fanatical religious community: "Bitcoin is a religion, not an ecosystem."

According to him, the market has emancipated itself from the largest cryptocurrency. The crypto industry "no longer needs Bitcoin to survive."

Bitcoin, on the other hand, has become increasingly dependent: "Bitcoin needs the industry to survive, and it certainly needs exchanges and all the other infrastructure because it is not self-sufficient at this size."

There is also no guarantee of the cryptocurrency's value storage functions: "Another digital gold could emerge at any time, and if it has a sound scientific basis, it will be just as secure, if not more secure."

Hoskinson describes Bitcoin as an obsolete technology: "You wake up and realize that 98 percent of what you do is done outside of Bitcoin. And you start to wonder why I really care about BTC."

His scathing assessment: "I don't see how Bitcoin can survive."

These statements are not surprising. The relationship between Hoskinson and the Bitcoin community has been strained for some time.

The contentious developer has not been kind to Bitcoin maximalists in the past.

Meanwhile, preparations for an upcoming Cardano upgrade are underway.

The "Chang" hard fork marks the fifth and final development phase of the proof of stake network.

Read this article to find out what the upgrade will change, why it marks the beginning of a new phase for Cardano and where Charles Hoskinson's project has recently been criticized: Cardano upgrade: what will change with the "Chang" hard fork.

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