Charles Hoskinson says Bitcoin is too slow compared to proof-of-stake networks

Charles Hoskinson argued that Bitcoin is at a significant competitive disadvantage due to its slow speeds and it is going to be surpassed by proof-of-stake (PoS) networks.

Charles Hoskinson says Bitcoin is too slow compared to proof-of-stake networks

IOHK CEO and Ethereum co-founder argued that proof-of-stake networks offering greater speed and functionality over the original cryptocurrency, in a podcast with computer scientist and AI researcher, Lex Fridman.

“The problem with Bitcoin is that it is so slow. It's like the mainframe programming of the past. The only reason it's still around is because there is so much invested in keeping it around,” Hoskinson said.

Hoskinson exclaimed “You have to upgrade the damn thing!” regarding Bitcoin’s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its competitors.

He also criticized the Bitcoin community for being reluctant to innovate beyond the cryptocurrency’s base-layer, also describing Bitcoin’s second-layer scaling solutions as highly fragile.

“It is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, there’s no way to change the system, even correcting obvious downsides in that system,” he emphasized.

Read: Cardano Founder Charles Hoskinson says Tesla should accept ADA

However, Cardano’s founder argued that Ethereum has grown to rival Bitcoin’s network, but has a nimble development culture that embraces evolution.

“What’s really cool is that Ethereum does not suffer that problem; it's getting to the point where it has the same network effect as Bitcoin, but the community has a completely different culture, they love evolving and upgrading,” he said, “If I had to bet between just those two systems, I’d say nine times out of ten Ethereum is going to win the fight against Bitcoin.”

Hoskinson acknowledges the battle for crypto dominance is a much more complex game than competition between two, asserting that many other blockchains are now vying for major blockchain market share, unsurprisingly naming Cardano among others.