Without the invention of Bitcoin, there would be no cryptographic industry. But does crypto still need Bitcoin to survive? Cardano’s Charles Hoskinson doesn’t think so.
Hoskinson is the founder of Cardano and helped build the Ethereum Foundation. He is technically skilled and has built a reputation as a balanced and realistic figure in the crypto world. But such a bold statement requires explanation, even for someone of his reputation.
Bitcoin is becoming obsolete
Cointelegraph interviewed Hoskinson about this. During the conversation, he said that while Bitcoin played a crucial role in establishing the industry, it has become obsolete with the emergence of new technologies and digital assets.
He has full respect for Bitcoin and its historical significance and says it is crucial to have a digital asset with the reputation of digital gold.
“Bitcoin needs the industry to survive and certainly exchanges and all other infrastructure because it is not self-sufficient in that regard. But the industry no longer needs Bitcoin to survive. “It’s good to have a digital asset like Bitcoin with this reputation and digital gold,” Hoskinson said.
Bitcoin could suffer the same fate as Windows
Hoskinson tried to strengthen his position by comparing him to Microsoft and Windows.
He noted that while Windows was once considered invincible, it has lost its dominance as the industry has shifted to mobile devices. He warned that Bitcoin will suffer a similar fate if it cannot adapt to the changing dynamics and technological advancements.
In what direction is the development going?
Additionally, Hoskinson called on the Bitcoin ecosystem to embrace innovation and develop a roadmap that will allow it to remain competitive with other blockchain platforms.
“Bitcoin could create a roadmap where it could be competitive with Ethereum or others. The community can choose to go down that path, but I don’t think the culture will allow them to do so.”
Bitcoin is decentralized and there is no leader or foundation at the top. This makes for a very difficult script. The community can decide at any time that they want to go in a different direction.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
