Cardano founder predicts that Ethereum will overtake Bitcoin as a quick victory over the dominant and number one cryptocurrency so let’s read more in our latest bitcoin news today.
Charles Hoskinson talked about crypto and why he thinks Ethereum is poised to overtake BTC in the near future. He started out by talking about the speed of BTC transactions and pointed to the sluggish character of the network and how slow it is compared to other proof of stake networks. Focusing on ETH, in particular, he said that the coin outperformed BTC in many ways as ETH gained popularity over the years as digital currencies became popular. It is now the second biggest coin behind BTC with lots of investors pouring their money into it. Believing that the coin is set to be greater than Bitcoin, the Cardano founder predicts that that could happen in the near future.
One of the ways that Hoskinson said ETH is better than BTC was the development culture associated with it. A good evolution was one of the main advantages he referred to amongst others. The faults found in Ethereum are flexible compared to Bitcoin because there are no issues that are locked into the network which is what makes development in the blockchain so flexible. Ethereum 2.0 is a clear example of this as the development was in the pipeline for a while. It is meant to replace the current network and by doing so, it will solve the bottlenecks that come with using the network and will also make it cheaper to send coins in high traffic times.
The upgrade is going to help with security and scalability and will make the entire network more secure. This is also being developed by the teams across the entire ETH Ecosystem. Hoskinson even called out BTC for being his own worst enemy. He said that Bitcoin is riddled with network effects but pointed out that there was no way to change the system which means that improvements are not possible for Bitcoin. This makes fixing the obvious flaws associated with BTC impossible.
The high network fees associated with sending BTC were a debated issue in the crypto space which was meant to be solved with lightning technology. But even with the new technology, the high network fees are still the norm. That is not to say that ETH doesn’t have the problem of high network fees in the high traffic times but compared to BTC it remains a better alternative. Cardano beats both in this regard which is why the coin is using only a penny or two to send out on the network.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]