Bitcoin’s recent rise has broken everyone’s silence.

Over the past few weeks, the favorite debate has been between bitcoin bulls who think bitcoin will go to the moon, and bears who think it will go down, while Charles Hoskinson, founder of the Cardano project, thinks bitcoin will die.

In an interview shared on SourceHoskinson emphasized that Bitcoin is just like fiat money, and that the only valuable thing Bitcoin has is its degree of acceptance and adoption.

For this reason, Hoskinson argues, Bitcoin will eventually die when it loses its only strength: popularity.

He added, explaining:

Bitcoin is valuable only because it is valuable.

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It has no technological advantages.

In fact, it is the least advanced of all the alternative cryptocurrencies, and the least futuristic.

There is no reason for that other than the fact that it exists.

The founder of Cardano and Bitcoin:

Cardano is a third-generation blockchain, which is why Hoskinson gives it more potential value than Bitcoin.

Bitcoin is the first generation of blockchain, which offers a service to transfer digital currencies from one wallet to another, and that’s it.

Ethereum is an example of a second generation blockchain.

In addition to the ability to move currencies and send value, smart contracts allow people to adapt those processes, making the Ethereum blockchain more efficient.

However, this blockchain suffers from some design flaws that make it difficult to stand the test of time.

Cardano as a third-generation blockchain seeks to solve the famous triple problem of blockchain networks:

Scalability, security, decentralization.

The Cardano project attempts to solve the mentioned problems by developing further on the second generation blockchain and adding features and layers that solve the aforementioned problems.

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Hoskinson added that Bitcoin needs to achieve some important developments in order to be on par with its competitors. If there is no new innovation in Bitcoin, the currency will die because there is no reason to keep it with its more advanced and innovative competitors.

Many developments focus on improving Bitcoin, most notably the “Segwit” and “Taroot” update and “Taproot” signatures.snorerand “Lightning” networks. In theory, once they are all implemented, bitcoin can handle a significantly larger volume of transactions.

Bitcoin needs a better management system to survive:

Hoskinson says:

Bitcoin has lost some of its oldest and best features.

Which is an indication of the inability to keep pace with what is happening, so what if quantum computers came? How will you deal with smart contracts?

Hoskinson touched on issues that could be fundamental in the future.

In his view, the lack of consensus among developers could lead to problems when faced with future issues such as network restructuring, blockchain management when it reaches excessive sizes in the order of petabytes of information, and similar undiscussed issues.

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To solve these problems, the Bitcoin blockchain needs a governance system that, in Hoskinson’s view, Satoshi Nakamoto hasn’t thought of.

So what is the future of the crypto system?

According to Hoskinson, Bitcoin will die to make way for better blockchain networks.

Crypto and blockchain will continue to settle transactions the way Bitcoin does…but then you will have smart contracts, governance, interoperability, much faster capabilities, the ability to scale globally and work well on mobile and have privacy and all these additional features and functionality.

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