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Cardano (CRYPTO: ADA) founder and Ethereum (CRYPTO: ETH) co-founder Charles Hoskinson explained the pace of the evolution of Bitcoin (CRYPTO: BTC) in an interview with Lex Fridman.
What Happened: Hoskinson said, “The problem with Bitcoin is that it’s so slow, it’s like mainframe programming of the past. The only reason it’s still around is because there is so much investment to keep it. “
See also: How to buy Bitcoin (BTC)
The mathematician noted the extremely long settlement time, poor programmability, and unawareness of other systems as some of the ailments plaguing the apex cryptocurrency.
“You have to upgrade the damn thing!” Hoskinson pointed out when comparing Bitcoin with an elderly high school football player who is no longer fit.
BTC traded up 3.87% to $ 34,368.54 at the time of 24 hour press. ETH traded 4.95% higher at $ 1,970.57, while ADA traded 1.8% higher at $ 1.31 during the same time frame.
Why it matters: Hoskinson called for keeping Bitcoin’s ‘philosophy’ intact while evolving the cryptocurrency and extending its usability in the interview.
See Also: Elon Musk Taught By Ethereum Co-Founder On How To Improve Dogecoin
The founder of Cardano called Bitcoin “his own worst enemy” when it comes to upgrades. “There is no way to change the system, even correcting the obvious drawbacks. He was, however, full of praise for Ethereum.
“What’s really cool is that Ethereum doesn’t suffer from this problem… It gets to the point where it has the same network effect as Bitcoin, but the community there has a completely different culture. They like to evolve.
“If I were to bet between these two systems, I would say nine out of ten times Ethereum is going to win the fight against Bitcoin. “
In the same interview, Hosking also brought up Dogecoin (CRYPTO: DOGE) and hoped that the development efforts of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk would give the coin a floor value.
Read More: EXCLUSIVE: Building On Bitcoin May Not Be As Popular As Ethereum, Other Blockchains, But We Are “About To See Crazy Success,” Stacks Says
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