Charles Hoskinson, the creator of and innovator behind Cardano (ADA), had recently stated that he believes Bitcoin (BTC) will eventually lose out to Ethereum (ETH). Bitcoin is still the flagship crypto as of this time. However, Ethereum has been right behind it for some time now, as the two cryptocurrencies have positioned themselves into the 1st and 2nd highest ranked cryptocurrencies by market cap, respectively.

Hoskinson claims that although Bitcoin has been beneficial for the entire industry, it can nevertheless simply not keep up with today’s new projects and proof-of-stake (POS) networks, chief among which being Ethereum. Bitcoin may have been the one that started it all; however, it still exhibits comparatively much slower speeds and limited functionality, a factor which may end up being the inaugural cryptocurrency’s eventual downfall.

Bitcoin is way too slow

Charles went on to explain that Bitcoin is just too slow compared to what we have nowadays and that it would not make sense for future investors to keep pouring money into the flagship crypto if there are superior alternatives currently available. Hoskinson claims that the main reason why Bitcoin is even around today is due to the abundance of funds invested into it.

The Cardano leader said that if Bitcoin wants to stick around, upgrades to its proof-of-work (POW) consensus mechanism are of the utmost importance and should take precedence. In terms of programmatic utility, Bitcoin lags far behind its respective competitors, Charles added.

BTC investors are their own worst enemy

Charles criticized BTC investors for often being too reluctant to change and experience any kind of new innovation beyond what is already available. Of course, BTC is the one cryptocurrency that has become synonymous with the industry, and for a good reason, as even those individuals who may have never even heard about crypto before may be slightly familiar with Bitcoin. However, regardless of its name and brand, Bitcoin’s network and its own community appear to be stuck in the past with little to no ways of actually altering the system for the better.

Ethereum, on the other hand, is slowly garnering the same kind of attention and support that Bitcoin was able to long ago, but unlike the latter, Ether will most likely not face the same issues. This is because Ethereum’s community loves to constantly evolve and have new upgrades and is never satisfied with what is only currently available. Naturally, though, the battle to become the world’s most dominant cryptocurrency is not just limited to Bitcoin and Ethereum, as others such as Cardano, Solana, Polkadot, and more are all fighting to be the best.