Cardano’s Charles Hoskinson commented on Bitcoin, the world’s largest cryptocurrency, during a recent AMA (Ask Me Something) session.
“The biggest problem for Bitcoin is its inability to update”
Regarding the world’s largest crypto currency “The biggest flaw of Bitcoin is that it cannot be updated.” Using the statement, Hoskinson told users that it is not physically impossible for Bitcoin to upgrade the network. Rather, the main cause of concern is the slow speed with potential upgrades.
“It would be great if it could be updated, but it cannot be updated.”
Hoskinson, who reported that he quit his work on Bitcoin due to his lack of belief in the ability to develop, also revealed that this was the main reason for the creation of Ethereum.
“The reason we work on Ethereum is not because we want to build Ethereum, but because we can’t make color coins or MasterCoin correctly.”
“Too much electricity consumption”
According to the IOHK manager, this is not just an issue limited by the scalability of the network. Pointing out that Bitcoin uses 87 terawatts of power, Hoskinson stated that this figure is higher than the power use of countries such as Belgium.
The higher the price of the cryptocurrency, the more power will be consumed. In addition, the network will become more centralized and mining operations will become more vertically integrated and private, with more subsidized power usage.
“This system is not sustainable,” Hoskinson said, adding that this is the reason why those who have been working on the network for years like him switched to the altcoin field and started to create “alternative experiments”.
Taproot activation is probably going to happen in 2021.
Bitcoin 2.0 https://t.co/xi8CAvfThA
— Probably Not an Impersonator of Pierre Rochard (@pierre_rochard) December 7, 2020
With the Taproot update expected to be rolled out in 2021, users of the Bitcoin network will continue to make optimistic upgrades that reinforce Bitcoin’s monetary features.