[lwptoc]
Let’s read more in today’s bitcoin news about Cardano‘s founder’s prediction that Ethereum would quickly overtake Bitcoin as the dominant and number one cryptocurrency.
Charles Hoskinson discussed cryptocurrency and why he believes Ethereum will soon replace Bitcoin. He began by discussing the speed of BTC transactions, emphasizing the network’s sluggish nature and how slow it is in comparison to other proof of stake networks. Focusing on ETH, in particular, he said that the coin outperformed BTC in many respects as digital currencies grew in popularity over time. It is now the second most valuable cryptocurrency behind Bitcoin, with a large number of investors flocking to it. The Cardano founder thinks that the coin will surpass Bitcoin in the near future, believing that the coin will be greater than Bitcoin.
The development culture associated with ETH, according to Hoskinson, is one of the ways it is superior to BTC. One of the key advantages he mentioned, among others, was a good evolution. In comparison to Bitcoin, the flaws revealed in Ethereum are more adjustable because there are no vulnerabilities locked into the network, which is what makes blockchain development so adaptable. Ethereum 2.0 is a good illustration of this, as it has been in the works for quite some time. It is intended to replace the present network, and by doing so, it will eliminate network bottlenecks and make sending coins cheaper during high-traffic periods.
The upgrade will improve security and scalability, as well as the overall security of the network. This is also being worked on by teams from around the ETH Ecosystem. BTC, according to Hoskinson, is his own greatest adversary. He stated that Bitcoin is plagued by network effects, but added that there is no way to change the system, implying that Bitcoin cannot be improved. This makes it impossible to solve the evident faults with BTC.
The high network fees associated with transferring BTC were a hot topic in the crypto community, and lightning technology was supposed to fix the problem. Despite the advancements in technology, expensive network fees remain the standard. That isn’t to argue that ETH is without its flaws, such as hefty network fees during peak traffic periods, but it is still a better option than BTC. Cardano outperforms both in this regard, which is why it only costs a penny or two to transmit a message across the network.
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Source: DCFORECAST