If Bitcoin fails, the whole industry will fail: Cardano Founder

Charles Hoskinson, the founder of Cardano, is forward-thinking on the plan of eliminating Bitcoin's scalability issues via a complete decentralized system. The crypto entrepreneur states the step of centralizing the currency as philosophically incompatible. Hoskinson doesn't predict its fate of success but relates the downfall of bitcoin as the factor possible for the failure of the Cardano and crypto industry as a whole.

The Cardano founder, Charles Hoskinson, pioneering the idea of forming a wholly decentralized system to dismiss Bitcoin’s scalability issues, framed his opinions through a recent Anthony Pompliano podcast. He mentioned that Bitcoin, by design, is deaf, blind, and dumb, but centralizing the system is no solution. According to Hoskinson, this is a philosophically incompatible move.

Charles also brings into notice the characteristic of Cardano technology being molded in a manner that is useful to people as the primary reason for its popularity and rise in the crypto sector. With the proceeding of cryptocurrencies towards a global adoption, the crypto entrepreneur envisions that the global marketplace will begin initiating decisions in accordance with the industry. 

Hoskinson also highlighted that if such a situation enters, the borders with strict regulations will lose business, and eventually, the global market will collapse down on them, enforcing to change their standards. Further, after acknowledging Blockstream’s efforts towards ascending the useful traits of Bitcoin by pushing the Lightning Network, the Cardano originator added that there is no surety of his success, but Bitcoin’s failure seems imminent in the upcoming years. He stated, “If Bitcoin fails, our whole industry’s probably in for a really bad time.”

Malaki Braydon
Malaki Braydon
Braydon has been into the crypto and blockchain space from the past 7 years. Based in New York City, Braydon has completed his masters from Kingsborough Community College.

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