Cardano Founder Charles Hoskinson Bitcoin Evaluation

Charles Hoskinson, the founder of the popular cryptocurrency Cardano (ADA), which ranks in the top 10 by market capitalization, recently made an assessment of Bitcoin (BTC) in a YouTube video.

Charles Hoskinson noted that Bitcoin, the cryptocurrency leader, will be widely used by smart contracts, all kinds of decentralized applications and governments in the coming period. Stating that Bitcoin has benefits with its sound monetary policy and that he appreciates it, Hoskinson also spoke about the PoS system. "Given that there are synthetic versions of the largest cryptocurrency Bitcoin that can work on other blockchains, I am convinced that there is no need for an energy-hungry proof-of-work (PoW) system, because Warapped Bitcoin is Bitcoin," Hoskinson said. Criticizing Bitcoin's PoW system for consuming too much energy, the Cardano founder noted that this could cause problems in the coming years. According to Hoskinson, it is not a good idea to allow miners to mine to produce an additional 2 million Bitcoins for the next 100 years. "Spending enormous amounts of energy to mine 2 million BTC is not a good option, nor is it a good energy investment." Bitcoin, the founder of the cryptocurrency Cardano, also states that there is no need for a PoW system and that BTC should switch to the PoS system. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!   The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.