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22 October 2019

If Bitcoin Fails, Crypto Industry in for a Bad Time: Cardano Founder

If Bitcoin Fails, Crypto Industry in for a Bad Time: Cardano Founder


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Ethereum (ETH) co-founder turned Cardano (ADA) creator Charles Hoskinson believes that if Bitcoin (BTC) fails, the entire cryptocurrency industry could fail.

During the interview, Hoskinson reflected on Bitcoin's origins, the parameters they set for subsequent projects, so-dubbed Bitcoin maximalism, and how Bitcoin’s future survival is intimately bound up with the fate of the entire industry.

This was appropriate for its earliest ambitions, he said, proposing that the two core features of the Bitcoin experiment were “will Proof-of-Work evolve into a decentralized system and will the token achieve value?”

Conversely, Bitcoin was never intended “to replicate the world financial system and also be fully compliant with that system, this was not in its scope.”

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cointelegraph.com
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