Cardano (ADA) founder Charles Hoskinson presented his arguments for determining whether Bitcoin is digital gold. Here are the details…
Cardano inventor calls Bitcoin “digital gold”
There is a serious debate over whether Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, should be called “digital gold”. “Digital gold” is the term Bitcoin proponents use to lure many investors into adopting the top asset class. According to Bitcoin enthusiasts using it, BTC can provide the same store of value as gold, the precious yellow metal.
Cardano founder and crypto entrepreneur Charles Hoskinson recently supported the claim that Bitcoin is digital gold. Hoskison made this statement in a 16-minute live YouTube broadcast. Hoskinson used the following statements:
You hear a lot about Bitcoin being digital gold. It may surprise you that I agree with this. I think Bitcoin is not just digital gold, it also has real use and utility.
Hoskinson points to volatility
While Hoskinson sees BTC as a good store of value, he thinks the cryptocurrency falls short of two main features of money (trading instrument and unit of account) due to its enormous volatility. However, the same cannot be said for gold. The Cardano founder uses the following phrases:
The problem is that Bitcoin [bir değişim aracı ve hesap birimi] not as good. Some things [BTC] Pricing is difficult. people in real life [Bitcoin] does not want to trade using; They just want to hide.
There are also complaints about BTC
While Hoskinson appreciates the benefits of Bitcoin’s robust monetary policy, there are also things he doesn’t like. Given that there are synthetic versions of the largest cryptocurrency that can run on other Blockchains, he is convinced that the energy-hungry PoW consensus algorithm is not needed. “Wrapped Bitcoin is Bitcoin,” Hoskinson said.
cryptocoin.com As we have also reported, wrapped Bitcoin is the Ethereum-based version of the largest crypto. WBTC is currently the 19th largest cryptocurrency with a market cap of $4.8 billion. There are other versions of Bitcoin on other Blockchains such as Polkadot, but they are less popular. The founder believes that leaving miners to produce an additional two million coins over the next 100 years is not a good energy investment.
Hoskinson notes that despite Bitcoin being promoted as opposed to central banks, the vast majority of circulating Bitcoin is actually held in custody accounts. While Ethereum has recently transitioned to PoS, it is unlikely that Bitcoin will go through the same dramatic shift.
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