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Cardano Ecosystem

FxCryptoNews

06/17/2024

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Will Cardano Outgrow Bitcoin? Charles Hoskinson Asserts

In a recent YouTube video, Charles Hoskinson, founder of Cardano, shared his vision for why Cardano could eventually outpace Bitcoin. Hoskinson attributes this potential to Cardano’s flexibility,...

Will Cardano Outgrow Bitcoin? Charles Hoskinson Asserts

In a recent YouTube video, Charles Hoskinson, founder of Cardano, shared his vision for why Cardano could eventually outpace Bitcoin. Hoskinson attributes this potential to Cardano’s flexibility, decentralization, and effective governance. He likens Bitcoin’s rigidity to companies like BlackBerry, which failed to evolve and became obsolete.

Flexibility And Governance As Key Differentiators

Hoskinson emphasizes Cardano’s ability to absorb new technology and adapt to changing realities as crucial to its potential success. While Bitcoin is often compared to gold, Cardano’s focus on first principles thinking, decentralization, and on-chain governance sets it apart. He argues that Bitcoin’s only value proposition is its current success. 

Related article: Charles Hoskinson Critiques Bitcoin’s Long-Term Viability

Moreover, Hoskinson asserts that Bitcoin cannot survive without the broader crypto market, suggesting it could be replaced by another “digital gold” with similar properties. He believes good governance is vital for long-term success, citing tech industry examples where poor governance led to losses in market share.

Cardano’s Resilience And Upcoming Milestones

Addressing recent skepticism, Hoskinson insists Cardano is here to stay despite widespread fear, uncertainty, and doubt (FUD). He notes the significant disconnect between Cardano’s actual progress and its portrayal by crypto influencers and the media. Cardano is approaching a major milestone with the upcoming Chang hard fork, scheduled for this quarter. 

Related article: Charles Hoskinson Defends Cardano’s Strength Amid Criticism

This hard fork will introduce a new era of governance for Cardano, the result of years of rigorous testing and community participation. Additionally, the Cardano community is rapidly growing in decentralized applications (dApps), indicating a thriving ecosystem. Currently, Cardano (ADA) is trading at $0.4128, with a mild 0.32% gain over the past day. 

It has a 24-hour trading volume of $185,782,743. However, over the past week, ADA has seen a 6.46% decline, with a current market cap of $14.6 billion, making it the 10th largest crypto asset. In comparison, Bitcoin (BTC) is priced at $66,452.76, marking a 0.43% price increase in the last 24 hours and a 4.61% decline over the past week. BTC currently has a 24-hour trading volume of $14,426,845,233.53 and a market cap of $1,310,007,732,209.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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