Charles Hoskinson, the creator of Cardano, has recently made some very bold statements about ADA possibly surpassing Bitcoin. Now, I've got to say, that's quite an ambitious goal. As much of a fan as I am for healthy competition in the crypto world, Hoskinson might just be getting a little ahead of himself here.
I mean, Cardano's got some nice features. They're working on global adoption and they have a bunch of dApps up and running. That's great! But to say it'll dethrone Bitcoin—come on, that's a stretch. Bitcoin's been around longer and just has this massive head start in terms of adoption and recognition.
Hoskinson's argument likening Bitcoin to MySpace or Yahoo is an interesting one, but it is not something I am fully convinced of. Sure, those platforms fell from grace as the respective best-in-class options, but Bitcoin's different. There's much more to it than a social network or search engine; it is a store of value that has weathered some serious storms.
Now, hear me out. I really do think Cardano is doing some cool stuff, from the concept of the partner chains and what is coming with the Midnight release—those all sound great—but none of that can help me feel like Hoskinson's/ws casting shade at Bitcoin to shill his own project.
I've got to wonder if this kind of talk is really helpful for the crypto community as a whole. Shouldn't we be focusing on how different projects can coexist and complement each other, rather than trying to "flip" one another?
That said, competition breeds innovation. If Cardano's ambition is what it takes for other projects to up their game, that is a win for everyone. I feel like we just need some realism when considering the challenges involved in dethroning Bitcoin.
From my view, both Bitcoin and Cardano boast a lot of strengths. The first-mover advantage and digital gold reputation are Bitcoin's, while Cardano pushes for smart contracts and scalability. There's room for both in this space.