BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Cardano Founder: BTC will Likely “Leave” the Bitcoin Network in Years Ahead

by Abimbola Adu
Oct 4, 2022 - 12:00 am
in Blockchain
Cardano Founder: BTC will Likely "Leave" the Bitcoin Network in Years Ahead

In a video posted on his Twitter and YouTube accounts on October 3rd, Cardano founder Charles Hoskinson outlined several reasons why Bitcoin will likely depart from its network in the coming years.

Bitcoin is Digital Gold. Let's talk about the mine… https://t.co/fTJEsOeGQS

— Charles Hoskinson (@IOHK_Charles) October 3, 2022

The founder of Cardano began by complimenting Bitcoin as a project with good usage and utility. He also concurred that digital gold might be used to describe Bitcoin.

Although block generation rewards miners with bitcoins, production expenses are still associated with using resources and a lot of energy.

Using the analogy of gold and gold mines, Charles compared Wrapped Bitcoin (WBTC) with Bitcoin mining. The quantity of gold that would be available would probably be more valuable if gold mines were ineffective.

About 19 of the 21 million Bitcoins have now been mined, and he emphasized that the network ‘might’ quickly shut down at any time. When that occurs, the energy-intensive PoW approach of mining stops, the bitcoin network becomes useless, and all that is available for users are Wrapped Bitcoins (WBTC) stored on other blockchains.

He made a point towards the end of the video about how Bitcoin is currently only optimized to be a gold mine. It is not for use as a payment network, a means of carrying out complex transactions, or a platform for users to run DApps or issue assets. The effort to build on it has not been progressive as well.

The existence of Wrapped Bitcoin is a result of cryptocurrency enthusiasts realizing that you can get rid of the gold mine while keeping the gold (WBTC). On smart contract networks, Wrapped Bitcoins (WBTC) can be utilized as a stablecoin. It preserves its value while having all the characteristics of Bitcoin.

Although he predicted that there would be more bitcoin outside of the Mainchain than inside of the Mainchain, he nonetheless claimed that the Bitcoin platform would not shut down because Bitcoin Maxis would find a way to keep it relevant. The Bitcoin community should be aware, he continued, that Wrapped Bitcoin (WBTC) is still Bitcoin as long as it can be connected to the energy-intensive cost of production.

Tags: ADABitcoinBTCCardano
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Young South Korean man trading cryptocurrency on a laptop in a small apartment

South Korean Youth Turn to Crypto Amid Economic Desperation

June 20, 2025

South Korea’s youth are embracing crypto not for belief in blockchain, but due to rising housing costs and...

AgriFORCE's Bitcoin mining site in Alberta powered by stranded natural gas

AgriFORCE Powers 120 Bitcoin Mining Rigs With Stranded Natural Gas in Alberta

June 19, 2025

AgriFORCE powers 120 Bitcoin miners with stranded gas in Alberta, eyes two more sites. It may keep 50%...

blockchain

Gemini Accuses CFTC of Misconduct, Calls Seven-Year Probe Baseless

June 18, 2025

Gemini calls CFTC’s seven-year probe baseless, citing false claims and personal agendas in a formal misconduct complaint to...

Former Celsius CEO Alex Mashinsky exits court after sentencing

Judge Bars Alex Mashinsky From Claiming Celsius Bankruptcy Funds

June 17, 2025

A court ruled Alex Mashinsky and affiliates won’t get Celsius bankruptcy proceeds, clearing the way for creditor repayments...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise