Cory Johnson, Ripple’s Chief Market Strategist, says that the virtual currency XRP is being used more than Bitcoin (BTC). At the same time, he said that the network is very slow and that XRP was built using a better technology.
Is XRP Better than Bitcoin?
There are several virtual currencies in the market. Bitcoin and XRP are the two most valuable. However, Cory Johnson, the chief market strategist at Ripple Labs, claimed that Bitcoin has several technical limitations.
He mentioned that Bitcoin is not as fast as XRP. Bitcoin is able to process between three to six transactions per second. Ripple is able to perform 1,500 transactions per second at all times. Moreover, while Bitcoin has to develop a second layer solution for its scalability issues, Ripple’s network is able to scale and handle the same amount of transactions as Visa. In that case, Ripple would be able to perform 50,000 XRP transactions per second.
-Bitcoin has some real technological limitations
-The digital asset that show fundamental use cases will develop a fundamental value
-XRP is being used more than Bitcoin being used as of today
— Steven Diep (@DiepSanh) November 23, 2018
Johnson has also talked about Bitcoin Proof-of-Work (PoW) consensus mechanism. Although the Bitcoin network has miners to process transactions and secure the network, these miners are located mainly in China.
About it, he mentioned:
“XRP does not have mining. XRP does 1500 transactions [per] second. My company [Ripple Labs] has over 150 customers in finance all over the world. [These include large] banks [and] remittance companies. Many of them are using XRP, [although] all of them are not. [XRP] is being used to do transactions across borders to lower costs from 400 basis points to 40 basis points. And, from 4 days to minutes.”
Due to the fact that Bitcoin is based on ‘poor technology,’ Johnson believes that it will not be able to handle a large number of transactions. He explained that digital assets have fundamental use cases that will develop a fundamental value. He later said that XRP is being used more than Bitcoin as a means of processing transactions.
Back in September, XRP grew more than 100% from $0.27 dollars to $0.60 dollars in just a few days. Nevertheless, since that moment, XRP lost 42% of its value.
At the time of writing this article, XRP is the second largest cryptocurrency with a market capitalization of $14.03 billion dollars. Each XRP has a price of $0.34 dollars.
Read more about Ripple price and XRP’s future in our price prediction article here. If you’re interested in buying Ripple, you can follow our guide here to do so on Binance, our #1 ranked exchange — or you can read about more Ripple buying options here.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.