XRP has no mining, but 80% of Bitcoins [BTC] they are extracted in China, says Ripple Chief Market Strategist

Cpple Johnson, Ripple's Chief Market Strategist, recently appeared in a webinar to offer his views on the recent Bitcoin market movement [BTC]. He also talked about the difference between the various digital resources in the cryptocurrency space and the limitations of Bitcoin technology.

Johnson began by saying that he was not able to offer investment advice, as he did not do it anymore. However, he spoke of the critiques that are usually imposed against cryptocurrencies, stating that it is actually the critique of Bitcoin, with other cryptocurrencies grouped as if they were the same. He compared this to criticizing Scientology in conjunction with religion, continuing by declaring:

"The cryptocurrencies are different." "Okay, I think cryptocurrency is too limiting in the notion of what these things are, but I think things like Bitcoin have real technological limits, I think about the number of transactions they can do every hour."

Cory stated that the mining sector continues to become more expensive and consumes more energy over time, along with the additional disadvantage of empowering miners. This is shown by the fact that about 80% of all Bitcoin is mined in China, giving power to Chinese miners.

Johnson said that although he thought this was not intentional for the creator of Bitcoin, Ripple followed a different path and chose to develop the technology around XRP. Speaking of the benefits of XRP, Johnson stated:

"XRP does not have mining, XRP does 1500 transactions per second, my company has over a hundred customers, 150 clients in finance all over the world, banks, remittance companies, many of them use XRP."

This paints a positive image for XRP HODLer, since the currency has long been acclaimed as Bitcoin 2.0, due to its improvements in speed and the removal of the extraction process from reaching consensus. The mining process also presents a very disturbing ecological situation for Bitcoin, as it consumes a large amount of electricity to conduct the work trial that keeps the network safe.

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and an interest in the future of blockchain and cryptocurrency technology. At the moment it does not have any cryptocurrency.