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Phillip Nunn, the CEO of Blackmore Group, believes that XRP is a better bet than Bitcoin (BTC), even when it recognizes that XRP is more centralized than BTC.
In a recent tweet, Nunn explained that although Bitcoin is more decentralized than XRP, most of the mining activities take place in China, which can be dangerous for Bitcoin.
In its purest sense $ BTC #bitcoin it is decidedly more decentralized than $ XRP #ripple
But the fact is that a country controls most of the bitcoin and mining supplies and could essentially wrap it all up. This is worrying $ XRP it's a big bet for mainstream growth.
– Phillip Nunn 🚀 (@PhillipNunnUK) December 31, 2018
Bitcoin and XRP are two of the largest virtual currencies on the market. XRP has grown in the industry as fast and cheap money to process cross-border transactions. There are several banking companies that are already connected to the Ripple Network and some may soon start using XRP to reduce transaction costs and time.
However, there are some critics that people make to XRP. In general, they believe that XRP is centralized and that this affects the credibility of the network. Supporters of cryptography have always supported decentralization rather than centralized systems.
Bitcoin has generally been considered decentralized. Mining activities can be carried out by every single person in the world with a bit of hash power. However, ASIC miners are very expensive and the mines or rigs are sometimes difficult to install. This is the reason why the mining industry has moved to centralization.
There are large mining companies all over the world that collect most of the power of the network, process transactions and gain the benefits offered by the Bitcoin network.
However, Phillip Nunn believes that the extraction of Bitcoin is at risk. Most of the mining activities on the Bitcoin network are carried out by China and only by some mines located in the country. If China decides to ban mining activities or simply to take the mines, the effect on the network could be devastating. China is not a very friendly country towards virtual currencies since they were banned in 2017.
The 80% of Bitcoin has a tariff of six mining pools, five of these six pools are located in China. This means that there are only a few hands controlling the Bitcoin network. Something similar to what happens to XRP. However, he believes that XRP has many other advantages.
According to Ripple CEO, Brad Garlinghouse, the adoption of XRP continues to grow worldwide. According to Bloomberg, Garlinghouse said that Ripple is working to resolve cross-border payment problems. Furthermore, he said that the value of any digital resource will be based on its ability to solve problems. The XRP could be embraced by institutions that use the xRapid product released by Ripple a few months ago.
At the time of writing this article, XRP is the third largest digital asset after being superseded by Ethereum today. The XRP has a market capitalization of $ 14.9 billion and each currency can be purchased for $ 0.365. According to CoinMarketCap, Bitcoin is trading around $ 3,850 and has a market capitalization of $ 67.13 billion.
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