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XRP has worked very well to increase its adoption, but people are still skeptical about money, believing it is centralized. Good, second Phillip Nunn, CEO of Blackmore Group, XRP because of its mainstream growth, it is still a better bet than Bitcoin even with centralization problems.
Mainstream Acceptance over Centralization is the key to Blackmore Group
The mainstream acceptance of cryptos is one of the key factors that is considered taking the price of the currency. Well, this is not the case with XRP, which, even after an imposing mainstream acceptance, has failed to drive up the price. The reason for this stunted price growth is attributed to its centralization and therefore is called security.
Although there is a lot of debate around the centralization of XRP, as for the recent comments by Phillip Nunn, CEO of Blackmore Hedge Fund, XRP stands out for being a better bet than Bitcoin because of its adoption, although it can be centralized. According to Nunn, even Bitcoin is equally centralized as a country controls most of Bitcoin's supply and mining and, in essence, could close everything.
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
The point raised by Nunn speaks of the fact that Bitcoin mining is highly centralized, of which 80% of Bitcoin mining is managed by six mining pools and five of these six pools are managed by individuals or organizations located in China.
According to him, this centralization of Bitcoin extraction is practically the same as a few hands in possession of most of XRP. But the advantage that XRP has over Bitcoin is its mainstream acceptance and is used by various banks and financial institutions, which Bitcoin has yet to find.
Moreover, apart from the centralization problem, XRP has all the qualities that could bring its price much higher to where it is currently. It is useful, fast, cheaper and bridges the gap between the world of traditional finance and the latest modern world of cryptocurrency.
Recently, Ripple's managing director, Brad Garlinghouse, spoke of the expansion of the adoption of XRP, creating a "global framework" for payments and invoking bitcoins for its failures. Garlinghouse was quoted by Bloomberg saying that
"Ripple is solving a problem of cross-border payments and that the value of any digital asset will be based on its ability to solve problems."
Garlinghouse spoke about the technology of his company during the Singapore Fintech Festival; interviewing Bloomberg said, "XRP is 1,000 times faster and cheaper than bitcoin", the original and largest cryptocurrency for market value.
When we compare Bitcoin and XRP, the ability of XRP definitely stands out compared to Bitcoin. And with investors like Phillip Nunn in support, XRP could definitely have a much brighter future than it is now.
Will XRP take control of Bitcoin in 2019? Let us know your opinions on the same
Summary
Item name
XRP A better bet than Bitcoin Despite the centralization says, Phillip Nunn of Blackmore Hedge Fund
Description
XRP has worked very well to increase its adoption, but people are still skeptical about money believing it to be centralized. Well according to Phillip Nunn, CEO of Blackmore Group, XRP because of its mainstream growth, it is still a better bet than Bitcoin even with centralization problems.
Author
Nilesh Maurya
Publisher name
Coingape
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