XRP now uses more than Bitcoin (BTC), Ripple's strategic claims

Cory Johnson, the chief market strategist at Ripple Labs, recently claimed that the Bitcoin network "has real technological limitations" – which include "how many transactions you can do at the moment … let alone … no one even talks" [any more] around a minute. "

Johnson added that there are strict "restrictions around [bitcoin] mining and the way mining is getting more expensive … and consuming energy … and also the way it works [ineffectively distributes] power to the miners … currently, [about] 80% of all bitcoins are mined in China. "

Bitcoin miners have too much power

Johnson, a Bloomberg editorial for the media, also noted: "There's a huge amount of power that the Chinese miners have on the Bitcoin network, I think this was not wanted by the bitcoin designer, anyone be her. [But] there are other technologies. My company [Ripple Labs] has chosen to develop the technology around XRP. "

Johnson continued:

XRP has no mining. XRP does 1500 transactions [per] second. My company [Ripple Labs] has over 150 clients in finance all over the world. [These include large] banks [and] remittance company. Many of them use XRP, [although] not all of them are. [The token] it is used to make cross-border transactions [in order to] lower costs from 400 basis points to 40 basis points. And, from 4 days to 2 minutes.

Bitcoin built using "Poor Technology"

According to Johnson, transaction processing times can be reduced from days to minutes or seconds using digital currencies. However, the graduate of New York University also thinks that the Bitcoin network will not be able to handle a large number of transactions as it is based on "poor technology".

Although Johnson has acknowledged that he does not know what bitcoin (BTC) it is worth, he believes:

Digital resources that show fundamental use cases … and not only show, but show that it will develop a fundamental value. What is this value, [we] he will have to understand for ourselves. But I think Bitcoin does not work very well and [Ripple, the company, realized] a long time ago. So, I'm not surprised [bitcoin is not performing well].

Market capitalization of XRP from $ 106 billion to $ 16 billion

Continuing to discuss how he performed XRP, the cryptocurrency developed by Ripple Labs, Johnson emphasized that the token is actually more than 100% this year. He also stated that XRP is currently used more than BTC.

However, the price of XRP actually declined considerably from the start of the year. On 3 January, XRP was trading at around $ 2.75 and its market capitalization was over $ 106 billion. Currently, XRP is trading at around $ 0.4060 according to CryptoCompare data and its market capitalization has dropped sharply to around $ 16 billion.

Many other people want to use XRP

It should be noted, however, that current cryptocurrency market prices may not be the best way to assess how well they could perform and how confident investors and traders might have in their long-term potential.

As reported by CryptoGlobe in mid-August, Wirex, an unencumbered currency trading platform with over 1.8 million users, had conducted a survey via Twitter asking which cryptocurrency: bitcoin (BTC), litecoin (LTC ), ethereum (ETH) or ripple (XRP) his followers prefer.

In particular, 81% said they would prefer to use XRP for daily purchases and only 10% said they would use BTC. Meanwhile, only 6% of respondents preferred LTC and only 3% wanted to use the native token of Ethereum, ether, for daily transactions.