The XRP is often called "the joy of the banker" and the banks love XRP because it has hundreds of partners globally with many of the world's biggest names in the banking industry. Banks are really tired of using the SWIFT system that is not that fast. The XRP can seriously accelerate heating and guarantee savings and transparency at all levels. Bitcoin with its 10-minute block and unstable commissions may be a bit problematic when it comes to this, but the bitcoin is a huge improvement over the previous architecture and to the banks themselves. Can XRP assume Bitcoin in total market capitalization with the massive adoption of XRP by financial institutions around the world? Let's make some comparisons.
Another advantage of XRP is not forks. A real company with a real office run by professionals that you can contact if you have a problem. The whole forked bitcoin thing has been a very instrumental issue in the crypto community and has done little to give the big companies any kind of confidence in the crypto economy, especially when they are new in the crypto economy.
XRP a problem of 'safety'
The XRP could be a security and is currently subject to litigation in the courts, but until this is resolved, there will be this uncertainty around the XRP in the likelihood of seeing things like XRP, XRP ETF futures or the main banks that accumulate XRP.
Proof of work
Although there has been much criticism of the Proof of Work network including the massive rate of hardware burns and the huge environmental impact in terms of energy consumption, we could do a lot of things on the use of bitcoin, but the reality is that the XRP register uses less energy than bitcoin. The long-term trend of Proof of Work mining and Bitcoin mining in general, at some point, will have some explanation to do as at present, we see many projects moving away from the test of the work networks.
Banks do not like bitcoins
Banks around the world do not really love bitcoins, and surely this is a bitcoin badge but the theory says they will work actively to suppress and hurt bitcoins. With the great Wall Street products specifically targeting bitcoins, it seems that banks want to profit from bitcoins, not to crush bitcoins. The relationship between love and hate of banks with bitcoins is currently in a period of love. It is interesting to note that both the bitcoin and the XRP could be put under pressure by an influx of national cryptocurrencies or even more worrying for XRP, the banks that implement their own solutions. As of now, banks love the solutions that Ripple Labs is proposing for them to use. It is much easier to implement someone else's technology than to build their own technology, especially when it comes to interoperability between hundreds of different international banks. XRP is not unique in this, other payment providers use bitcoins or stellar lumens to do the same thing that is done with XRP. The difference is obviously that Ripple's network and bank partners are huge. But then the banks do not hold and actually store XRP, they can actually get in and out quickly to make transactions. But just because banks do not need to stock up on XRP does not mean they will not. Previously, a report was published on South Korean banks that currently hold about 1% of all cryptocurrencies.
Daily transaction volume
In terms of volume of daily transactions, XRP has returned to around half a million daily transactions from the recent highs of 1.6 million daily transactions, which is a distinct advantage over the daily transactions of one million bitcoins. But let us not forget that the lightning network is still in its early stages and so far from reaching a critical mass, so we should not really underestimate the possibility that the lightning network seriously interrupts this narrative of daily transactions in the future.
As for commissions, XRP is consistently lower than bitcoin with bitcoins that has unstable network fees, but again the lightning network is coming.
Ripple's control over the offer of XRP versus issuance based on bitcoin code is another area of concern for many investors. Although some people want one or the other to fail. But it does not seem that any of these are going anywhere unless XRP is considered as a security. But if XRP is declared not to be a security then perhaps XRP can increase massively.
XRP is encrypted and banking that come together. For some, it's like a dream come true and for others, it just gives them a headache as the real purpose of the cryptocurrency was to destroy the banks and not join them. If XRP always obtains mass adoption from banks and manages to have a larger market capitalization with bitcoins. Would it mean an end for bitcoin? Certainly not. The case of use of XRP does not eradicate the case of using bitcoins.
What do you think of XRP and its adoption by the banks? Tell us in the comments section below.