The CEO of Ripple, Brad Garlinghouse, made a harsh comment about Bitcoin, saying that it is not the panacea for all the problems of the cryptocurrency market. He told in the interview with CNBC that though keeping its important role, Bitcoin will hardly become a universal digital currency, as many experts believe.
Ripple is a project which launched back in San Francisco in 2012. It is a special payment service which makes it possible to conduct transactions in pretty much any cryptocurrency present on the market. Ripple’s digital currency, XRP token, is going hardcore to keep pace with the world’s leading cryptocurrencies, Bitcoin and Ethereum. It actually managed to become second in terms of capitalization in January of this year, outrunning the well-known Ethereum.
XRP tokens are the means of payment used within the platform in order to accelerate the speed of transactions. Garlinghouse believes that XRP has a potential to move Bitcoin due to its price and productivity.
“We use XRP, because it is a 1000 times faster that a Bitcoin’s transaction and a 1000 times than a Bitcoin’s transaction.”
The price of XRP is currently about 65 cents, while the price of Bitcoin is more than 7500 dollars. The average transaction time for Bitcoin is around 42 minutes, whereas it only takes 4 seconds to conduct a transation with XRP.
In addition, Garlinghouse is sure that XRP will barge into the cryptocurrency market, involving “dozens” of financial institutions.
We would like to remind you that Ripple was actively investing into projects using XRP tokens back in March of this year.