News Report:
Market expert Mickle quotes developer Matt Hamilton’s comments as arguments for why XRP may surpass Bitcoin in the future.
In an interview on the M podcast, Matt Hamilton, a senior developer advocate for Arbitrum and former Ripple developer, discussed why XRP may have a competitive advantage over Bitcoin. Mickle recently shared a clip of this interview on Twitter.
Why XRP may surpass Bitcoin in the future!
pic.twitter.com/C6bhELDaok
– Mickle (@xrpmickle)
October 20, 2024
Bitcoin is limited, despite being a pioneer
Hamilton’s discussion
The advantages of XRP over Bitcoin lie in its scalability, energy efficiency, and practical applications in financial transactions. Charles Hoskinson, the founder of Cardano, also
cites these advantages
and believes Cardano is superior.
Hamilton first acknowledges the importance of Bitcoin as the first cryptocurrency. He praises
Satoshi Nakamoto’s
whitepaper, which aimed to create a decentralized financial system;
However, he points out several limitations of Bitcoin, especially its slow transaction speed and energy-intensive mining process. Hamilton states that these issues hinder Bitcoin’s scalability as the global demand for faster and more efficient financial systems grows.
XRP offers faster and more scalable transactions
XRP’s development takes these issues into account. Unlike Bitcoin, XRP
is designed
to address scalability issues and facilitate faster and cheaper transactions;
Hamilton explains that the creators of XRP themselves were early Bitcoin developers who recognized the challenges faced by Bitcoin and attempted to solve them by creating a more efficient platform. This led to the
XRP ledger
.
One key advantage emphasized by Hamilton is XRP’s ability to process transactions faster than Bitcoin. While Bitcoin transactions may take several minutes to confirm, XRP typically completes transactions within seconds;
Additionally, XRP is capable of processing a large volume of transactions at a lower cost, making it more scalable and suitable for the global financial system.
Environmental concerns and inflation
Hamilton states that another area where XRP surpasses Bitcoin is energy efficiency. Bitcoin relies on the Proof-of-Work (PoW) mechanism, which consumes a significant amount of electricity. Personalities like
Elon Musk
have criticized its environmental impact.
In contrast, XRP uses a consensus protocol that requires
less energy
, making it a more environmentally sustainable choice. This makes XRP more attractive to businesses concerned with sustainability and operational carbon footprint.
Regarding supply and inflation, Hamilton notes that XRP has a fixed supply, unlike Bitcoin, which is deflationary but lacks the same upper limit. The limited supply of XRP helps prevent inflation, which could make it a store of value over time;
In addition to these technological advantages, Hamilton also highlights the broader use cases of XRP. The XRPL is also a platform for decentralized trading and tokenization of real-world assets. The network
recently attracted
$1 billion in tokenized equities.