Ripple CEO: Bitcoin Won’t Be Global Currency
The CEO of Ripple, Brad Garlinghouse, on Tuesday told that Bitcoin will not be the last and final solution that the people are praying and hoping for when it comes to having it as a global currency.
Although it is true that the bitcoin is at present the most widely traded cryptocurrency, it far slower to be accepted as the global standards. The day before this statement was mentioned, the co-founder of Apple Steve Wozniak had mentioned that he hoped for the bitcoin to be the global standards and a one-world currency. This was also the prediction that was made by the CEO of Square Jack Dorsey.
Brad Garlinghouse said earlier on, “I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.” And later added, “I think that what we’re seeing is the overall growth of this space and there will be many winners.”
At the time of mentioning this, the average BTC transaction was taking 42 minutes, which is very slow when compared to that of XRP transactions that take only 4 seconds, although it is worth noting that the trading volume is much greater than that of XRP. The transaction speeds are mainly due to the result of the usage of the blockchain technology that has not yet been fully scaled to support a wide range of users successfully. Once it is done, then the speed is likely to improve much better.
The reason why Ripple has a good transaction rate is that it is being carried out majorly on the Ripple protocol, and not on the blockchain, which most people fail to understand. Due to this factor, majorly time, Ripple is now seeing a huge success in this arena and is being adopted for cross-border transactions as well. Mainstream financial institutions have been coming up on the rise when it comes to using this means of payment being carried out across borders in seconds from one fiat currency to another fiat currency using nothing but ‘XRP’as a bridge asset.
Even though Ripple as a company, on the whole, is a separate entity from the XRP currency, about 60 percent of the XRP that is out there in supply is owned by the company and most of them by the founders themselves.