Ripple’s Cory Johnson Says Bitcoin Has “Limitations”

As chief marketing strategist of Ripple (XRP), Cory Johnson is not quiet about his opinions on the coin and its underlying technology.  He recently claimed that Ripple (XRP) is now being used more than Bitcoin (BTC).

That Bitcoin has “some real technological limitations” is in some ways difficult to refute says Johnson

After all, as the Bitcoin (BTC) network has grown over the years, the hashpower and therefore electricity required to mine and validate transactions has become somewhat unreasonable. You may recall the data Digiconomist released last year that revealed that Bitcoin (BTC) consumes as much power as the country of Denmark.

Johnson highlighted a few other concerns that have been circulating for some time. The crowded Bitcoin (BTC) network of course also means much slower transaction speeds. Sometimes, what used to take a matter of seconds can instead take 10, 20, or even 30 minutes. Johnson also mentions the imbalance of mining power. He claims that China currently controls 80% of mining, as they have the advantage of subsidized electricity.

Some proponents of Bitcoin (BTC) would defend that it is succeeding as a “digital gold”

Bitcoin (BTC) was made to replace fiat and dismantle government control of money.  But it was not meant to monopolize the blockchain, and it has allowed for successful hard forks.  Additionally, though expensive, its massive network can be a form of security, since even a 51% attack may not be worth the cost.  No doubt there’s an over-saturation of new coins on the market.  And the large majority will fail, but that doesn’t necessarily mean that different cryptos can’t serve different purposes.  Johnson echoes as much: “Cryptocurrencies are different. That’s good, I think cryptocurrency is too limiting in the notion of what these things are”.

As far as market value, both Bitcoin (BTC) and Ripple (XRP) have had a rough year

But currently, Ripple (XRP) is faring much better. Bitcoin (BTC) has unfortunately reached its lowest market cap in over a year—just before the Q4 2017 surge. It displayed a drop of around 33% in the last month alone. But since September, Ripple (XRP) has recovered, probably a result of its many recent developments. They’ve launched their international payment platform xRapid, which a number of banks have already adopted.  Recently, the giant National Commercial Bank of Saudi Arabia added Ripple Net support.  And Ripple (XRP) plans to open an office in the crypto-friendly Dubai before the end of the year.

 

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The post Ripple’s Cory Johnson Says Bitcoin Has “Limitations” by Eric Van Orman appeared first on BittPress – Cryptocurrency News, Bitcoin & Ethereum Blockchain News.