In following article, the Ripple CEO commented Bitcoin isn’t the biggest solution for all problems. Yeah, OK. Even I agreeing Bitcoin has several issues to solve – mainly about transaction and mining costs – it’s hilarious when we see a cryptocompetitor talking bad about others. Well, here is the text:
Bitcoin isn’t the “panacea” to solve the problems that people believed it would, Brad Garlinghouse, the CEO of blockchain start-up Ripple, told CNBC in an interview that aired Tuesday.
Ripple can be a San Francisco-based firm that is creating a network for more rapidly global economic payments. XRP may be the digital token that monetary institutions around the network can use to transact rapidly. The currency and the business have been founded by exactly the same folks.
XRP is traded on cryptocurrency exchanges and one particular is at the moment worth 65 cents. Garlinghouse, who emphasized that Ripple is independent in the XRP token, said bitcoin may have a part within the future, but not one particular which will see it solve major troubles, for example becoming a global currency.
“I believe it really is (bitcoin) not going to be the panacea that individuals after believed it could be, exactly where it would solve all of those different sort of issues… Alternatively, you are seeing specializations of different form of ledgers, various kinds of blockchains,” Garlinghouse told CNBC in the Cash 20/20 fintech conference in Amsterdam, Netherlands.
He explained that the bitcoin blockchain, the technologies that underpins the cryptocurrency, is “quite slow,” whereas XRP transactions are “a thousand occasions more rapidly.”
The average transaction time for bitcoin was 42 minutes as of Tuesday, according to data tracked by Blockchain.info. XRP includes a transaction time of 4 seconds, according to Ripple’s website.