Ripple Centralization FUD is High, But XRP is Proving to Be Working in a Decentralized Way

The two most valuable and popular virtual currencies in the market are XRP and Bitcoin (BTC). Since always, these two virtual currencies have been offering different services all over the world to individuals and financial institutions as well.

Bitcoin has always been considered by its decentralized nature. Just some individuals were criticizing that mining activities were centralized. But the whole community considered Bitcoin as decentralized. XRP was different. It has always been criticized for being minted by Ripple Labs and being centralized.

However, this could change in the near future. Bitcoin has been affected by the hash war related to Bitcoin Cash (BCH) and its network upgrade. Its price tumbled and affected the whole virtual currency market. A group of miners and mining pools were able to affect Bitcoin’s network in a very easy way.

XRP has also been criticized by the cryptocurrency community because it works with financial institutions and banks. This is something that goes against what Bitcoin supporters and crypto enthusiasts think about. Indeed, cryptocurrencies were born as a way for individuals to avoid banks and to change the financial system.

Ripple’s CTO, David Schwartz, has also talked about Ripple and Bitcoin and their level of decentralization. He mentioned that 70% of all Bitcoin’s mining happens in China. The Chinese government has also decided to ban virtual currencies from its territory and has several times shown hostility toward Bitcoin.

Although every single node in the network is independent, it would be possible for China to take the whole Bitcoin system down if it would decide to do so.

Compared to other virtual currencies, we can say that XRP and Ripple are decentralized. During the last couple of days, with all this issue related to Bitcoin Cash, XRP remained one of the best performing virtual currencies. Indeed, XRP was able to achieve the largest weekly gains a few days ago compared to the top 50 virtual currencies in the market.

Ripple is allowing banks to settle international payments, to perform cross-border transactions and to offer clients better services and products.

Currently, XRP is being traded around $0.47 dollars and it has a market capitalization of $19.07 billion dollars. In the last 24 hours, XRP lost 7,23% of its price. Nevertheless, every top 50 virtual currency is trading negatively.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today