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.