Ripple Chief Strategist Discusses Lack Of XRP Coin Mining While Speaking On China’s Bitcoin Mining
Chief Market Strategist Of Ripple Discusses Lack Of Mining For XRP, While Speaking On Bitcoin’s Mining In China
Cory Johnson, Ripple’s chief market strategist, was recently a guest for a webinar to talk about the ways that Bitcoin has been moving in the market, along with other topics. Being partial to XRP, he also discussed Bitcoin’s limits and the way that other assets vary in the crypto market.
At the start, Johnson was sure to note that he wasn’t planning to provide investment advice, as that was a thing of the past. Still, he talked about the way that cryptocurrencies in general are heavily criticized, even though the attention should be on Bitcoin, as the two are separate. He believed that this connection is no different than placing Scientology and religion in the same category.
Continuing, he said,
“Cryptocurrencies are different. That’s good, I think cryptocurrency is too limiting in the notion of what these things are, but I think that things like Bitcoin has some real technological limitations. I think the limitations around how many transactions they can do per hour.”
As the market progresses, it will likely become costlier to mine, and the power shifts over to the miners, rather than the exchanges. He brought up the fact that about 80% of Bitcoin is presently being mined in China, which gives them the power.
Despite believing that this was not in Satoshi’s original vision for Bitcoin, Ripple has chosen to work on technology that involves XRP. Explaining, he said,
“XRP does not have mining. XRP does 1500 transactions a second. My company has over a hundred customers, 150 customers in finance all over the world. Banks, remittance companies, many of them are using XRP.”
The mining of Bitcoin and other tokens is taking a major toll on the environment, considering how much electricity that is used in the process for proof-of-work protocols.