Ripple’s Chief Strategist Bashes Bitcoin’s Speed For “Money Moving” Compared To XRP
Following Ripple’s CEO getting blasted on Twitter, Ripple is back in the news again, but for comments from their Chief Market Strategist Cory Johnson. Johnson was recently on Fox Business to discuss their XRP token and the way that it can be used in the remittance industry.
During their discussion, he also spoke about the way that the world needs and desires a technology that acts quickly, which is the advantage that Ripple seems to have over Ethereum and Bitcoin.
As he began his comparison between Ripple and other crypto funds, he put his focus on Bitcoin first, saying that it, along with Ethereum, is fascinating, but it does not meet the needs of users. He said that both currencies have trouble with moving their payments over borders, while Ripple features multiple software advances that help them speed up the same transactions. Their low rates and fast speeds make them competitive, and Johnson believes that it is the key to Ripple’s long future.
He didn’t beat around the bush regarding Bitcoin’s inefficiencies, saying,
“Bitcoin’s slow… Ether is slow. XRP moves really, really fast just because its technology is a little bit different.”
Johnson felt the need to clarify one main point – Ripple is invested in helping business to expand and ensuring that their own platform can reach as many different institutions as possible. With this adaption, they have the potential to clear multiple types of transactions quickly and easily.
During the interview, he made multiple comments about how important speed is with the crypto world. He said,
“Fundamentally, money should move as fast as ideas move, as fast as data moves, and right now it doesn’t. And it is really expensive. …slow moving money really hurts people, especially moving it across borders.”
What Makes Ripple So Fast?
Since the topic of speed was brought up, consumers were able to see how Johnson pointed out the different ways of processing that Bitcoin and Ripple have. They even published their own chart to show how long it takes for various settlements. At its best speed, Bitcoin was still pretty fast at around an hour, though Ethereum has it beat by around two minutes. Still, when compared to the seconds that it takes Ripple to move money, it is clear that they have somewhat of an advantage.
One of the most distinguishable ways that Ripple is different is because it does not mine. Instead, tokens are generated with a consensus algorithm, saving energy, and making it more ecofriendly. To ensure that every transaction is valid, Ripple uses the Byzantine Consensus Algorithm, which also uses fairly little power.
With less hassle and more environmentally-safe accrual of tokens, Ripple has had an advantage over Bitcoin and Ethereum from the start. Will it stay that way?