Toney Vays Says Ripple (XRP) Is Not Innovative Compared to Bitcoin’s Proof of Work (PoW)

Tone Vays, the host of Crypto Scam & Unconfiscatable, says that Ripple and the XRP virtual currency are not innovative. In a recent Tweet, Mr. Vays gave his opinion regarding Ripple and how it operates in the market.

He said that Ripple does not offer new solutions or is not better. Indeed, Vays says that there is nothing that Ripple does that other companies such as SWIFT, PayPal or Venmo cannot do.

He went on writing that Ripple is not innovative at all but Proof-of-Work and Bitcoin (BTC) are really innovative.

In another tweet, he attacked Ripple saying that it works worse than PayPal and that it uses a lot of electricity for a useless token. Although Bitcoin burns much more electricity, Bitcoin remains innovative for him.

In general, there is a confrontation between Ripple and Bitcoin supporters. Ripple believes that it is changing the world of cross-border payments offering an efficient and low-cost service to send and receive money using the XRP digital asset. Ripple supporters attack Bitcoin saying that it is slow, it consumes a lot of energy with its PoW consensus algorithm, it has very high fees and it cannot scale.

Meanwhile, Bitcoin supporters claim that Ripple is a centralized company that owns around 60% of the total XRP supply. Additionally, Ripple is accused of being used by financial institutions, something that goes against the ethos of virtual currencies.

Ripple is working with hundreds of banks and financial companies from all over the world in order to offer a fast and cheap service to make cross-border transactions. Using the XRP virtual currency, companies can source liquidity on-demand and be able to reduce the costs of using already old systems such as SWIFT.

Bitcoin is also accused of being centralized. Mining activities are concentrated in China, where the government has banned cryptocurrencies and spot exchanges. Initial Coin Offerings (ICOs) have also been banned in the Asian country.

At the time of writing this article, XRP is being traded around $0.30 and it has a market capitalization of $12.55 billion. Bitcoin, instead, has a market cap of $64.27 billion and each coin can be purchased for $3,665.

Both Bitcoin and Ripple have their positive and negative things. Bitcoin is currently working in order to offer a scalability solution and Ripple is trying to become more decentralized by increasing the number of participants on its network.

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