Ripple CEO Reveals He’s Still Long on Bitcoin Despite Its Limitations

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Wed, 01/23/2019 - 19:52
Alex Dovbnya
Ripple CEO claims Bitcoin has ‘significant limitations’, but the OG coin won’t go to zero even considering its inefficient PoW algorithm
Ripple CEO Reveals He’s Still Long on Bitcoin Despite Its Limitations
Cover image via U.Today
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Ripple Brad Garlinghouse CEO has recently weighed on the future of Bitcoin and Ripple during a panel at the World Economic Forum in Davos.  Unlike his co-panelists, Garlinghouse is not a doomsayer who thinks that Bitcoin will become completely worthless in the nearest future.     

Garlinghouse claims that utility is the key when it comes to defining the value of a certain asset. According to him, there are plenty of digital assets that do not have any real-world use cases. Speaking of Bitcoin, he admits that the Proof-of-Work (PoW) consensus algorithm has ‘significant limitations’, and a lot of people are trying to tackle this issue.

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Nevertheless, he refuses to join the team of crypto haters who parrot that Bitcoin will eventually plunge to zero, stating that he’s still going long on the OG currency.

XRP remains superior

Ripple, according to Garlinghouse, trumps Bitcoin when it comes to scalability. He didn’t lie – XRP blows Bitcoin out of the water with 1,500 transactions per second (TPS). Bitcoin is only able to achieve 7 TPS, which many believe is the main hindrance to its widespread merchant adoption. Ripple is extremely low-cost and extremely fast, which makes its products (xCurrent, xRapid) fairly attractive for some of the world’s major banks. As U.Today reported earlier, the National Bank of Kuwait (NBK) recently introduced its new remittance service powered by RippleNet.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.