Bitcoin and XRP are among the top three cryptocurrencies and both are currently most popular coins with loyal and supportive communities. A guest Forbes and CNBC trader and a popular Bitcoin analyst on TradingView, Jacob Canfield, says that they lack just a little to be rightfully called perfect cryptos.
‘Three aspects that make the perfect cryptocurrency.’
When talking to the crypto analyst Scott Melker, Jacob Canfield says that a perfect cryptocurrency must have three crucial aspects – be secure, scalable and decentralized. Both BTC and XRP lack just one aspect of those, as per him.
He believes that BTC can make a great store of value and XRP could be used as a medium of exchange.
Three aspects that make the perfect cryptocurrency.— Jacob Canfield (@JacobCanfield) December 27, 2019
- Decentralization$XRP has 2/3$BTC has 2/3
One can be a great store of value and the other a medium of exchange.
Answering a question, in the next tweet Canfield points out that XRP lacks decentralization. The latter is very important for crypto, he says, as it makes it secure and non-censorable.
Decentralization is very important in that it is immutable, non-censorable.— Jacob Canfield (@JacobCanfield) December 27, 2019
If you can arrest a CEO or shut down a server farm to control the cryptocurrency, then it is centralized.
This is why Bitcoin is the BEST in terms of security due to the strength of its network.
As for Bitcoin, its well-known issue that many would like to see solved is lack of scalability.
A crypto analyst gets paid in XRP
The initial tweet came in response to a post made by Scott Melker who shared that he had received a payment in XRP and said that this coin works extremely fast.
Someone just sent me a payment with $XRP. One thing is for sure, it's insanely fast.— The Wolf Of All Streets (@scottmelker) December 27, 2019