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XRP Can Now Be Burned via Bitcoin Payment App on XRPL, Here Is How

Sun, 09/11/2022 - 15:03
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Gamza Khanzadaev
New XRPL-built project is here for battle with Lightning Network
XRP Can Now Be Burned via Bitcoin Payment App on XRPL, Here Is How
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The crypto world has been retrieved with another major development aimed at implementing Bitcoin transactions and competing with the Lightning Network. This time came the moment of glory of SpendTheBits, a project built on the basis of XRP Ledger, which recently received great support from the entire XRP community.

Describing its own project in brief, SpendTheBits states that the use of exactly the XRPL blockchain allows BTC transactions to be much faster and cheaper than it is possible now. At the same time, John Deaton, a pro-XRP activist and CryptoLaw founder, highlighted another positive side of the project.

According to the crypto lawyer, the case of SpendTheBits, which is built on XRP Ledger using open source code and not requiring any permission from Ripple or anyone else to implement the technology, once again proves that the SEC claims against Ripple and XRP are absolutely absurd. It is Satoshi-esque technology, says Deaton.

Send BTC, burn XRP

The most important feature of the project is definitely the use of XRP in transactions, or rather the burning process. So, in addition to the fact that XRP is used to activate an account, it will be burned with every BTC transaction through the XRP Ledger blockchain.

It is also worth clarifying that when making Bitcoin transactions through the SpendTheBits app, the user sends a synthetic "I-owe-you" version of the cryptocurrency, like xBTC from Coinbase or sBTC from the 21Shares fund.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.