In response to a question posed by one of his followers, Matt Hamilton, who once served as the director of developer relations at Ripple, has provided his opinion about the reasons why Bitcoin (BTC) has more widespread use and acceptance than XRP.
Why XRP Didn’t Pan Out Like Bitcoin
Hamilton seems to believe that Bitcoin dimmed XRP’s light. According to the developer, Bitcoin had the distinction of being the first cryptocurrency, but the XRP Ledger was years ahead of its time.
The early orchestrated fear, uncertainty, doubt (FUD) effort from Bitcoiners against XRP and the Financial Crimes Enforcement Network (FinCEN) action against Ripple delayed a lot of things down, but XRP undoubtedly had a lot of advantages over BTC at that time. He said that in 2012, nobody knew what a DEX was or what tokenization was.
Eleven years later and Bitcoin is the largest cryptocurrency in the world, whereas XRP is the sixth-largest, and although the SEC-plagued token certainly has not achieved what Bitcoin has, it has made some pretty impressive developments of its own. And at the time of writing, the token is worth $0.4090 and has been up by 3.3% in the past week.
A lot of people have started using XRP since it’s an alternative to Bitcoin, and this has caused the price to skyrocket throughout the years. Ripple was established in 2011 by Jed McCaleb and Chris Larsen, and XRP is the cryptocurrency that Ripple uses as its native coin.
XRP has a total quantity of 100 billion tokens, and the cryptocurrency was pre mined. In comparison to bitcoin, the token is more scalable, has a lower environmental impact, shorter transaction times, and has lower overall costs.
Arguments have raged back and forth about the distinctions between XRP and Bitcoin. Both currencies have certain commonalities, but there are also significant variations, such as in their scalability and consensus mechanisms.
Despite the many controversies, XRP has maintained its position as a leading cryptocurrency by market cap and has reached several noteworthy benchmarks.
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