Ripple’s humble turnaround on Bitcoin
The experts of crypto trading will definitely agree that Bitcoin and Ripple have been arch rivals for quite some time. Often, we have seen, how both of them will accuse each other in order to gain an upper hand in the cryptocurrency market. Sometimes it might be the outdated technology or sometimes it is regarding centralized control. Yes, we have seen it all. However, in a recent interview with CEO Ripple, it has been mentioned that Ripple is not a rival of Bitcoin.
Ripple's CEO Garlinghouse has argued that both are a different type of currencies.He argues that Bitcoin is digital gold, while XRP is a bridge currency since it is more used for RTGS (Real Time Gross Settlement). It cannot be denied the operative mode or the functionality of both the currencies are different. XRP is more used for fiat to fiat transfers, facilitating cross border transfers or settlements. A key differentiator, in this case, is transaction costs, which is definitely lower in Ripples than BTC. Even transaction confirmation is much faster than Bitcoin, where a transaction is confirmed in a few seconds. Moreover, many banking systems have adopted Ripple as part of their digital payment solutions.
Hence, it could be said that both the cryptocurrencies cater to a different set of use cases. There is no doubt that there is a definite difference in the operative mode of both of these currencies. However, industry experts definitely agree that there is a functional difference between both the cryptocurrencies, but the recent humble turnaround of Ripple is largely attributed to the massive increase in Bitcoin’s value.