Coming as an interesting development in the cryptosphere, CEO of Ripple commented that Bitcoin (BTC), and XRP, are not competitors. Brad Garlinghouse, Ripple’s CEO mentioned the above comment in a Fortune interview on June 20.
Difference Between Ripple [XRP] and Bitcoin [BTC]
Ripple’s Chief Executive Officer recapitulated the primary peculiarity of 2 chief crypto assets, in the interview. He argued that Bitcoin [BTC] is a store of value or “digital gold,” while Ripple’s XRP is a “bridge currency” that facilitates a competent solution for fiat-to-fiat transfers.
It is to be noted that the Ripple executive cited the difference between BTC and XRP in terms of transactions costs. He claimed that Ripple (XRP) can do a transaction for a minuscule portion of a cent. On the other hand, a BTC transaction costs approximately $2.30 on average.
Nonetheless, Garlinghouse noted that such a difference does not mean that BTC is going to be unsuccessful. He stated that he does not view them as rivals.
The Ripple executive articulated credence that there will not be one single digital asset or cryptocurrency to rule them all. Thus, suggesting that each virtual asset or cryptocurrency should demonstrate a definite use case.
Ripple CEO Long on Bitcoin [BTC]
“I own bitcoin, I’m long bitcoin. I think Bitcoin is a store of value and people hold it.”
Ripple’s CEO spoke of the excessive hype in media around Facebook’s lately officially divulged virtual currency libra. Notably, Libra is anticipated for commencement in the first half of next year. Particularly, the Garlinghouse cited a title of a latest article on CNBC “Facebook Launches Cryptocurrency.” Citing the article, he argued that the social network has in reality not commenced any digital asset or cryptocurrency so far. However, they have just declared their objective to do so in a year from now. Beforehand, the Ripple executive mentioned that a cryptocurrency project by JPMorgan Chase misses the point of decentralization.