Coin World Report:
Market expert Mickle quoted developer Matt Hamilton’s comments as evidence that XRP may surpass Bitcoin in the future.
In an interview on the M podcast, Matt Hamilton, a senior developer advocate for Arbitrum and former Ripple developer, discussed why XRP may have a competitive advantage over Bitcoin. Mickle recently shared clips from this interview on X.
Why XRP Could Surpass Bitcoin in the Future!
pic.twitter.com/C6bhELDaok
– Mickle (@xrpmickle)
October 20, 2024
Bitcoin is limited, despite being a pioneer
Hamilton’s discussion
The advantages of XRP over Bitcoin lie in its scalability, energy efficiency, and practical applications in financial transactions. Charles Hoskinson, the founder of Cardano, also
quoted these points
to argue that Cardano is superior.
Hamilton first acknowledged the importance of Bitcoin as the first cryptocurrency. He praised
Satoshi Nakamoto’s
whitepaper, which aimed to create a decentralized financial system.
However, he pointed out several limitations of Bitcoin, particularly its slow transaction speed and energy-intensive mining process. Hamilton stated that these issues hinder Bitcoin’s scalability as global demand for faster and more efficient financial systems grows.
XRP offers faster and more scalable transactions
The development of XRP took these issues into consideration. Unlike Bitcoin, XRP was
designed
to address scalability issues and facilitate faster and cheaper transactions.
Hamilton explained that the creators of XRP were early Bitcoin developers themselves who recognized the challenges faced by Bitcoin and attempted to solve them by creating a more efficient platform. This led to the creation of the XRP ledger.
One key advantage emphasized by Hamilton is XRP’s ability to process transactions faster than Bitcoin. While Bitcoin transactions may take several minutes to confirm, XRP typically completes transactions within seconds.
Furthermore, XRP is capable of processing a large volume of transactions at a lower cost, making it more scalable and suitable for the global financial system.
Environmental concerns and inflation
Hamilton stated that another area where XRP surpasses Bitcoin is energy efficiency. Bitcoin relies on a proof-of-work (PoW) mechanism that consumes a significant amount of electricity. Personalities, such as
Elon Musk,
have criticized its environmental impact.
In contrast, XRP uses a consensus protocol that requires
less energy,
making it a more environmentally sustainable choice. This makes XRP more attractive to businesses that prioritize sustainability and operational carbon footprint.
Regarding supply and inflation, Hamilton pointed out that XRP has a fixed supply, unlike Bitcoin, which is deflationary but lacks the same upper limit. The limited supply of XRP helps prevent inflation, which could make it a store of value over time.
In addition to these technical advantages, Hamilton also highlighted the broader use cases of XRP. The XRPL is also a platform for decentralized trading and tokenization of real-world assets. The network
recently attracted
$1 billion in tokenized equity.
