Since August 2017, scalability has been a hot topic of discussion on the Bitcoin network. Lighting network was the closest answer to the scalability questions on the network. Unfortunately, it’s not going to operate in full capacity until the year 2020. Currently, thousands of transactions go unconfirmed and the blockchain is said to be running at 90% capacity. With so many competing options out there, the scalability issues of Bitcoin need to be checked asap.
Ripple’s Cory Johnson Claims XRP Is An Improved BTC
Capitalizing on the lack of scalability that is plaguing the BTC network, Cory Johnson, the Chief Market Strategist at Ripple said that XRP is BTC 2.0. Citing some known figures like Paul Krugman, Cory talked about how many have claimed that blockchain technology hasn’t made any significant progress in the cryptocurrency front. In his words:
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“What they will do is make comments about how blockchain technology doesn’t work for anything. They say it takes more than 20 minutes for Bitcoin transactions to be completed. The comments usually shift from blockchain doesn’t do anything to Bitcoin doesn’t do anything.”
XRP (XRP) Price Today – XRP / USD
In Cory’s opinion, those who associate the failure of Bitcoin scalability-wise in reference to the blockchain can be compared to people who condemn a particularly type of transportation without considering alternatives. He also said that XRP is a more efficient type of Bitcoin dubbing it Bitcoin 2.0.
The XRP consensus is different from that of Bitcoin and the blockchain is incredibly fast. He said a comparison to Visa would be more ideal than a comparison to Bitcoin. He continued:
“The creator of XRP deeply considered Satoshi’s Bitcoin whitepaper and was amazed by the idea. He considered the possible problems that may arise with the Bitcoin blockchain. When it comes to privacy, Bitcoin is going to have problems caused by the openness of transactions. This is because financial institutions may not want to leave their transactions out in the open. Banks and other institutions want privacy but also want protection that can be offered by an open-source network. This is something Bitcoin doesn’t provide but XRP does.”
XRP (XRP) Price Analysis
Because of the bearish pressure in the market, XRP is currently trading well below the $0.50 mark. At the time of writing, XRP was trading at $0.436060. This shows that it is down by 2.92% against the USD and down by 0.42% against Bitcoin. The market capitalization is $17,585,138,090 and the trading volume over a 24 hour period $606,586,479.