Michael Arrington speaks about advantages of XRP for moving money, prevalent tribalism in cryptocurrency space
Michael Arrington, a partner at the Arrington XRP Capital, recently shared about the advantages of using Ripple's XRP in terms of moving money and prevalent tribalism in the cryptocurrency space.
Arrington started of saying tribalism is “insane”, giving the example of Bitcoin [BTC] maximalists. He went on to say that all of these groups agree that “XRP sucks” and goes on to say that he doesn't really understand why. He said, “[Ripple is] a legitimate company and they don’t pretend to be something they’re not and they’re really good at one thing, moving money fast and cheap. It’s fantastic, it fills a big need and for a hedge fund like us to be able to denominate in XRP.”
In fact, he explains the advantages of using XRP for moving money, where over $50 million funds can be moved in “like two seconds” and at the cost of just 30 cents. He added, “That is amazing. There’s no way to do that with Fiat or Bitcoin. There’s just no way to do it that fast and that cheaply and and so it serves a really useful need for us. There’s no three-day wait for international wires or one day wait for us wires we’re not paying wire fees.”
After giving the advantages, Arrington insisted that it was hard to understand why since it does some things really well. While mentioning about XRP, he stated that he did not work for Ripple, and added that they are not their fund partners. He also revealed that XRP make up less than 5% of their asset base and most of their investments are in other things.
There's no doubt that Ripple and XRP are trying to change lives, make the crypto space closer to people than ever. Currently, Ripple’s XRP is meeting all the basic crypto demands in terms of speed, security and control. In fact, transactions can be settled in seconds.
In fact, a user recently demonstrated the same by converting XRP to Cash at a Japanese ATM in seconds. Though a user need to buy GBP or USD before conversion to cash is completed, still it means a lot to the holders as they can now spend their XRP without going through intermediaries.
Previously, another user took to Twitter to share his experience, he wrote, “I just sent my friend in Orlando some XRP to his Wirex card so I could buy tickets and he received within 3 seconds the world has just opened up.” While another user took to Twitter and wrote, “There it is folks, as easy as that. Just like using your normal contactless bank card but using XRP. Great product.”
Image via Shutterstock
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