Ripples’s XRP in comparison with Bitcoin [BTC] and Ethereum [ETH], Cory Johnson shares his view
Ripple’s Chief Market Strategist Cory Johnson has appreciated XRP over the top most cryptocurrencies in the market. Fox Business channel has lately arranged an interview with Johnson to derive his views on XRP in relation to other coins in the crypto space. When it comes to cross border transactions, Ripple’s XRP is faster than Bitcoin [BTC] and Ethereum [ETH], he said.
When asked about Bitcoin [BTC], Johnson expressed his scepticism regarding its potential with respect to its uses. He has informed that Bitcoin [BTC] has extremely slow closing transactions. He has shed light on the issues encountered while transacting money across international borders.
According to the strategist,“It is crazy that today I can send a text message to my friend in Rome with emojis and a gif of Neymar falling down and clever stuff … in 3 seconds. But if I want to move money from New York to Mexico city, it takes 5 days and costs over 500 basis points. This is crazy in this era of technology.”
In contrast to Bitcoin [BTC], Ripple has designed and developed effective software for speeding up the remittance procedures. Cross border transaction in just few seconds duration supplements XRP with greater values in the upcoming times.
He has also drawn a comparison between Bitcoin [BTC] and Ethereum [ETH] on one side and XRP on the other. According to Johnson, ““Bitcoin’s slow… Ether is slow. XRP moves really really fast just because its technology is a little bit different.”
He has also added, “Fundamentally, money should move as fast as ideas move, as fast as data moves, and right now it doesn’t. And it’s really expensive. …slow moving money really hurts people, especially moving it across borders.”
However, when asked about the intervention from the regulators in the crypto domain of different nations, he has presented his own outlook. According to Johnson, “One person’s regulation is another person’s protection.” This implies that the protection provided by the regulators helps to ensure security for the investors. In his words, “Bitcoin’s[BTC] slow”, “Ether[ETH] is slow” and XRP is “really fast.”
During the interview procedure he has also mentioned about Mastercard’s application for patent for enabling cryptocurrency usage on credit cards. Considering the unfortunate event of money loss by the crypto investors, Ripple welcomes the intrusion by the regulators in the cryptocurrency industry.
As per his statements on this matter, “So we’re thrilled in regulars getting involved. It wasn’t expected when I joined the company say… 6 months ago, and we’re very much engaged in conversations with the regulars but I’ll say that a lot of other countries moving faster than the US and try to provide very clear lanes of where business can act what’s right and what’s wrong.”
On asking about China’s position in the world of cryptocurrency he has regarded the nation as a crypto hub. In his views, China serves as hub for the top two digital currencies in the market including Bitcoin [BTC] and Ethereum [ETH]. The availability of resources like computer chips and power make China suitable for mining these two cryptocurrencies.
He has furthermore expressed his high regards for XRP for consuming no power. Also running and operating a node on the Ripple network is also cost effective due to its adoption of different technology. Finally, he has given a conclusion stating that nations like Thailand, Singapore and Switzerland are working towards setting up businesses revolving blockchain technology.
Image via Google
Join our Telegram group