Despite the dominance of the leading cryptocurrency, one former Ripple executive has recently explained why he believes XRP is superior to Bitcoin. Specifically, Matt Hamilton, the former director of Developer Relations at RippleX, discussed the facets that edge out XRP when compared to the much more popular BTC.
The year has been a vital one for cryptocurrencies, and mostly because of the continued rise of Bitcoin. Yet, there are many in the industry who believe that the asset may not fare well when compared to its technological counterparts. The question is, does XRP really have an advantage over the industry’s leader?
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Ex-Ripple Executive Highlights Why XRP is Better Than BTC
Throughout 2024, Ripple and Bitcoin have had very different years. Where the latter became the first crypto-based ETF to be approved by the US Securities and Exchange Commission (SEC), the agency has reengaged in its years-long legal battle with Ripple. The two tokens appear to be in completely different positions, yet one expert has a strong opinion on which could be perceived as better.
Former Ripple executive Matt Hamilton has recently discussed the ways in which he believes XRP is superior to Bitcoin. Speaking during a recent podcast appearance, Hamilton did not mince words when comparing the two. Specifically, he noted there are reasons why Bitcoin has some key drawbacks, and XRP could eventually reach a mass audience.
Source: Ripple
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Hamilton noted that XRP has a massive scalability advantage to BTC. The leading crypto has a low throughput, which works against mass adoption hopes. With a network that can only handle as much as 10 transactions, large-scale, cross-border payments would not be possible under BTC.
Interstingly, Hamilton said that if Bitcoin was the world’s only currency for transactions, a person would only be able to make two transactions throughout their lifetime due to the scalability concern. Although it has addressed the issue, it is far behind the competition.
The XRP Ledger (XRP:) can handle mass transactions. The network throughput increased from 1,500 TPS to 3,400 TPS in the last year. Moreover, that coincides with Hamilton’s second key defense of XRP’s superiority: transaction costs.
He noted that Bitcoin still comes with pretty hefty transaction costs. This reality could price out the normal individuals, Hamilton notes. Therefore, only leaving BTC to high-wealth persons. XRP avvoids this issue through a $0.0002 per transaction cost.
