The Advantages of XRP Over Bitcoin Explained by Former RippleX Director
Former Director of Developer Relations at RippleX, Matt Hamilton, recently discussed the advantages of XRP over Bitcoin in an interview with the Mr. M Podcast. Hamilton highlighted key points that make XRP a more scalable and cost-effective option compared to Bitcoin, shedding light on why XRP has the potential to become a mass-market cryptocurrency.
XRP’s Scalability Over Bitcoin
Hamilton emphasized the critical advantage of XRP over Bitcoin in terms of scalability. While Bitcoin can only process between seven and ten transactions per second, limiting its potential for large-scale adoption, XRP can handle thousands of transactions per second. This higher throughput of the XRP ledger (XRPL) expands its usability for cross-border transactions and other high-volume activities.
Although Bitcoin has introduced Layer-2 solutions to enhance scalability, Hamilton expressed concerns about potential threats to Bitcoin’s decentralization due to these solutions. In contrast, XRP’s native design allows for a more efficient and scalable network, making it a better fit for expanding financial systems that require higher transaction volumes.
XRP’s Lower Transaction Costs
Another significant advantage that Hamilton pointed out is the lower transaction costs associated with XRP compared to Bitcoin. While Bitcoin transaction fees are relatively high and may increase as mining incentives decrease, XRP transactions cost a fraction of what Bitcoin transactions require. The cost per transaction on the XRPL is $0.0002, making it a more cost-effective choice for users.
The affordability of XRP transactions enhances the currency’s usability for both small and large transactions, supporting the possibility of increased adoption. Hamilton also addressed concerns about XRP being frozen, clarifying that XRP itself cannot be frozen on the XRP Ledger, strengthening the security and invulnerability of XRP transactions.
