Despite the dominance of leading cryptocurrencies, one former Ripple executive recently explained why he believes XRP is better than Bitcoin. Specifically, Matt Hamilton, former director of developer relations at RippleX, discussed the aspects that make XRP superior when compared to the much more popular BTC.
This year has been a significant year for cryptocurrencies, largely due to Bitcoin’s continued rise. However, there are many in the industry who believe that this asset may not fare as well when compared to its technical equivalents. The question is, is XRP really better than the industry leader?
Also read: Ripple: Can you turn $1000 worth of XRP into $1 million by 2028?
Former Ripple executive highlights why XRP is better than BTC
Throughout 2024, Ripple and Bitcoin have had very different years. After the latter became the first crypto-based ETF approved by the U.S. Securities and Exchange Commission (SEC), the agency re-engaged in its long-running legal battle with Ripple. Although the two tokens appear to be on completely different positions, one expert has a strong opinion on which one is perceived as better.
Former Ripple executive Matt Hamilton recently spoke about why he believes XRP is better than Bitcoin. During a recent podcast appearance, Hamilton didn’t mince words when comparing the two. Specifically, he pointed out that Bitcoin has some significant drawbacks and there are reasons why XRP may eventually reach the masses.
Source: Ripple
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Hamilton pointed out that XRP has a significant scalability advantage over BTC. Major cryptocurrencies have low throughput, which defies expectations for mass adoption. With a network that can only handle up to 10 transactions, large-scale cross-border payments are not possible with BTC.
Interestingly, Hamilton said that if Bitcoin were the world’s only trading currency, a person would only be able to make two transactions in their lifetime due to scalability concerns. Although we are working on this issue, we are far behind our competitors.
The XRP Ledger (XRP:) can handle large amounts of transactions. Last year, network throughput increased from 1,500 TPS to 3,400 TPS. Moreover, this aligns with Hamilton’s second key reason for defending XRP’s superiority: transaction costs.
He noted that Bitcoin still has fairly high transaction costs. Hamilton points out that this reality can take a toll on normal individuals. Therefore, BTC will remain only for the wealthy. XRP avoids this problem by paying a cost of $0.0002 per transaction.
