Matt Hamilton, the previous director of Developer Relations at RippleX, thinks XRP is a greater crypto asset than Bitcoin, which is the biggest by market measurement.
In a recent interview on Mr. M Podcast, Hamilton in contrast the 2 cryptocurrencies, specializing in their scalability and practicality.
Hamilton defined that builders constructed XRP for large-scale use. Nevertheless, Bitcoin struggles on this space as a result of its most important challenge is restricted scalability.
Bitcoin is Restricted by Scalability Points and Excessive Charges As In contrast To XRP
Based on Hamilton, Bitcoin can solely deal with 7 to 10 transactions per second, making it laborious to make use of globally. He additionally defined that as a result of Bitcoin’s limitations, every particular person on Earth may solely do about two transactions of their lifetime utilizing Bitcoin.
Subsequently, to enhance Bitcoin, further methods like Layer-2s or custodial networks could be wanted to extend the velocity. Nevertheless, Hamilton believes utilizing these methods may go in opposition to Bitcoin’s core rules.
In distinction, the builders constructed the XRP Ledger (XRPL) to deal with many extra transactions. Final 12 months, XRP’s community improved, elevating its transaction velocity from 1,500 to 3,400 transactions per second.
The previous Ripple director additionally highlighted excessive transaction charges as one other downside with Bitcoin. He mentioned these charges are already excessive and can hold rising as mining rewards cut back over time.
On account of this, he thinks that sooner or later, solely banks and rich buyers may have the ability to use Bitcoin frequently. It may develop into too costly for on a regular basis folks to make use of. In the meantime, customers can effectively run transactions on XRP as a result of it prices solely about $0.0002.
Hamilton Debunks XRP Freezing Claims, Highlighting XRPL’s Distinctive Safety Characteristic
Hamilton denied the idea that XRP could be frozen on the XRP Ledger. He shared this after the host of Mr. M Podcast introduced up a case the place somebody’s XRP was supposedly frozen for promoting a major quantity.
Hamilton defined that such an incident couldn’t occur on XRPL. He then clarified that the XRP Ledger doesn’t permit freezing of XRP, regardless of the quantity being bought.
He defined that the incident concerned Jed McCaleb, considered one of Ripple’s co-founders. He mentioned the funds weren’t frozen on the XRP Ledger however on an trade platform.
Subsequently, Hamilton emphasised that the funds couldn’t freeze if customers had not transferred them to an trade within the first place. He identified that after customers maintain XRP inside the XRPL, it stays secure from freezing actions by third events.
He additional defined that different cryptocurrency networks, like Bitcoin, have totally different guidelines. They’ve related authorities who can freeze property below sure circumstances as a result of authorized points or investigations.
Nevertheless, he defined that the XRP Ledger’s design protects customers from freezing their funds and has a characteristic that permits customers higher autonomy and management over their property.