XRP has worked really well to increase its adoption but people are still skeptical of the coin, believing it to be centralized. Well, according to Phillip Nunn, CEO of Blackmore Group, XRP because of its mainstream growth, is still a better bet that Bitcoin even with centralization issues.
Mainstream Acceptance over Centralization is the key for Blackmore Group
Mainstream acceptance of cryptos is one of the key drivers that is considered to take the price of the coin up. Well, that’s not the case with XRP which, even after tremendous mainstream acceptance, has failed to pull its price up. The reason for this stunted price growth is attributed to its centralization and thereby being termed as security.
Although there is a lot of debate around XRP’s centralization, as per the recent comments by Phillip Nunn, CEO of Blackmore Hedge Fund, XRP stands out to be a better bet then Bitcoin due to its adoption even though it may be centralized. According to Nunn, even Bitcoin is equally centralized as one country controls most of the Bitcoin supply & mining and, could essentially wrap up all.
But the fact is one country controls most the bitcoin supply and mining and could essentially wrap it all up. This is worrying $xrp is a great bet for mainstream growth.
— Phillip Nunn 🚀 (@PhillipNunnUK) December 31, 2018
The point that Nunn has put forward speaks about Bitcoin mining being heavily centralized, of which, 80% of Bitcoin mining is operated by six mining pools, and five of those six pools are managed by individuals or organizations located in China.
According to him, this centralization of mining Bitcoin is pretty much the same as a few hands holding the majority of XRP. But the advantage XRP has over Bitcoin is its mainstream acceptance and it is used by various banks and financial institutions, which Bitcoin is yet to find.
Also, apart from the centralization issue, XRP has every quality that could take its price much higher to where it currently lies. Its useful, fast, cheaper as well as bridges the gap between the traditional world of finance and the latest modern world of cryptocurrency.
Recently, Ripple’s chief executive, Brad Garlinghouse spoke about increasing XRP’s adoption, by creating a “global framework” for payments and called out bitcoin for its failures. Garlinghouse was quoted by Bloomberg saying that
“ Ripple is solving a cross-border payments problem and that the value of any digital asset will be based on its ability to solve problems.”
Garlinghouse has spoken up about his company’s technology during the Singapore Fintech Festival; interviewing Bloomberg he said, “XRP is 1,000 times faster and cheaper than bitcoin,” the original and largest cryptocurrency by market value.
When we compare Bitcoin and XRP, XRP’s prowess definitely stands out as compared to Bitcoin. And with investors such as Phillip Nunn backing it, XRP could definitely have a future much brighter than what it is now.
Will XRP take over Bitcoin in 2019? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.