Former Ripple director Matt Hamilton believes XRP (XRP) is better than Bitcoin (BTC).
Matt Hamilton, the former director of Developer Relations at RippleX, believes that XRP is a better crypto asset than Bitcoin, the world’s largest cryptocurrency by market.
In a recent interview on Mr. M Podcast, the ex-Ripple director focused on the scalability and practicality features of both cryptocurrencies.
🚨BREAKING NEWS: Matt Hamilton, ex-Ripple Dev, Schools Bitcoin Maxis on Why #XRP better than #BTC! 🚀#XRPTheStandard #CryptoRevolution pic.twitter.com/qzXc9U7IT0
— Brett (@Brett_Crypto_X) October 6, 2024
XRP Is Suited for Large Scale Use Than Bitcoin
According to him, XRP is well-suited for large-scale use. However, he could not say the same for Bitcoin, noting that its limited scalability is the premier asset’s major problem. Hamilton contended that the Bitcoin network processes seven to ten transactions per second, making it unsuitable for global use.
Based on this limitation, Hamilton contended that the global population can only conduct two transactions in their lifetime on Bitcoin. Notably, he argued that Bitcoin requires additional systems like Layer-2s or custodial networks to boost its scalability.
While these systems might boost Bitcoin’s scalability, Hamilton stated they could undermine its core principles. Unlike the Bitcoin network, the XRP Ledger (XRPL) is designed to handle more transactions per second. Last year, the network received a significant boost as the number of transactions per second (TPS) surged from 1,500 to 3,400.
XRPL Transactions are Cheaper
In addition, the former director of Ripple highlighted Bitcoin’s high transaction fee as another issue associated with cryptocurrency.
According to the former Ripple exec, Bitcoin’s transaction fees are high and will continue to rise in the future as mining subsidies disappear. Consequently, he speculated that Bitcoin might eventually become a cryptocurrency used by only banks and wealthy investors.
“The everyday person is just not gonna be able to transact on Bitcoin,” he remarked.
On the contrary, transactions are cheaper on XRPL, as the average transaction fee costs about $0.0002.
XRP Cannot Be Frozen
Furthermore, Hamilton dismissed speculation that XRP can be frozen on XRPL. He made the assertion after the host of Mr. M Podcast mentioned an incident when someone’s XRP was frozen because they sold a huge amount.
Responding, Hamilton noted that the incident involved Ripple’s co-founder Jed McCaleb. According to Hamilton, the funds were seized on an exchange, not within XRPL.
He emphasized that it could not have been frozen if the funds were not transferred to an exchange. The director suggested that while relevant authorities can freeze assets on other networks, like Bitcoin, such actions cannot occur on the XRPL.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
