Former Ripple board member Matt Hamilton believes that XRP (XRP) is better than Bitcoin (BTC).
Matt Hamilton, former director of developer relations at RippleX, believes that XRP is a better crypto asset than Bitcoin, the world's largest cryptocurrency on the market.
In a recent interview on the Mr. M Podcast, the former Ripple director focused on the scalability and practicality characteristics of both cryptocurrencies.
🚨Breaking News: Why former Ripple developer Matt Hamilton talks about Bitcoin Maxis #XRP better #BTC! 🚀#XRPTheStandard #CryptoRevolution pic.twitter.com/qzXc9U7IT0
— Brett (@Brett_Crypto_X) October 6, 2024
XRP is more suitable for large-scale use than Bitcoin
According to him, XRP is suitable for large-scale use. However, he said the same cannot be said for Bitcoin, noting that its limited scalability is a major problem with the leading asset. Hamilton argued that the Bitcoin network processes 7 to 10 transactions per second, making it unsuitable for global use.
Based on this limit, Hamilton argued that the world's population can only perform two transactions with Bitcoin in their lifetime. In particular, he argued that additional systems such as Layer 2 and custodial networks are needed to increase Bitcoin's scalability.
While these systems could increase Bitcoin's scalability, Hamilton said they could undermine Bitcoin's core principles. Unlike the Bitcoin network, the XRP Ledger (XRPL) is designed to process more transactions per second. Last year, the network underwent significant enhancements, with transactions per second (TPS) jumping from 1,500 to 3,400.
XRPL transactions are cheap
Additionally, the former Ripple director highlighted Bitcoin's high transaction fees as another issue related to cryptocurrencies.
According to a former Ripple executive, Bitcoin transaction fees are high and will continue to rise in the future as mining subsidies are removed. As a result, he speculated, Bitcoin could eventually become a cryptocurrency used only by banks and wealthy investors.
“Ordinary people won't be able to transact with Bitcoin.” he said:
Conversely, trading is cheaper on XRPL as the average trading fee is around $0.0002.
XRP cannot be frozen
Additionally, Hamilton denied speculation that XRP could be frozen on XRPL. He made this claim after the host of the Mr. M podcast mentioned an incident where a person's XRP was frozen for selling a huge amount.
In response, Hamilton pointed out that Ripple co-founder Jed McCaleb was involved in the incident. Hamilton said the funds were seized at the exchange, not within XRPL.
He stressed that the freeze would not have been possible if the funds had not been transferred to an exchange. The director suggested that while relevant authorities can freeze assets on other networks, such as Bitcoin, such actions cannot occur on XRPL.
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