Hi friends.
The question as to which crypto currency will prevail and be used as global cryptocurrency across all national borders in the future is a never-ending discussion. Steve Wozniak is an avid Bitcoin supporter and advocates that Bitcoin will exist as the only cryptocurrency worldwide. Of course, CEO of Ripple, Brad Garlinghouse, sees things differently.
Apple Co-Founder Steve Wozniak once again spoke in favor of Bitcoin as a global currency, stating that Bitcoin is not controlled by any company in the world and that it "naturally" grows (freely translated):
"Bitcoin is mathematically defined, there's a certain amount of Bitcoin, there's a special way they're distributed ... and it's 'pure' and there's no one person or company keeping it alive ... and it's growing and grows ... and survives, and that shows me that it is natural and nature is more important than all of our human conventions. "
Similarly, Twitter founder Jack Dorsey, who in mid-March in an interview with the New York Times clarifies that the world's leading currency in his opinion, will clearly be Bitcoin (translated freely):
"The world will eventually have a single currency, the Internet will have a single currency, and I personally believe that it will be Bitcoin, which would probably take over ten years, but it could go faster." Bitcoin will outstrip the dollar in importance. becoming the world's only global currency within a decade. "
The biggest difference between Bitcoin and Ripple is that there is no entity that controls Bitcoin. Although Ripples CEO has recently made efforts to distance himself from the native currency XRP, the relationship always remains. Whether ripple is really decentralized, we discussed in detail in this article.
In a recent interview with CNBC, Garlinghouseau states that Bitcoin will not offer the all-in-one solution when it comes to the question of a world-leading currency (freely translated):
"I think it's not going to be the panacea people used to think would solve all these different kinds of problems, instead you'll see specializations from different types of ledgers, different types of blockchains."
He also added, although he was not asked directly, that Ripple's transactions are a thousand times faster than Bitcoin's. This may be the case at the moment, but the Lightning Network implements a solution that could greatly reduce both transaction costs and transaction time and allow it to be used as a worldwide means of payment.
Garlinghouse sees no competition in the cryptocurrency market, but believes that there will be many winners who will all have their raison d'être. Nevertheless, in his opinion, only 1% of all cryptocurrencies currently on the market will exist in 10 years. Garlinghouse continues to believe that the impact of the bitcoin price on altcoins will decline in the near future when investors realize the true benefits of each cryptocurrency.
Although Ripple is a separate entity from the XRP currency, 60% of the ripple supply is owned by the company. Due to this fact, Ripple was hit in San Francisco by a class action claim that XRP is a security and therefore should be treated as such. The debate has been going on for a long time and discussed whether Ethereum should also be classified as a security...
The crypto market is still in its infancy, so that at the present time neither estimates nor reliable forecasts can be made as to which digital currencies will prevail in the long term and perhaps even serve as the world's leading currency.
Best Regards.
Xinhad