Hamilton said that the altcoin XRP is suitable for international payments and settlements, which is not the case with BTC, since the main problem of the BTC network is limited scalability. To increase the scalability of Bitcoin, second-layer solutions or custodial networks can be implemented, but then this will violate the basic principles of the network. Bitcoin processes seven to ten transactions per second, so the network is not suitable for international payments, Hamilton reasoned.
Unlike Bitcoin, the XRP Ledger (XRPL) is designed for a large number of transactions. Last year, the number of transactions per second (TPS) conducted on the XRP Ledger increased from 1,500 to 3,400. Another problem with Bitcoin is high transaction fees, the former Ripple director assured.
He believes that Bitcoin transaction fees will continue to rise in the future due to mining costs. XRPL transactions are currently cheaper, with the average transaction fee being $0.0002.
"Eventually, Bitcoin could become a cryptocurrency that only banks and wealthy investors use. The average person simply won't be able to transact in Bitcoin," Hamilton said.
A former Ripple executive has denied claims that XRP coins can be frozen in the XRPL. When the podcast host mentioned an incident in which someoneâs XRP was frozen due to a large sale of coins, Hamilton said that the incident involved Ripple co-founder Jed McCaleb. Moreover, the crypto assets were frozen on the exchange, not in the XRPL.
Hamilton predicted a few years ago that XRP could very well reach $100 thanks to the decentralized nature of the XRP Ledger. đ€*** Support the author with your favorite XRP token: rJu2tsxQngnBi2n1UYj3WoDt4f8Pmnd5wz Memo 932390456 #ĐŃĐ±ĐžĐŒŃĐčĐąĐŸĐșĐ”Đœ
