Bitcoin Watch – Ripple CEO: Bitcoin could end up like Napster, an important flop

Despite being the number one cryptocurrency in the world, Bitcoin is being likened to music sharing network, Naptser: “an important flop”. The comparison comes from rival cryptocurrency Ripple’s CEO Brad Garlinghouse, who at a Recode's Code Conference, suggested: "We may come to find that bitcoin is kind of the Napster of digital assets. This is transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem."

“People talk about using bitcoin to buy coffee," added Mr Garlinghouse. "The average bitcoin transaction can take as much as 20 minutes. And the transaction cost is going to double the price of your coffee."

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