Bitcoin Watch – Ripple CEO throws shade at Bitcoin

10 June, 2018

In a recent interview with CNBC's Arjun Kharpal at Money 2020 in Amsterdam, Ripple CEO Brad Garlinghouse threw shade at competitor Bitcoin, when asked about its role in the future. Mr Garlinghouse said: "I think bitcoin will have a role. I think it's not going to be the panacea that people once thought it would be where it would solve all of these different kind of problems and instead you're seeing specialisations of different kind of ledgers, different kinds of blockchains. The bitcoin blockchain is quite slow. Originally people thought it might solve a payments problem but when you have an asset like XRP that's a thousand times faster and a thousand times cheaper on a per transaction basis bitcoin can't really compete on that level, you know an XRP transaction costs fractions of a penny and it settles in three seconds. Comparatively you have bitcoin taking you know 45 minutes, sometimes hours to settle a transaction, and it can take you know the cost can be three dollars to 30 dollars. So that might cheaper than the alternative in today's banking system but it's not really an internet of value, a true step forward in how we can allow value to move the way information moves today."

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