Since the inception of cryptocurrency and blockchain technology, every single project has been taunted with being lacking in something. We all know Ripple’s XRP has been called a security for long now, Bitcoin tend to have some real issues in it though. Scalability has been a point of discussion on the Bitcoin platform. Lighting project was the closest solution to the scalability issue on the platform. Unfortunately, the lighting platform is not going to be in operation in full gear until the year 2020.
At present, thousands of settlements go unconfirmed, and Bitcoin’s blockchain technology is arguably said to be running at a 90 percent capacity. Bitcoin cannot afford to be behaving this way with its scalability issues considering the many competing options available in the market.
Thoughts of Cory Johnson on XRP being polished Bitcoin
In his usual nature, Cory Johnson is not letting Bitcoin’s scalability issues plaguing the number one ranked crypto go by without capitalizing on it, letting his voice known by saying Ripple’s XRP is two times better than BTC.
Naming some renown personalities like Paul Krugman, Johnson spoke about the many people who are complaining about Bitcoin blockchain technology’s failure to make significant development in the cryptocurrency side. Johnson said:
“What Bitcoin is going to do is make commentaries and critic remarks about how blockchain technology does not function for anything. Crypto critics claim that it takes about 20 minutes for Bitcoin to complete its transactions. Their remarks quickly shift from blockchain does not do anything to Bitcoin does not do anything.”
In regards to the mentality and perception of individuals about blockchain technology, Johnson stated that he believes that a couple of things happen when people get tangled in blockchain technology and start reading about it.
-Bitcoin has some real technological limitations
-The digital asset that show fundamental use cases will develop a fundamental value
-XRP is being used more than Bitcoin being used as of today
— Steven Bull Diep (@DiepSanh) November 23, 2018
According to Johnson, there are many unintentional biases developed by individuals who have cashed their money in this industry. For example, the Ripple strategist gave the instance of Binance CEO statement when he said he would not be giving any reporter an interview if they did not have any investments in cryptocurrency.
According to Johnson, Binance CEO might be inviting some biased treatment if he goes by this approach, but one thing that individuals should try not to forget are the facts. For Bitcoin blockchain technology, it takes about 20 minutes to complete a transaction but for default Ripple virtual currency, XRP, it takes about 1 second to perform 1500 to 2000 transactions.
“The people who created XRP looked at the blueprint that Satoshi developed about Bitcoin and retorted to themselves that this is amazing. This could be reasonable at scale, but we can make it better ensuring some of the major issues that need total openness are settled.”
The Solutions Ripple Offers Suit Everyone
According to Johnson, it is not the wish of financial institutions, banks, and generally everyone to have their transaction-related information exposed, as they would always prefer more privacy and security as well. If this is your case, Ripple blockchain technology is your answer that can provide all that.
Concerning the blockchain industry and cryptocurrency ecosystem, Johnson says that a lot of companies are showing signs of adopting RippleNet’s technology in the future. But at present, Cory oozes in confidence that Ripple is leading the path in this regard.
At the time of writing, Ripple has over 100 paying customers, having moved over a billion US dollars’ worth of XRP across their platform. The blockchain firm is inventing new pathways for the entire financial industry.
In the end, in Johnson’s opinion, those critics that associate the scalability failures of Bitcoin to the shortcomings of blockchain technology can be compared to individuals who condemn a particular mode of transportation without considering the alternatives available.
Looking at the statistics between Bitcoin and the blockchain firm of which Cory Johnson is a part, it is safe to say that Ripple is Bitcoin 2.0.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
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The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
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Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…