Bitcoin and Ripple are arguably the two most powerful cryptocurrencies with immense scope for the future. Bitcoin has been the most dominant force in the crypto space and has largely been unchallenged. However, things in the future won’t be the same, as several crypto projects are taking serious efforts to increase their influence in the industry.
Out of the upcoming crypto projects, Ripple has emerged as the strongest contender for the Crown of the Crypto Kingdom. Sure, Bitcoin has a humongous price tag and a king size market share, the future of cryptocurrencies won’t be just about price and investments. It would be more about adoption and usability, exactly where Ripple has been phenomenal.
But is it a real fight? Or can they co-exist? Weiss Ratings, a Florida based asset rating company recently tweeted that XRP and BTC complement each other, and are not mutually exclusive.
To understand this, we first need to understand the strengths and weaknesses of both the digital currencies.
Bitcoin is The King, while Ripple is the Commander
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History can teach us the most important lessons in life, and many of them come from kings and kingdom. What we can extract out of it is that a King is born to rule, while a commander is destined to lead battles and win. Kings have seldom been good commanders, and commanders being good kings is an even more rare event.
Similar is the case with BTC and XRP. The former rules, or in simple words, has the biggest influence on crypto markets. It has the highest value, biggest market penetration, and hence, can be a stable alternative to the US Dollar or any other fiat currency. However, Bitcoin’s humongous value, which is why not everybody can afford it, makes using it almost impossible for simple transactions.
Also, Bitcoin is too valuable to store in the public domain. Cybercriminals and hackers are active 24×7 to find a slight chance to steal Bitcoins. Losing a few hundred Bitcoins can prove to be absolutely devastating for any entity. Therefore, it could be more securely adopted by organizations with high-security digital infrastructure, like central banks, government ministries, international trade and commerce organizations, etc.
On the other hand, Ripple can do everything which is difficult for Bitcoin, and that too, with ease. Ripple is a sub-$ one currency, which makes it affordable, and more practically usable. Apart from this, Ripple is backed by a strong infrastructure and a robust team that struck partnership with more than 200 banks across the globe for its payments platforms, XRapid and XCurrent. However, it can never be a substitute for the US Dollar, mainly due to its low value and high liquidity.
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So what we can conclude here is that Bitcoin will be the more secure and safe investment, as well as macro-economy focused currency, and Ripple has the potential to be used in micro-economic activities like individual money transfers, daily shopping, buying air tickets, etc. Therefore, the fight between Bitcoin and Ripple is, in a way, meaningless and futile as both have different potential, and can definitely co-exist.
