Bloomberg analyst Mike McGlone claims that Bitcoin might be overtaken by newer and faster cryptocurrencies such as Ripple. He says that Bitcoin is the first one of its kind thus its bound to have a few problems. Newer cryptocurrencies build on the concept of the original and make improvements, therefore, it will eventually replace the original at some point.
“It’s getting that way, all the new ones are coming and they’re transacting faster, they’re new and improved.”, says McGlone. Its like when the first computer came out, it was large, slow and had a very small memory. Nowadays, micro SD cards can store more than the first ever computer could. According to McGlone, Bitcoin is the “old dog”, newer currencies are bound to take over soon.
Ripple is believed to be the cryptocurrency to dethrone Bitcoin by many experts. Ripple had the best 2017 of all the cryptocurrencies, not even Bitcoin grew as much as Ripple last year. Ripple closed the year growing over 39,000 percent.
It then started rapidly surging in December 2017, reached a $100 billion market cap (the second cryptocurrency in history to do so) and overtook Ethereum to become the second largest cryptocurrency in the world. Ripple has grown over 1000% since December 2017. With its value still pretty low at a mere $2.87, Ripple still has lots more room to grow.
Ripple has a long way to go before taking over Bitcoin as it’s not even close to Bitcoin’s $285 billion market cap. However, given its current rally and the fact that many people have taken notice of Ripple, it might be a possibility down the line. Cole Diamond, CEO of Coinsquare recently said that Ripple will be the first cryptocurrency they add to their blockchain platform after Bitcoin.
He said that they’ll be adding multiple digital currencies such as Monero and other blockchain currencies other than Ethereum, however: “Ripple is first in line.”
Many investors are choosing Ripple because it’s not as volatile as the others and it stands on its own ground, thus when the market corrects itself, there won’t be much of an effect on Ripple’s price. Ripple also has the backing of many investors claims Trevor Koverko, CEO of blockchain platform Polymath. He says this is because the investors trust the people behind Ripple.
“People feel comfortable with its name and the technology behind Ripple.”, says Trevor.
He also went on to say that many people have now realized the advantages and the opportunities that lie with blockchain and businesses which makes Ripple the clear favorite. From a business standpoint, Ripple would be the obvious choice as it is one of the fastest cryptocurrencies out there, Bitcoin doesn’t even come close to Ripple in that regard.
Ripple could be beneficial to businesses as the whole point of Ripple is to be used as a cross-border payment solution. It also performs these transactions very quickly at a very low cost which would make it a much better option instead of using conventional time-consuming methods of sending money abroad.
Here’s what Ripple’s founder Brad Garlinghouse has to say on this matter: “Ripple sells a blockchain technology to banks and payment providers and other financial institutions to do real-time settlement between banks.”
The idea behind Ripple according to Garlinghouse is that if it is possible to stream videos from anywhere in the world, even from outer space then it should also be possible to do real-time settlement between banks, that’s where Ripple comes in.
It has been a great start to the year for Ripple, it remains to be seen if it can maintain its momentum. With Ripple now having the support of investors and with it also being added to Coinsquare’s blockchain platform, it’s sure to get more attention in the coming days. If Ripple continues growing like it has done in the past, then it’ll be a matter of time before it overtakes Bitcoin to become the largest cryptocurrency in the world.