Ripple co-founder: Bitcoin is a technology storm but XRP is superior

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Ripple co-founder Chris Larsen said that Bitcoin ignited the spark that would lead to a huge change in the financial world.

In the new episode of Ripple’s Block Stars podcast, Larsen mentioned the early times of cryptocurrencies and said that the birth of Bitcoin took place after the 2008 crisis is a wonderful timing.

The right technology at the right time
Larsen said, “I think the situation with Bitcoin was the emergence of the right technology at the right time. I think this was a breaking moment. Bitcoin has achieved decentralization, what other projects can’t or can’t do. He created the storm of new technology. ” said.

XRP: “Better BTC”
Larsen also mentioned the first days of Ripple and XRP Ledger, and said that XRP was originally designed as a “better BTC”, focusing on energy efficiency. Regarding Larsen XRP, we said, “Can we create a better BTC before the company is established?” We were all very impressed with Bitcoin, but they had problems. I think what attracted people from Bitcoin to XRP was that Bitcoin consumed huge amounts of electricity. This cannot be a sustainable and long-term model. I think there will be a core group of digital assets that will achieve success, and Bitcoin will be one of them. ” commented.

As it is known, energy consumption of Bitcoin is a topic that is constantly discussed in the crypto community. In June of last year, CoinShares released a report stating that 75 percent of the energy spent in Bitcoin mining is covered by renewable energy. According to the report, this rate was 77.8 percent in 2018. However, according to the Cambridge Bitcoin Electricity Consumption Index, the amount of energy used by the leading cryptocurrency is approximately the same as the total annual consumption in Finland.

Larsen says that the end he thinks about digital assets is a technology where people can send money anywhere in the world at any time with very low wages, and says:

“A valuable internet system should be open to everyone and decentralized. If you look at the discourses of the Bill and Melinda Gates Foundation on this issue, they say that a total of 2 billion people in developing countries should be able to send as little as 50 cents. Calculations this way. This is not possible in the current world. ”