On 26th July, the Chief Market Strategist of Ripple, Cory Johnson tweeted an Instagram picture of the Fox Business panel and him, prior to his interview with the channel. During the interview, Johnson talked about XRP and its use case in the remittance industry in comparison with Bitcoin [BTC] and Ethereum [ETH].
Starting off with Bitcoin, Johnson mentioned that the coin is fascinating but is not up to the mark in terms of utility. For instance, the closing transactions are really slow, as stated by the strategist. He further added that a major business problem in today’s world is moving money across borders. He said:
“It is crazy that today I can send a text message to my friend in Rome with emojis and a gif of Neymar falling down and clever stuff … in 3 seconds. But if I want to move money from New York to Mexico city, it takes 5 days and costs over 500 basis points. This is crazy in this era of technology.”
Furthermore, Ripple has created several software products equipped to accelerate the process of remittance where its time span is as low as a few seconds at low basis points. In his opinion, this factor makes XRP of great value for the future.
The recent report of Mastercard applying for a patent to enable the use of cryptocurrencies on credit cards was also brought up during the conversation. In connection with this, a panel member asked Johnson about the future of currencies.
On this, Johnson clarified that Ripple is cent percent focusing on businesses. He also compared the technologies used by Bitcoin and Ethereum against that of XRP. In his words:
“Bitcoin’s slow… Ether is slow. XRP moves really really fast just because its technology is a little bit different.”
He also explained his vision for a fast-paced remittance scenario, saying:
“Fundamentally, money should move as fast as ideas move, as fast as data moves, and right now it doesn’t. And it’s really expensive. …slow moving money really hurts people, especially moving it across borders.”
On being asked about the regulatory hurdles in the future and in different countries, Johnson replied by saying, “One person’s regulation is another person’s protection.” He took the side of the regulators stating that it is important to protect the investors.
He also cited the incidents of investors losing money in the cryptocurrency market implying the existence of multiple bad actors in the market. Therefore, Ripple believes in involving the regulators in the industry. He said:
“So we’re thrilled in regulars getting involved. It wasn’t expected when I joined the company say… 6 months ago, and we’re very much engaged in conversations with the regulars but I’ll say that a lot of other countries moving faster than the US and try to provide very clear lanes of where business can act what’s right and what’s wrong.”
Moreover, when it comes to the cryptocurrency scene of China, Johnson has an opinion of his own. He stated that the country is the hub for Bitcoin and Ethereum mining. This is due to the suitable resources, such as power and computer chips in countries like China.
The Ripple member then spoke about XRP in terms of how it is a ‘pre-mined’ coin and does not represent a similar scenario as two of the biggest coins in the world. Hence, XRP virtually uses no power to be generated and running a node on its network is extremely cheap as a result; all because of the distinct technology used by XRP.
He rested his case by concluding that countries like Singapore, Switzerland, Thailand, and suchlike are working really hard to ensure the development of businesses around the blockchain technology.
The post Ripple’s Cory Johnson on XRP versus Bitcoin [BTC] tech, mining in China and more appeared first on AMBCrypto.