[2019-06-21]Ripple CEO: Bitcoin and XRP Aren't Competitors - I'm Long BTC

[VanguardVale]

Bitcoin, and XRP, the third biggest coin by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20.

In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or "digital gold," while XRP is a "bridge currency" that enables an efficient solution for fiat-to-fiat transfers.

As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average.

However, such a difference “does not mean that bitcoin is gonna fail or something,” Ripple CEO noted, stating that he “[does] not view them as competitive.

Garlinghouse expressed confidence that there will not be one single cryptocurrency to "rule them all," implying that each cryptocurrency should prove a certain use case.

Garlinghouse stated:

"I own bitcoin, I'm long bitcoin. I think Bitcoin is a store of value and people hold it."

In the interview, CEO of Ripple also expressed his stance towards the current environment on crypto markets, pointing out that there is “a lot of bullshit in blockchain and crypto market,” and it is often hard for the industry to separate the signal from the "noise."

Ripple CEO: Bitcoin and XRP Aren't Competitors - I'm Long BTC

[1Referee]

He is right, Bitcoin and XRP aren't competitors.

Libra and XRP will be. I'm sure his balls are sweating knowing that they're basically running the same sort of governance model, and that they're easy to scale just like any other centralized network. The main difference is that Facebook's penetration potential into different financial systems has much better odds of actually being chosen for cross-border value transfers.

XRP will have to service the markets that for whatever reason exclude Facebook. That's what you get when your core business model revolves around a centralized network.

[BitHodler]

I watched the whole interview and Brad makes a great point that only the projects with a utility will survive. If you're not solving a problem, which 99% of the coins/tokens don't do, it's utter garbage.

XRP while most people don't like it (me included), has secured a solid partnership with MoneyGram where xRapid will be used, while most institutions only use xCurrent.

As far as him being long on Bitcoin goes, I don't know of anybody who isn't long. Even con artists such as Craig Wright and Roger Ver hold it. If they for a second believed their own coin stood a chance against Bitcoin, they would be all in.

[hatshepsut93]

He is right, Bitcoin and XRP aren't competitors.

Libra and XRP will be. I'm sure his balls are sweating knowing that they're basically running the same sort of governance model, and that they're easy to scale just like any other centralized network. The main difference is that Facebook's penetration potential into different financial systems has much better odds of actually being chosen for cross-border value transfers.

XRP will have to service the markets that for whatever reason exclude Facebook. That's what you get when your core business model revolves around a centralized network.

That's why they are praising Bitcoin, they want to people to think that XRP has more in common with BTC than Libra does, they are saying that XRP is a cryptocurrency while Libra is a centralized payment system, but we knew all along that XRP was the original Libra - centralized payment system posing as cryptocurrency. But this comment that "Bitcoin is a great store of value" sounds really backhanded, they are essentially saying that Bitcoin is not a currency.

[bbc.reporter]

He is right, Bitcoin and XRP aren't competitors.

Libra and XRP will be. I'm sure his balls are sweating knowing that they're basically running the same sort of governance model, and that they're easy to scale just like any other centralized network. The main difference is that Facebook's penetration potential into different financial systems has much better odds of actually being chosen for cross-border value transfers.

XRP will have to service the markets that for whatever reason exclude Facebook. That's what you get when your core business model revolves around a centralized network.

It might  also be a battle of who has stronger political connections to lobby their own platforms. I reckon Ripple investors', the people who invested in the company not the XRP holders, connections have been holding back the SEC from classifying XRP as a security.

[bitgolden]

Bitcoin, and XRP, the third biggest coin by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20.

In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or "digital gold," while XRP is a "bridge currency" that enables an efficient solution for fiat-to-fiat transfers.

As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average.

However, such a difference “does not mean that bitcoin is gonna fail or something,” Ripple CEO noted, stating that he “[does] not view them as competitive.

Garlinghouse expressed confidence that there will not be one single cryptocurrency to "rule them all," implying that each cryptocurrency should prove a certain use case.

Garlinghouse stated:

"I own bitcoin, I'm long bitcoin. I think Bitcoin is a store of value and people hold it."

In the interview, CEO of Ripple also expressed his stance towards the current environment on crypto markets, pointing out that there is “a lot of bullshit in blockchain and crypto market,” and it is often hard for the industry to separate the signal from the "noise."

Ripple CEO: Bitcoin and XRP Aren't Competitors - I'm Long BTC

I have never been a fan of ripple for a long time now, but with this clarification, I think they have melted my heart, and I really respect the CEO for this acknowledgement, and to keep sentiment aside, everything he said was is actually the fact, they all have different functions and they are doing well in their own area.

Just as Bitcoin is an alternative for fiat payment and may never overtake fiat, so as ripple and some of these projects are also an alternative payment to Bitcoin too, but Bitcoin being useful for store of value in future and investment is what make Bitcoin system more functional than all these other projects.

[Red-Apple]

he shouldn't even use bitcoin and XRP in the same sentence because they are not even in the same category! it would be like saying bitcoin and a glass of milk are not competitors!

someone mentioned Libra as a competitor of XRP but i disagree, the power than Facebook has is not even close to the tiny power than a small company like Ripple has. so they don't even come close to that.

[masterrex]

I agree with this! Bitcoin has its own place in the industry and its already proven including Ripple too.  I dont understand why people always comparing who's the best for me its not helping the cryptospace why we just helping its other to erradicate those scam crypto projects, and only support to those genuine crypto project.