Should Bitcoin Be Worried About Ripple | Update On BTC Goal
Ripple has over half the market cap that Bitcoin does as of today, Should Bitcoin holders be worried that Ripple might take over?? It kind of blows my mind that Ripple is so succesful considering it's dealing directly with centralized banks. I'd love to hear anyone's thoughts on the topic, so please feel free to comment!
Not all cryptos are necessarily competing directly. Ripple and Steam have gone in very different directions.
Great post, followed.
I'm sure this is just more FUD for Bitcoin to over come, but in a way it kind of brings perspective to the fact that Bitcoin isn't invincible, it can be over come by another cryptocurrency. Also, even though most aren't competing directly, I believe Ripple is trying to compete with bitcoin in the sense that they're trying to take over the mainstream idea of being able to send instant payments with low fees. I believe the Bitcoin community needs to figure out this scaling issue before someone else does.
The scaling issue does need to be addressed, but the incentive to do so is suspect. Just be careful when you decide to transfer your BTC off your wallet or Trezor. The transaction fee can be quite costly if you want the Mining Network to grab it in the next block, because they always select the transactions based on the submitted transaction fee%, and only so many transactions fit into 1MB blocks. Make sure you check how much it is going to cost you before clicking send. Most wallets auto adjust now to the current average, and at certain times that could land you in the $10-$100 range depending on how much you send.
Anyone that decides to check out Ripple should consider the effect that a banking failure might have on that crypto. As I understand it, the Banks are using it as a way to clear bank to bank transfers rapidly, at low cost. I don't understand what will happen to Ripple if the banks start dropping off.
I don't think we can mine or purchase Ripple, it is a different platform all together.
very true, I hadn't considered that yet.
I hadn't either! And to be honest, I feel like that banking failure might be coming sooner, rather than later
Definitely. I'm convinced that a cryptocurrency's value is tied to the value produced through the blockchain. So I don't see a reason why to use bitcoin today. I exposed these arguments better in my blog.
love the video! How much did you get out of your investment!? :) I see bitcoin skyrocketed in the last day haha