Ripple CTO David Schwartz has sparked fresh discussions on the evolving role of Bitcoin and XRP in the crypto space. In a recent exchange on X, Schwartz shared insights on XRP Ledger (XRPL) and highlighted the need for scalable and trustless bridging solutions. Besides, he also questioned Bitcoin’s long-term dominance. Notably, the comments come amid an ongoing Bitcoin Vs. XRP debate and the real-world utility of both assets.
Ripple CTO Highlights XRPL’s Early Role In BTC Transaction
In a recent X post, Ripple CTO David Schwartz revealed that one of the first use cases for the XRP Ledger (XRPL) was to facilitate faster and cheaper Bitcoin transactions. Besides, it also comes as the XRP Ledger has noted a new amendment recently, NFTokenMintOffer, on its mainnet.
However, he noted that a major challenge remains—the reliance on custodians to hold Bitcoin in such transactions.
“One of the first use cases for the XRPL was as a faster and cheaper way of moving bitcoin. Of course, someone has to hold the actual Bitcoin, so you need custodians that have sets of people who trust them. We really need to figure out fast, cheap, trustless bridging.” Schwartz emphasized. He acknowledged that while custodial services can enhance Bitcoin’s transaction speed, they introduce trust issues that go against the core ethos of decentralization.
Meanwhile, the Ripple CTO’s remarks received attention from industry figures, including Flare Labs CEO Hugo Philion. Philion suggested that Flare’s next phase of development could align with XRPL’s bridging ambitions. This suggests that Ripple may be eyeing potential collaborations to tackle the bridging challenge.
Bitcoin Vs XRP Debate
Scalability Challenges And Future Uncertainty Of BTC
The Ripple CTO also raised concerns about Bitcoin’s ability to maintain its top position in the crypto market. He pointed out that Bitcoin faces technological limitations since it cannot innovate on-chain as efficiently as newer blockchain projects.
“Bitcoin was first. You’d have to be delusional to argue that no later chain had better tech.” David Schwarz remarked, questioning whether being “good enough” is sufficient for Bitcoin’s long-term survival.
The Bitcoin Vs. XRP debate further gained traction when an XRP enthusiast contrasted the promotional approaches of Ripple and Bitcoin advocate Michael Saylor. They argued that Ripple executives never urge people to buy XRP, unlike Saylor, who consistently promotes Bitcoin as a must-own asset. Notably, Michael Saylor also praises Metaplanet’s increasing focus on BTC.
Ripple CTO On Bitcoin Vs XRP Value Debate
In response to the ongoing discussion, the Ripple CTO asserted that Bitcoin’s value is largely speculative. “Bitcoin gets most of its value from speculators who speculate that more people will speculate on the value of bitcoin in the future than speculate on its value today, resulting in demand increasing over time,” he noted.
He also argued that abundance does not always decrease value, citing land as an example of something highly valuable despite being widespread. Crypto enthusiasts countered his argument by highlighting Bitcoin’s scarcity.
One user pointed out Bitcoin’s 21 million supply cap compared to XRP’s 100 billion total supply. Schwartz, however, dismissed the comparison as misleading, stating that comparing raw numbers without considering units makes no sense.
However, despite his criticism, the Ripple CTO acknowledged Bitcoin’s role in the financial ecosystem. He suggested that while Bitcoin may not be ideal for payments, projects like the Lightning Network and other bridging technologies could enhance its functionality.
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