by Patrick Ozi
Bitcoin is considered the mother of all cryptocurrency, where people classify Bitcoin on one hand, and the rest as altcoins. This is because Bitcoin pioneered cryptocurrency and has managed to stay relevant for over nine years. Today it has become a household name, once you mention cryptocurrency, the next thing that comes to mind is Bitcoin. Does that mean Bitcoin doesn’t have contenders for supremacy? Of course it does, Ethereum and XRP are considered two major contenders to Bitcoin.
You may feel the comparing Bitcoin with altcoins might be too soon, but let us not underestimate the prowess of Ethereum and XRP. They have both fared well in the crypto market and are gradually becoming household names themselves and have also managed to remain relevant in the crypto world, each with unique solutions in finance. So, maybe not now, but soon one among these two altcoin might soon overtake Bitcoin.
Between Ethereum and XRP, which could overthrow Bitcoin in future?
Current value vs potential
Already Ethereum is catching up with Bitcoin in terms of trade volume and coin value, it is currently the second largest cryptocurrency. On the other hand, the current value of XRP is poor when compared to Ethereum, but XRP should not be underestimated because it has more potential considering the number of partnerships it has made and the nature of its system.
Considering the marketing strategy of both Ethereum and XRP, I will consider them even in the battle for supremacy, because both strategies are uniquely different. While Ethereum markets itself as a utility cryptocurrency used as medium of exchange, XRP markets itself as a project, that hopes to solve the problem of geographical limitations in the banking sector.
The Ethereum blockchain is designed very similarly to Bitcoin’s. It is like a conventional cryptocurrency, but it doesn’t just serve as a medium of exchange. It has a stand-out feature: its ability to serve smart contracts on its blockchain. Its utility is vast as other cryptocurrency projects can be built on the Ethereum platform. It can also be a storage for information, and it distributes secured cloud storage for nodes.
The feature that gives Ethereum edge over XRP and Bitcoin is the fact that its use cause is unlimited. It doesn’t just stop at being a currency but has a range of other functionalities, hence the adaptive nature of Ethereum can help it bring a revolution to the cryptocurrency world.
XRP may not be up to a hundred dollars like Ethereum but it certainly has some features that give it an edge over Ethereum.
First, Ripple is both an established company (Ripple Labs, Inc) and a cryptocurrency (XRP). Its aim is to make payment transactions more efficient, faster, global and less expensive. Transactions using XRP are speculated to be 100% faster and cheaper than Bitcoin.
Secondly, the Ripple project, both the company and the cryptocurrency, have strong partnerships with numerous banks. One of Ripple’s significance partnerships is with MoneyGram, which will see MoneyGram using XRP as a payment option. Western Union also plans to set up XRP payment option with its proposed Ripple’s xRapid solution.