• Bitspark experts believe that Bitcoin beats XRP as a currency for cross-border transactions.
  • XRP is considered less liquid against multiple fiat curencies.

While Ripple promotes its cryptocurrency as a perfect solution for fast and cost-effective cross-border payments, some experts believe that Bitcoin is a much better option.

Thus, the head of Bitspark George Harrap says that Bitcoin is more practical and usable as it is more popular and accepted by a more significant number of companies. Meanwhile, XRP is less liquid when it comes to the exchange in fiat currencies, which make it a costly and less attractive payment option for users.

Bitspark researches published a rank of cryptocurrencies evaluated by their suitability for international payments. Thus, Bitcoin and Ethereum are ranked as coins with medium viability as a means of payment. Meanwhile, Stellar (XLM) got a higher rating due to the integrated decentralized exchange and the convenient mechanism for creating stablecoins.

 xRapid and xCurrent solutions developed by Ripple got low grades due to their inferior liquidity. The company believes that Ripple failed to create liquid markets in fiat currencies, which is a necessary prerequisite for successful development. According to Harrap, xRapid is useful when you deal with a single currency, but it becomes a pain in the neck when you need to transfer US Dollars to a less popular currency like Kenyan Shillings. It would require routing the payment through multiple nodes and currencies.

"The number of Ripple gateways that exist hasn't changed in four years and basically consists of bitcoin exchanges for people to speculate on the price of XRP for BTC," Harrap adds. "None of these companies are remittance companies, nor are they using XRP for its intended purpose," he explained.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high

Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high

Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.

More Bitcoin News
Cardano breaks above descending trendline, eyes April high as bullish momentum builds

Cardano breaks above descending trendline, eyes April high as bullish momentum builds

Cardano extends gains on Friday, following a close above a descending trendline the previous day. Technical indicators and on-chain data show bullish momentum, suggesting a rally ahead.

More Cardano News
Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut

Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut

Bitcoin price rallied and reached a new all-time high of $76,849 following the US Federal Reserve’s 25 basis point rate cut. Ethereum and Ripple followed suit and closed above their key resistance levels, hinting at a possible rally ahead.

More Cryptocurrencies News
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory.

More Bitcoin News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP