1 little-known crypto that could be bigger than Bitcoin

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the cryptocurrency the industry is quite speculative, but some speculations might be more accurate than others. One such speculation regarding the outlook for the cryptocurrency industry is that Bitcoin (CRYPTO:BTC) will not be the future of money.

I don’t mean that bitcoin has no place in the future. The world’s first cryptocurrency played a pivotal role in establishing the foundations of the cryptocurrency ecosystem. Early investors got rich from it, and it’s a common payment option for many companies around the world.

However, considering it as the future of the monetary system does not seem to be debatable. Cryptocurrencies are becoming increasingly popular for powering transactions due to the ease of cross-border payments, fast transactions, and relatively lower transaction costs.

Bitcoin is a popular way to facilitate these transactions, but it doesn’t come close to the top three cryptocurrencies with the most transactions.

Cryptocurrencies backed by institutional payment networks are more popular than Bitcoin, which means it could gradually be replaced from its perch as the biggest cryptocurrency in the world. Today I am going to discuss one such cryptocurrency which could become bigger than Bitcoin.

XRP

XRP (CRYPTO:XRP) is a relatively unknown cryptocurrency that is becoming popular. Developed by Ripple Labs and interchangeably referred to as Ripple by many, XRP’s blockchain network is rapidly being adopted by many financial institutions around the world. the Canadian Imperial Bank of Commerce is a major Canadian bank that has started using XRP.

Several banks in Australia and Israel already use it as well. Financial institutions that adopt XRP rely on the fast transaction speeds on its blockchain network that facilitate faster cross-border transactions.

XRP currently offers better transaction speed than many other cryptocurrencies. It is the second most popular blockchain network in terms of the number of daily transactions on the network. As more financial institutions start adopting the crypto token, it could boast an even greater number of daily transactions.

What gives XRP so much promise?

XRP has the potential to become a most popular cryptocurrency for multiple reasons. Currently, the cryptocurrency blockchain network is capable of over 1,500 transactions per second, a much faster speed than is currently available with most other cryptocurrencies. For a better perspective: Bitcoin offers a maximum of seven transactions per second.

The ability to facilitate a greater number of transactions in the same time frame gives XRP a competitive advantage for financial institutions. Another advantage for XRP comes in the form of its developers, Ripple Labs.

The company behind the cryptocurrency is constantly working on ways to increase adoption. It is recruiting more and more vendors to accept XRP and use the RippleNet for cross-border transactions.

Financial institutions transacting cross-border using the RippleNet conduct fiat currency transactions, but the XRP token is involved in facilitating them.

Additionally, XRP has recently caught the attention of the general public due to the lawsuit Ripple Labs is facing from the United States Securities and Exchange Commission (SEC). The lawsuit has been going on for over a year now, and the SEC appears to be on track to lose the case.

Some of his past statements have discredited his claims, automatically improving public perception of Ripple Labs and XRP.

Insane takeaways

Ripple’s blockchain network has several advantages over Bitcoin. It offers more practical use cases than the largest (and one of the slowest) cryptocurrencies in the world.

XRP already beats Bitcoin in its actual use. It only remains to be seen whether its competitive advantage over other cryptocurrencies will translate into growing market capitalization as the deal winds down.

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