Ripple’s CEO Brad Garlinghouse did not hold back at yesterday’s Recode’s Code Conference while trying to explain why Bitcoin is going backward. He even compared Bitcoin to Napster.
Napster had an incredible beginning, starting the trend of peer to peer (P2P) file sharing especially for music files. However, due to legal complications, things got ugly, and Napster had to face detrimental losses.
Ripple’s CEO was comparing Bitcoin to Napster, which is quite a slap in the face for the leading cryptocurrency!
The conference was about regulations around blockchain and cryptocurrency, but the CEO of Ripple had other plans.
Also in the conference was Kathryn Haun, a professor at the Stanford Graduate School of Business and a board member at Coinbase and Hackerone.
Huan even said, “We don’t want regulation to outpace understanding.”
Garlinghouse did thank Bitcoin for being transformative but will have an inevitable end similar to the lifecycle of the peer to peer network called Napster.
“We may come to find that bitcoin is kind of the Napster of digital assets, this is transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem,” Garlinghouse said pointing out to legal issues Bitcoin is facing.
Garlinghouse opened up that Bitcoin is slow, and expensive which is not ideal for the fast-paced world.
“People talk about using bitcoin to buy coffee, The average bitcoin transaction can take as much as 20 minutes. And the transaction cost is going to double the price of your coffee,” Garlinghouse continued.
Garlinghouse is known to be outspoken, and always gives real-life examples linking up the speed and cost of various cryptocurrencies.
The CEO of Ripple is a practical person, who believes that digital currencies only have value if they can solve a real-world problem!
Ripple is starting to gain the limelight in the world of cross-border transactions.
Brad Garlinghouse tweeted on May 10th-
‘Real customers with real use cases: #xRapid pilots prove financial institutions can settle in minutes with up to 70% in savings. Results do speak louder than words.’