{"id":541,"date":"2019-04-15T21:35:01","date_gmt":"2019-04-15T21:35:01","guid":{"rendered":"https:\/\/techcavit.com\/?p=541"},"modified":"2019-07-18T22:08:22","modified_gmt":"2019-07-18T22:08:22","slug":"skeptics-ripples-xrp-is-not-a-true-cryptocurrency","status":"publish","type":"post","link":"https:\/\/techcavit.com\/skeptics-ripples-xrp-is-not-a-true-cryptocurrency\/","title":{"rendered":"Skeptics: Ripple’s XRP is not a true cryptocurrency"},"content":{"rendered":"\n

The cryptocurrency community is known to be cliquey, for the lack of a better term. There are Bitcoin Maximalists and there are those who think Ethereum is the future. <\/p>\n\n\n\n

Still, others see Ripple and XRP as the protocols that will bring the most change and carry the most value. However, there is a sizeable faction that thinks Ripple is not decentralized and should not be considered a \u201ctrue cryptocurrency.\u201d
<\/p>\n\n\n\n

A major concern that Bitcoin enthusiasts and fans of decentralization have is that Ripple controls the supply of XRP. Capital.com<\/a> explains the gripe that cryptocurrency purists have with XRP. <\/p>\n\n\n\n

They say \u201cthe Ripple company has control over who can actually process XRP transactions. This renders the Ripple network as a centralized and <\/em>permissioned<\/em><\/g> network, making XRP centralized crypto. This lack of decentralization causes much controversy about Ripple\u2019s status within the crypto community.\u201d<\/em>
<\/p>\n\n\n\n

Another point of contention that Ripple detractors have is that the coins are mostly held by the creators.
<\/p>\n\n\n\n

\u201cTo this day, the company holds around 60% of the total amount of XRP.\u201d<\/em><\/p>\n\n\n\n

That number, according to Capital.com, has many in the space questioning the motives and the legitimacy of the company.
<\/p>\n\n\n\n

\u201cRipple boasts a vast array of institutional clients such as Nomura and Santander, but under further examination, it would seem that most companies are \u2018partners\u2019 as opposed to clients, who receive XRP as a reward. In short, Ripple is using its share of XRP to create the mirage that it has to pay customers.\u201d<\/em>
<\/p>\n\n\n\n

Ripple\u2019s massive and supportive community has also been called into question. Many claim the \u201cXRP Army\u201d is composed of thousands of bots.
<\/p>\n\n\n\n

From its inception, Ripple has dealt with tough scrutiny from inside and outside the cryptocurrency industry. Aside from questions regarding decentralization, the entire space is also keeping their eye on the legal decisions that will be made regarding Ripple\u2019s status as security.
<\/p>\n\n\n\n

Although purists will argue that XRP is not a \u201ctrue\u201d cryptocurrency, XRP can still be deployed as a useful tool for businesses or average citizens to send funds across international borders.
<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency community is known to be cliquey, for the lack of a better term. There are Bitcoin Maximalists and there are those who think Ethereum is the future. Still, others see Ripple and XRP as the protocols that will bring the most change and carry the most value. However, there is a sizeable faction […]<\/p>\n","protected":false},"author":2,"featured_media":447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nSkeptics: Ripple's XRP is not a true cryptocurrency - TechCavit<\/title>\n<meta name=\"description\" content=\"The cryptocurrency community is known to be cliquey, for the lack of a better term. 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