Brad Garlinghouse has recently claimed that BTC will not live to the expectations that everybody currently has in terms of it becoming a worldwide medium of exchange. He believes it will not “save the day” and become an ultimate solution to all existing issues.
Previously, Steve Wozniak shared his hopes for Bitcoin to become a global currency, which was also forecast by Jack Dorsey of Square.
Garlinghouse has casually mentioned that Ripple’s transaction times are faster than Bitcoin’s by large, which is hard to deny. An average Bitcoin transaction takes 42 minutes to complete, whereas Ripple transactions take about 4 seconds. Nevertheless, it has to be mentioned that Bitcoin has very different trading volumes comparing to those of Ripple.
Still, the culprit of Bitcoin’s lengthy transaction times is improper scaling of the blockchain technology used by the currency, which has not yet been adjusted to a larger customer base, whereas Ripple runs its transactions via a protocol.
Garlinghouse has also pointed that the concept of having only one currency is wrong, expecting the competition to be ever present. He believes that Bitcoin will stop affecting prices of other cryptocurrencies as customers begin discovering other options.