Phillip Nunn Believes XRP (XRP) Is a Better Investment Option than Bitcoin (BTC)

Since the emergence of other digital currencies in the crypto space, Bitcoin (BTC) has been facing stiff competition. There are many that believe that most of the digital currencies in the market are better than Bitcoin (BTC), and Phillip Nunn is one of them.

Phillip Nunn is the CEO of Blackmore Group and he believes that XRP (XRP) is a better bet than the world’s largest digital currency by market cap – Bitcoin (BTC). Nunn stood with XRP (XRP) even when he acknowledged that the digital currency is more centralized than Bitcoin (BTC). In a tweet, Nunn recognized that Bitcoin (BTC) is more decentralized than XRP. He said, however, the majority of the mining activities of Bitcoin take place in China, and this can be dangerous for the digital currency.

XRP Is Growing Fast

XRP (XRP) is the third largest digital currency in the crypto market by market cap. The digital currency has been evolving in the industry as a cheap and fast token to execute international payments. A lot of banks and financial institutions have already connected to the Network of Ripple. Ripple also launched xRapid in October last year. xRapid is a cross-border payment solution that uses XRP (XRP) to reduce transaction costs and time.

Nevertheless, there are some people out there that criticize XRP. In general, many are saying that XRP is a centralized digital currency. They believe that the decentralization of the digital currency affects the credibility of the network.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.751-0.80%

Digital currency fans have always been in support of decentralization instead of centralized systems. Bitcoin (BTC) has always been seen as a decentralized digital currency. Bitcoin (BTC) mining activities can be carried out by virtually anyone across the globe with just some hash power.

Nevertheless, ASIC miners are super expensive, and it is sometimes pretty difficult to install mining rigs or farms. This is why the digital currency mining industry is drifting towards centralization. There are big mining firms across the globe that gather most of the network’s power, process transactions and earn the rewards of the network.

The Mining of Bitcoin (BTC) Is at Risk – Phillip Nunn

Phillip Nunn believes that the mining of Bitcoin (BTC) is at risk. More than 50 percent of Bitcoin’s mining activities are carried out in China and just by a couple of mining firm in the nation. If China decides to take the mining farms or ban Bitcoin mining activities, it would have a drastic effect on the Bitcoin network.

Since China banned digital currencies back in 2017, the nation hasn’t been very friendly towards digital currencies. 80 percent of the hash rate of Bitcoin (BTC) is produced by 6 mining firms. Five out of the six firms are situated in China.

That means only a very few hands are in control of the Bitcoin (BTC) network – something similar to what happens to XRP (XRP). Nevertheless, Nunn believes that XRP (XRP) has a lot of advantages.

The adoption of XRP (XRP) is on the rise, and it’s growing across the globe – according to Brad Garlinghouse. Garlinghouse is the CEO of Ripple and he said that the firm is working hard to solve the issue of cross-border settlements.

He also said that the value of any digital currency is based on the ability of the digital currency to solve problems. He believes that more institutions using xRapid would embrace XRP (XRP), and this would further increase the value of the digital currency.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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