Bitcoin Advocates Double Down on Criticism of Ripple's XRP, Allege It Lacks Decentralization and Utility

Ripple's XRP is facing renewed criticism from Bitcoin supporters and industry analysts. Critics argue that XRP lacks decentralization, has limited utility, and is no match for Bitcoin.

Ripple's XRP token has once again come under fire from Bitcoin proponents and industry analysts. They assert that XRP is not decentralized, has limited use cases, and cannot compete with Bitcoin.

Centralization and Utility Critiques

Key figures in the crypto industry maintain that XRP is not genuinely decentralized. Bitcoin advocate Nic Carter referred to XRP as “a token on a database maintained by Ripple Labs,” comparing it to an “IOU on the Starbucks app.” Critics claim that Ripple's control over XRP's supply chain undermines its status as a cryptocurrency.

Moreover, XRP's primary use case as a bridge currency for cross-border payments is being questioned. According to Carter, stablecoins, which are less volatile, have rendered XRP obsolete for such transactions.

“No one wants to use a volatile, illiqud asset as a bridge currency,” wrote Carter in a widely shared post.

Bitcoin Proponents Intervene

Bitcoin advocates such as Pierre Rochard and others have participated in the discussion, emphasizing that XRP cannot be compared to Bitcoin. They highlight Bitcoin's decentralized, immutable, and censorship-resistant properties, contrasting them with XRP's dependence on centralized validators.

Critics also contend that Ripple Labs inflates XRP's value through partnerships and marketing initiatives. Some assert that the token primarily serves to generate financial gains for Ripple.

Historical Criticisms Resurface

A 2020 thread by Nic Carter was revisited in the debate, accusing Ripple of hoarding 80% of XRP's total supply at launch and gradually releasing it to retail investors. According to critics, this distribution model resembles the centralized financial systems that Bitcoin aims to disrupt.

XRP's Future in Crypto

In the crypto world, XRP remains a contentious topic. While Ripple maintains that its token is designed to enhance cross-border payments, critics continue to question its decentralization and long-term viability.

As the discussion continues, XRP's precise function in the ever-changing crypto landscape is up for grabs. Will it demonstrate its usefulness or vanish amid criticism? Only time will tell.