XRP is one of the oldest coins in the crypto world, as it’s been around for longer than most coins of today.
The protocol was created as a prototype in 2004 that got actualized in 2014 by Jed McCaleb, founder of the EDonkey Network when he hosted some investors to invest in Ripple Labs.
As a token, XRP represents transfers of value on the Ripple Network, and its primary purpose is acting as a mediator for both fiat money and other cryptocurrencies.
Unlike other cryptocurrencies such as Bitcoin, XRP has no blockchain and therefore makes use of its own Ripple Protocol Consensus Algorithm (RPCA) to verify transactions.
This is one of the reasons why newbie crypto investors love it as it involves financial institutions such as banks that seem too big to fall, but all this is just fallacy as its more centralized.
If you look at their website, they’re very straightforward as to the specific problems they’re trying to solve, and that’s a very attractive proposition to people hoping it to become more valuable than bitcoins because the trusted institution backs it.
Why is XRP loved?
Before diving into the reasons why the coin is the most hated in the crypto world, below are some reasons why people love it.
- Has a team that looks professional
- It’s very affordable
- Trusted by beginners since its centralized
- Fast international transactions (Approximately 3 secs for a transaction)
Why is XRP Hated?
When it comes to the world of cryptocurrencies, if you have to rely on trust, then your privacy is at risk.
Below are some of the reasons Ripple’s XRP is hated.
It’s highly Centralized:
The entire blockchain and cryptocurrency movement was championed by people that had anti-governmental sentiments and loved decentralization.
Therefore, XRP being a centralized coin, crypto enthusiasts don’t like its idea that much.
You are never going to hear any XRP investors talking about security as much as other cryptocurrency investors.
Presents itself different from other cryptocurrencies:
Ripple, as a company, presents itself professionally as a typical traditional company that signals value or trust for people.
However, in the crypto community, you typically have nerds that don’t conform to most of these traditional and professional ways of doing things.
The Community is too loud:
The Community of Ripple is very vile and loud towards other cryptocurrencies such as bitcoins.
If you make a tweet about a particular cryptocurrency, you’ll see the Ripplers coming in saying XRP is the future just because its transactions are faster than other cryptocurrencies, and this has become so annoying among other crypto enthusiasts.
Some associate bitcoin investors to criminals because XRP has a centralized institution monitoring transactions, but this goes against the other cryptocurrencies’ philosophy of eliminating the middle-men in general.
Most of the XRP community is usually made up of fanboys who believe that the banks are too big to fail and, therefore, lack information about investing in XRP, thinking that they are buying into Ripple itself without realizing that XRP is part of Ripples products.
This is like buying an iPhone and thinking that you are buying into Apple, the company.
Terrible Supply System:
About 60% of the coin is owned by the company itself, making many to believe it’s too centralized and benefiting the founders more than the ordinary crypto investor.
As compared to other cryptocurrencies, Ripple’s prices haven’t gone up since 2013 due to its inadequate supply and distribution.
According to the crypto market cap, XRP is the third-largest crypto with a market cap of $13.6billion, a circulating supply of $44billion, and a $100billion maximum supply as of this writing.
In conclusion, at the current price, it’s ridiculous for XRP to increase to say $10 a coin, which would mean that it’s surpassed bitcoin at a market cap of over $200billion and it will take a good number of years for XRP ever to see an increase in price.
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