- Matt Hamilton, former director of developer relationship at Ripple, suggests that El Salvador switch to XRP instead of BTC.
- The surge in demand for Bitcoin has led to higher fees, prompting concerns about scalability and adoption.
Former Ripple Director Urges El Salvador to Consider XRP
Matt Hamilton, former director of developer relationship at Ripple, has suggested that El Salvador switch to XRP instead of Bitcoin. The surge in demand for Bitcoin has led to higher fees, prompting concerns about scalability and adoption.
Higher fees for Bitcoin users
Journalist Marce Romero recently highlighted the impact of higher fees for Bitcoin users in El Salvador. One individual was charged $20 in fees for withdrawing $100, a significant cost in a country where the average salary is $300-350. Hamilton argues that this highlights the need for technology that is better suited for this purpose, such as XRP and the XRP Ledger.
Just use technology that is fit for this purpose eg the XRP Ledger. Getting upset that Bitcoin doesn’t scale and that people are using it doesn’t help anyone.
— Matt Hamilton (@HammerToe) May 9, 2023
El Salvador’s Bitcoin adoption
El Salvador recognized Bitcoin as the state currency in fall 2021 and began actively investing budget money in it. As a result, tourism in the country has grown by 95% since the legalization of BTC. In addition, the government has launched educational programs on BTC and the Lightning Network to help citizens better understand the technology.
XRP as an alternative
Hamilton suggests that getting upset about the limitations of Bitcoin and its widespread use does not help anyone. He argues that XRP and the XRP Ledger are better suited for the purpose of cost-effective and efficient transactions. XRP’s use of RippleNet and its fast transaction times make it a compelling alternative for countries looking to embrace cryptocurrencies.
Scalability and adoption
While Bitcoin’s popularity continues to rise, the challenges it poses cannot be ignored. The recent surge in demand for Bitcoin highlights the need for scalability solutions to prevent high fees from hindering adoption. As more governments and institutions embrace cryptocurrencies, it is essential to ensure that users can transact with them in a cost-effective and efficient manner.