Beginning his comparison for the remittances industry with Bitcoin [BTC] and Ethereum [ETH], he said that individuals need speed with regards to moving money, particularly for cross-border payments. For Bitcoin, Johnson expressed that Bitcoin and Ethereum are intriguing coins, however, isn’t up to the mark regarding utility.
As per him closing transactions on Bitcoin or Ethereum a noteworthy business issue in this day and age is moving money crosswise over borders. Besides, as per him, Ripple has made a few software products which are worked to quicken the process of remittance taking it to as low as a few seconds at low rates. As he would see it, this factor makes XRP of incredible value for what’s to come.
Johnson elucidated that Ripple is 100% percent concentrating on businesses and attempting to grow its reach to as many institutions as could be expected under the circumstances with the goal that the payments that take days to clear should be possible in seconds. To cite excerpts from Johnson ‘s interview, he said “It is crazy that today I can send a text message to my friend in Rome with emojis and a gif of Neymar falling down and clever stuff … in 3 seconds. But if I want to move money from New York to Mexico City, it takes 5 days and costs over 500 basis points. This is crazy in this era of technology.”
“Fundamentally, money should move as fast as ideas move, as fast as data moves, and right now it doesn’t. And it’s really expensive. …slow moving money really hurts people, especially moving it across borders.”
While explaining the remittance industry current time lag and costs involved he compared XRP to BTC and ETH and said
“Bitcoin’s slow… Ether is slow. XRP moves really really fast just because its technology is a little bit different.”