Ripple Director General Brad Garlinghouse criticized bitcoin for restrictions when making payments, calling the XRP cryptocurrency more suitable for international transactions.

According to Garlinghaus, Bitcoin is not able to satisfy the growing need of the world population for safe payments – excessive commissions in the Bitcoin blockchain will not allow him to become a leader in international financial transfers. As Garlinghaus put it, XRP appeared for the reason that programmers who are aware of Bitcoin’s problems created a more advanced network. The Ripple solution processes payments 1000 times faster and cheaper than bitcoin, so it fits better into the modern financial sector, says Garlinghaus.

Ripple intends to make sure that the companies do not have to pre -finance accounts for cross -border payments. The current banking system uses correspondent accounts where funds are frozen. This causes delays in making money transfers, which are often intended for individuals or small groups of people.

As an example, Garlinghaus cited a freelancer living in the Philippines and working in some London company. He often experiences difficulties in obtaining foreign transfers due to systemic banking restrictions. Ripple allows instant payments without the need to make transactions for large amounts.

Garlinghaus compared the Ripple mission to the advent of the early Internet traffic controls TCP/IP and HTTP. The company seeks to do the same in the payment sector, creating a solution that will allow money to move as easily as Internet data. Considering that the XRP coin does not need to be mined, the Ripple blockchain can process more transactions and consume much less electricity than Bitcoin using the Proof-OF-Work consensus method was concluded by Garlinghaus.

Earlier, the head of Ripple said that the traditional banking system is already outdated, so it needs to be modernized with cryptocurrencies to increase the speed of settlements and make them cheaper.