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Former Ripple Developer Relations Director Matt Hamilton has spoken about his stance on why XRP has not gained the same popularity and acceptance as Bitcoin (BTC) after being questioned by one of his supporters.
At the moment, Bitcoin ranks first in the ranking of the largest cryptocurrencies by market capitalization, according to CoinMarketCap, and XRP ranks sixth.
Two Reasons Why XRP Didn’t Repeat Bitcoin’s Success
Hamilton responded based on two points, the first of which was that BTC had a first-mover advantage. Recall that XRP was launched three years after BTC, in 2012, by David Schwartz, Arthur Britto and Jed McCaleb.
As Hamilton says, at that time, 11 years ago, nobody understood anything about asset tokenization or decentralized exchanges, which were available in XRPL. “XRP Ledger was ahead of its time,” the developer concluded.
The second reason, according to Hamilton, is information attacks on XRP. First, fear, uncertainty and doubt about XRP were stoked by Bitcoin maximalists, and then the Financial Crimes Enforcement Network (FinCEN) got involved, he says.
Recall that even before the litigation with the SEC, Ripple had been sanctioned by another regulator for accusations of unregistered sales of XRP, as well as for violating the conduct of an anti-money laundering program. The case then ended in a settlement in which Ripple Labs and the XRP II Foundation were fined $700,000.
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