Ripple: There is no doubt that Bitcoin (BTC) has a huge chokehold on the crypto market. That’s mainly because it is the coin that is by and large used as a base currency on most exchanges across the world. At this point, this really is its biggest utility value. Almost all its other features have already been outpaced by altcoins. Most altcoins today, are faster, cheaper and way more usable than bitcoin (BTC) as cryptos for everyday use. While fiat pairings are gradually eating into bitcoin’s usage as a base currency, there is one crypto that is doing the same too, and at an increasingly exponential pace, and that’s XRP (XRP).
So far, a number of important exchanges have announced that they will be using XRP as a base currency. One of them is Unocoin, one the largest exchanges in India. Yesterday, the exchange took to twitter to announce that they would be using XRP as their base currency.
DCEX is another major exchanges that are turning to XRP (XRP) as a base currency. DCEX, has announced that they have introduced XRP as a base currency, and will be trading it against 15 cryptos.
However, the biggest exchange that is using Ripple’s XRP as a base pair is SBI Japan. SBI is one of the largest and most respected financial institutions in Japan. They announced long ago that their crypto exchange will be using XRP (XRP) as a base currency, and they have actualized it. This exchange has opened up billions of dollars of XRP (XRP) for trading, and will have huge impact on XRP’s value in the future.
There are a number of advantages that XRP (XRP) has over bitcoin (BTC), when used as a base currency. The first one is that of speed. XRP (XRP) transactions are instant, as opposed to bitcoin (BTC) transactions that can take up to 30 minutes to go through. This means that for investors looking to take advantage of the market at any given time, using an exchange that has XRP as a base crypto would be a better choice. XRP also has the advantage of cost. Unlike BTC transactions, XRP transactions are almost feeless. As such, there is an incentive for more exchanges to start using XRP as a base currency, alongside fiat pairings.
Such moves by exchanges will eat up a huge chunk of the utility value of Bitcoin (BTC). On the other hand, the value of XRP will rise. But one can argue that this is not reflecting in the value of XRP, which seems to have stagnated. Well, the thing is that this is a very macro and fundamental change, one that will take time to notice.
Besides, XRP (XRP) is still facing a number of issues that are holding it back at this point. Once those issues clear up, Ripple’s XRP is one crypto that could very easily dethrone bitcoin (BTC) at the top. It is way more practical as a base currency, and also has other uses that add to its value, including its usability in banking. XRP’s price may not reflect it today, but its long-term intrinsic value is on the rise.