What Is Cryptocurrency and How Does It Work?

In a recent tweet, Ripple’s chief technical officer, David Schwartz, stated that the U.S. government outlawing Bitcoin would be “disastrous” for Ripple. The Ethereum cryptocurrency might be categorized as unregulated security in the same way.

Schwartz’s tweet was in reaction to a thread started by Nic Carter of Castle Island Ventures, in which he blames the San Francisco-based blockchain firm for deliberately attempting to destabilize the two major cryptocurrencies.

Brad Garlinghouse, the CEO of Ripple, has a history of misrepresenting Bitcoin’s power consumption. He claimed in April that XRP was 100,000 times more economical than the most popular cryptocurrency. After receiving backlash from the community, Ripple’s CEO emphasized that he was not asking for the outright prohibition of Bitcoin.

Chris Larsen, the former CEO of Ripple, has taken a far more militant position against Bitcoin. In September, he asked governments to penalize Bitcoin miners, arguing that the leading cryptocurrency must follow Ethereum’s lead and transition to proof-of-stake (PoS). In December’s blog article widely mocked by the bitcoin world, he explained how significant U.S. mining corporations might gain from the doubtful code update.

The proof-of-work (PoW) method has been panned by Schwartz, who has called it a “technological dead end.” He also said that Bitcoin’s decentralization was insufficient, making it prone to a 51 percent attack.

On the legal level, Ripple’s attorneys have targeted both Bitcoin and Ethereum after the Securities and Exchange Commission charged the firm in December for unlicensed XRP sales.

Ether was able to surpass XRP due to unjust treatment, according to Garlinghouse. Ripple believes that the outcome of the hotly debated case will bring regulatory certainty.

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