Crypto or fiat? “Bitcoin will be 10 times better

Ripley noted that there are two clear use cases for crypto, based on the current state. However, he explained that any use case for replacing an existing system must prove to be ten times better than what it replaces.

According to Ripley, Bitcoin and other cryptocurrencies have obvious appeal when it comes to global payments or money transfers. In terms of friction and cost, cryptocurrencies far outperform existing traditional payment systems.

I got into cryptocurrency to make money. But what appeals to me is Satoshi’s vision. The decentralization of the currency.

The more powerful Binance becomes, the less the cryptocurrency keeps its essence.

If this continues, crypto will become Fiat with a different name.

– Layn 👽 (@Layn_io). November 8, 2022

However, he noted that the new technology still has to meet the criterion of being ten times better than the existing systems it is intended to replace.

” It just becomes ten times better, and that’s what we need, we need ten times better technology for that particular use case, once the infrastructure is in place, once the cryptocurrency is in everybody’s hands and they have wallets and mechanisms to use it” he said.

Bitcoin will be unstoppable at 10x

Ripley also explained that the power of the new technology will be unstoppable when it reaches the 10x status he postulated.

He stated that his organization is working towards this goal by creating the necessary infrastructure. It will be about putting cryptocurrencies in the hands of everyone, and doing so in a globally distributive way.

In addition to payments, Ripley identified collectibles, such as NFTs, as another important use case for cryptocurrencies.

In his opinion, this category of use cases could more easily reach the 10x category to successfully disrupt the existing system.

According to him, digital art is in many ways better than its physical counterpart, which forms an old system.