Elon Musk has handed a huge win for “sustainable” cryptocurrencies of the likes of XRP with his Bitcoin snub
Tesla CEO Elon Musk has just handed “the best ad campaign” to the Ripple-affiliated XRP cryptocurrency, according to attorney John Deaton.
As reported by U.Today, the e-car manufacturer dropped Bitcoin payments due to environmental concerns, making the price of the flagship coin tank to just $45,700 before seeing a relief bounce.
Deaton—who’s spearheading the effort to insert XRP holders into Ripple’s lawsuit with the U.S. Securities and Exchange Commission—believes that more mainstream coverage will now be devoted to sustainable currencies.
Ripple CEO Brad Garlinghouse and other high-ranking executives have been very vocal about XRP’s green cred. In a recent interview, Garlinghouse claimed that the token was 10,000 times more energy-efficient than Bitcoin.
In the meantime, Ripple co-founder Chris Larsen suggested that the number one cryptocurrency should ditch the power-hungry proof-of-work consensus mechanism to remain the dominant coin.
Last month, Ripple also joined the Crypto Climate Accord to decarbonize all blockchains. a
The “green” race
In his bombshell announcement, Tesla CEO Elon Musk said that his company was looking into other cryptocurrency alternatives that consume less than one percent of Bitcoin’s electricity.
XRP is, of course, far from being the only “green” contender. Elrond Network CEO Beniamin Mincu said that Elrond is “the solution”:
Stellar, Algorand, Cardano, IOTA, and Nano are all sustainable cryptocurrencies.
Dogecoin—the meme coin that is currently being considered by Tesla—is also more energy-efficient than Bitcoin because of its Scrypt mining algorithm.
Original Source : u.today
If you wish to support our website and help us improve you can do it by donation. You can donate crypto directly. Just click on the banner below:
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you