A new Bitcoin payment platform getting better support from the whole XRP community because it is ultimately helping the adoption of XRP Token & Bitcoin and also burning XRP tokens.
XRP ledger is a centralized blockchain network powered by Ripple company. Ripple is a San Francisco-based Fintech company, which backs the XRP ledger blockchain and also uses the native token XRP to facilitate cross-border transactions for international small & big companies.
As we know very well, the recent market situation showed that strong crypto assets may remain in existence forever and bad business model-based projects will collapse within a few years of time frame. Overall this thing forced the crypto industry to show deep belief in Bitcoin & Ethereum as legendary crypto assets.
In support of Bitcoin, many crypto-supportive companies are trying to bring better payment Protocols to push the adoption of Bitcoin. SpendTheBits is also one of the projects dedicated to providing Bitcoin transactions at a very low cost. This project is built on the XRP ledger blockchain, so initially, it requires the use of XRP Token to activate the wallet and also uses XRP token in fees.
This payment project is getting better support from the whole XRP & Bitcoin community because it is overall pushing the adoption of Bitcoin payment adoption and secondly it is helping to reduce the supply of XRP tokens because every transaction will consume XRP tokens as a fee.
On 10 September, John Deaton, a pro-XRP activist and the founder of CryptoLaw, talked about the other positive side of this XRP ledger-based bitcoin payment project.
Deaton said that this project is permission-less distributed ledger technology – emphasis on “open and permission-less.”
Further, he said that compare this project to the Bitcoin lightning network-based wallets and you will find that the XRP ledger is a better Layer2 scaling solution network for Bitcoin in terms of almost every factor whether it is fees or transaction speed.