The former U.S. President Donald Trump carried out his first Bitcoin transaction while visiting PubKey, a crypto-themed bar in New York City. This marked the first time a sitting or former U.S. president publicly used Bitcoin for any transaction.
The incident quickly drew attention from political and cryptocurrency communities, highlighting Trump’s increasing engagement in the digital asset space.
However, this moment wasn’t without its challenges. The transaction had reportedly taken longer than expected to complete—roughly a minute.
In response to this, Digital Asset Researcher Anderson shared a tweet to point out that if Trump had used XRP instead, the transaction would have been completed “in a couple of seconds.” Many users also echoed this sentiment.
Anderson’s comment emphasized the efficiency of XRP compared to Bitcoin, noting that the latter’s slower transaction speeds can present issues in real-world use cases. This comparison brought to mind Buterin’s statement, which was reported in August by Times Tabloid, suggesting that XRP was better than Bitcoin.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Trump Becomes First President To Accept
Trump’s recent acceptance and interest in cryptocurrency follows his public shift in stance on Bitcoin. Though he initially expressed skepticism towards cryptocurrencies, his actions, such as accepting Bitcoin donations via the Lightning Network for his 2024 presidential campaign, demonstrate his growing embrace of blockchain technology.
Bitcoin is currently trading at $63,758, displaying a 2.78% increase in the past day and 10.09% over the past week, it is safe to say that the incident with Trump did not have any significant impact on the price of the token.
Anderson’s critique underscores a broader conversation within the crypto community about the speed and scalability of various digital currencies. Bitcoin, while being the most well-known cryptocurrency, has faced criticism for its relatively slow transaction times compared to newer, faster networks like XRP.
Conclusion
This incident has revealed the broader challenges cryptocurrencies face in becoming mainstream financial tools. While Trump’s symbolic use of Bitcoin was a significant gesture, it also showcased some of the practical limitations that continue to challenge the adoption of certain cryptocurrencies.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
