Jump to content
lll_lll

XRP adoption

Recommended Posts

11 minutes ago, Phintech said:

A good first step would be to stop thinking about it as a p2p solution and start thinking about it as a transfer protocol for cross border payments, and evolving into the backbone of the internet of value, which will dwarf the internet of data.

Fair enough. For the current focus on xRapid, the adoption by the masses in not required and the better metric would be the on ledger volume of XRP but for other use cases like micropayments and codius, the good proxy can still be the number of ledger. My larger point that just because something has utility that there would be adoption still stands while how we measure this adoption can vary.

 

Share this post


Link to post
Share on other sites
9 minutes ago, lll_lll said:

No utility does not forecast adoption. It XRP proves to have all kind of utility but the the number of wallets is still 1.5 million, then there is no adoption. The proof of adoption is the growth in the number of wallets. There had been many instances where better technology has lost out because there was no adoption.

 

As people have said above, there are probably plausible explanations for this phenomenon and that is what this post is meant to discuss.

 

Quote

Please educate me then. Just one line saying I do not understand XRP doesn’t do me any good.

adoption of xrapid does not create new wallets to be able to use it

using coil also does not require you to open a wallet and hold xrp

 

it just shows that the required minimum of 20 XRP to activate a wallet successfully prevents spamming the network

 

Share this post


Link to post
Share on other sites
3 hours ago, lll_lll said:

One of the metric I always look at to guesstimate the adoption of the number of wallets that are being activated in a daily/weekly basis. Currently we have about 1.37 million wallets that have any number or XRP's in them. As I was looking through the numbers today, I was curious as to where the numbers stood for BTC and ETH. So, I did a quick search and it appears that ETH has around 44 million and BTC has more than 22 million activated account. Just looking at this metric, it seems like XRP is by orders of magnitude away from achieving the kind of adoption that BTC and ETH enjoy. I understand that some of this might be because of the reluctance on XRP adopters to open more accounts because of the 20 XRP minimum but that alone cannot explain the huge discrepancy in the numbers. So my question is:

i) What other factor is contributing to this huge gap in the number of wallet?

ii) What as a investor in XRP can we do individually and collectively to help usher general adoption?

https://etherscan.io/chart/address

https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/

https://ledger.exposed/rich-stats#range

 

Most people trash BTC wallets after using them once or twice because they’re buying something illegal

Jk to a certain extent 

Edited by Atomic1221

Share this post


Link to post
Share on other sites
1 hour ago, essexboyracer said:

I use coil on my own website - Idont have a wallet for that

Where are the donations being deposited then? You need a wallet for them to be deposited. If you have a donor, then you probably don't need a wallet but if you are a receiver, you need it.

Share this post


Link to post
Share on other sites
4 hours ago, lll_lll said:

One of the metric I always look at to guesstimate the adoption of the number of wallets that are being activated in a daily/weekly basis. Currently we have about 1.37 million wallets that have any number or XRP's in them. As I was looking through the numbers today, I was curious as to where the numbers stood for BTC and ETH. So, I did a quick search and it appears that ETH has around 44 million and BTC has more than 22 million activated account. Just looking at this metric, it seems like XRP is by orders of magnitude away from achieving the kind of adoption that BTC and ETH enjoy. I understand that some of this might be because of the reluctance on XRP adopters to open more accounts because of the 20 XRP minimum but that alone cannot explain the huge discrepancy in the numbers. So my question is:

i) What other factor is contributing to this huge gap in the number of wallet?

ii) What as a investor in XRP can we do individually and collectively to help usher general adoption?

https://etherscan.io/chart/address

https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/

https://ledger.exposed/rich-stats#range

 

 

2 hours ago, tulo said:

Exchanges can use a single address/wallet for XRP for all the customers, while for ETH and BTC they need one wallet each. So imagine one exchange with 1M customers, they can open one XRP wallet and 1M BTC wallets. Now multiply that for the number of exchanges out there ;) 

THIS.

I personally think that everybody needs to have basic knowledge when  investing into something.

Like tulo  said every exchange out there have 2 wallets ONLY, one hot and on cold wallet!!!

So bittrex +kraken+binance+bithumb+bitfinex+houbi=12 wallets :D . (there are a lot more exchanges )

These 12 wallets have at least 3-10 million XRP holders on these exchanges only. This range is based on how many users these 6 exchanges have so its somewhere from 8 to 20 million users(my guess, someone can look at the correct numbers) and my guess is that at least 30% of all the users have some investment in XRP.

Of course my estimates are not totally correct but your logic is totally wrong, just 2 notes:

1. All xRapid partners could only use 2 wallets with different tags and you will never know how many are the total users of XRP

2. With the current number of the XRP wallets or 1,377,901 there could be more XRP holders than Bitcoin and Ethereum combined.

I hope that helps. :big_boss:

 

Share this post


Link to post
Share on other sites
2 hours ago, lll_lll said:

Please educate me then. Just one line saying I do not understand XRP doesn’t do me any good.

1. As someone else said, 1 exchange wallet (think Bitstamp) on XRPLedger can be representative of a million exchange users... an old world corollary would be a broker/dealer (think Fidelity) having one seat on the NYSE, but millions of their users trades flow up to, and through that one seat/wallet.

2. XRP has utility on the XRPLedger because it is the only unit of value acceptable for paying transaction fees, like a postal stamp is the only unit of value you can pay to use the postal network... you cant hot glue 2 quarters, a nickel and 2 pennies to the corner and get your transaction delivered... but a silly stamp gets the job done

Now you would be a fool to buy stamps for a postal network that can only deliver a package to your neighbor, however if that same network can take your transaction to the other side of the world.... the stamps now have more utility value.

Each time an FI joins RippleNet from a new country, or financial jurisdiction RippleNet can now deliver a package of value into that new domestic network's citizens... more utility value.

3. The value of having x millions of early adopters, mostly individuals not running a financial institutions, is still valuable... but having a few dozen financial Institutions gives the network (RippleNet) a bigger reach, probably 10x the number of end users when compared to wallet counts.

4. Scalability- I remember people telling me a few years back that a Rippled ledger would hit a point of reduced scaliability around a few million wallets. No idea what the assumptions were that went into that opinion, but we appear to be past 1 million now.

Having the "gateways" manage their own userbase improves Scalability, no need for all the ledger bloat that putting every single transaction on XRPLedger would create.

Share this post


Link to post
Share on other sites
6 hours ago, lll_lll said:

One of the metric I always look at to guesstimate the adoption of the number of wallets that are being activated in a daily/weekly basis. Currently we have about 1.37 million wallets that have any number or XRP's in them. As I was looking through the numbers today, I was curious as to where the numbers stood for BTC and ETH. So, I did a quick search and it appears that ETH has around 44 million and BTC has more than 22 million activated account. Just looking at this metric, it seems like XRP is by orders of magnitude away from achieving the kind of adoption that BTC and ETH enjoy. I understand that some of this might be because of the reluctance on XRP adopters to open more accounts because of the 20 XRP minimum but that alone cannot explain the huge discrepancy in the numbers. So my question is:

i) What other factor is contributing to this huge gap in the number of wallet?

ii) What as a investor in XRP can we do individually and collectively to help usher general adoption?

https://etherscan.io/chart/address

https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/

https://ledger.exposed/rich-stats#range

 

Would the discrepancy be because both BTC and ETH have what are known as Hierarchical Deterministic wallets which generate a new address for each transaction and sweep the remaining balance into a new address to preserve some anonymity ?... I'm assuming  you are equating one BTC/ETH address = one BTC/ETHwallet... which will not necessarily be the case for BTC/ETH.  Someone can correct me if I'm wrong, but As far as I know, this feature does not exist for any XRP wallets.

Edited by richxrp

Share this post


Link to post
Share on other sites

Bitcoin HD wallets don't make for a fair comparison as every transaction is generating (in general) at least 1 new address and as for ETH i would say given it is free to create addresses and that every exchange user that has ever deposited ETH or any of its many many icos will have a unique address would mean that real comparisons of absolute numbers would be hard.

I think that XRP numbers are great in terms of these factors

Share this post


Link to post
Share on other sites
1 hour ago, richxrp said:

Would the discrepancy be because both BTC and ETH have what are known as Hierarchical Deterministic wallets which generate a new address for each transaction and sweep the remaining balance into a new address to preserve some anonymity

Interesting.. are you saying that each transaction creates one or two wallets?

Share this post


Link to post
Share on other sites
8 hours ago, lll_lll said:

The proof of adoption is the growth in the number of wallets.

Sorry but that is clearly not correct.  

Imagine every bank in the world started using XRapid in every corridor.  That usage might not create any new wallets at all.  

The exchange wallets would see a lot of transactions but not create wallet trans.  

It is perhaps some indication of interest overall but it is definately not directly correlated to XRP adoption.  

Share this post


Link to post
Share on other sites

×