XRPL Bitcoin Payment App Now Allows Burning Of XRP

XRPL – Another significant advancement aimed at conducting Bitcoin transactions and competing with the Lightning Network has returned the crypto world. This time, the XRP Ledger-based project SpendTheBits, which lately got a lot of support from the entire XRP community, had its moment of shine.

Briefly describing its own idea, SpendTheBits claims that by utilizing the XRPL blockchain, BTC transactions will be much faster and less expensive than they currently are. At the same time, CryptoLaw founder and pro-XRP campaigner John Deaton emphasized another advantageous aspect of the initiative.

The case of SpendTheBits, which was developed on the XRP Ledger using open source code without the need for authorization from Ripple or anyone else to use the technology, demonstrates once more, in the opinion of the cryptocurrency attorney, how ridiculous the SEC’s allegations against Ripple and XRP are. Deaton calls it technology in the style of Satoshi.

BTC to XRPL and burn

The use of XRP in transactions, or more specifically the burning process, is without a doubt the project’s most significant feature. Therefore, every BTC transaction through the XRP Ledger blockchain will also result in the burning of XRP in addition to the fact that it is used to activate an account.

It’s also important to note that while using the SpendTheBits app to send Bitcoin, the user really sends a fake “I-owe-you” form of the cryptocurrency, such as xBTC from Coinbase or sBTC from the 21Shares fund.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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