Since its inception, Bitcoin has been hailed as the pioneering force behind the world of cryptocurrencies. Created in 2009 by the enigmatic Satoshi Nakamoto, Bitcoin laid the groundwork for the digital asset landscape we observe today.
Recently, however, some discussions have emerged that challenge this well-established narrative. A claim gaining traction among certain crypto enthusiasts, especially supporters of XRP, posits that Ripple’s XRP might actually predate Bitcoin.
Unveiling XRP’s Earlier Beginnings
A conversation sparked on social media platform X when a cryptocurrency commentator, SMQKE, tweeted that “2014 emails confirm: ‘Ripple is older than Bitcoin.’” This claim was bolstered by a 2014 email exchange revealing insights about Ripple’s early development.
This particular email thread, from February 2014, featured contributions from journalist Bailey Reutzel and developer Jeffrey Cliff. During the discussion, Reutzel pointed out that “The first iteration of Ripple was conceived by Ryan Fugger in 2004.” Notably, this was prior to Satoshi Nakamoto’s introduction of decentralized digital currencies.
Fugger’s brainchild, RipplePay, aimed to establish a peer-to-peer trust network that would enable communities to create and trade credits, predating any mention of traditional blockchain mining.
Despite its innovative design, the platform encountered obstacles, particularly in securing committed participants. Reutzel noted that Fugger looked for solutions to these challenges before ultimately handing control to Chris Larsen, who, along with others, founded Ripple Labs and debuted XRP in 2012. Under Larsen’s guidance, Ripple transitioned toward a blockchain-focused cryptocurrency model, partly influenced by Bitcoin’s rising popularity.
Understanding XRP’s Structure: A Unique Proposition
The email correspondence draws a crucial distinction between Ripple as a network and XRP as a currency. Initially, Ripple wasn’t designed to function as a cryptocurrency in the same way Bitcoin was. According to Reutzel’s insights, Larsen framed XRP as a cryptocurrency to gain traction, rather than because the Ripple platform inherently focused on cryptocurrencies.
In its early days, XRP operated without a proof-of-work system or traditional blockchain, while its aim was to facilitate decentralized financial transactions. This concept of enhancing financial systems through technology later became mainstream with Bitcoin. Such factors complicate the narrative that XRP is merely a derivative of Bitcoin, even though it didn’t completely fit the crypto mold at its inception.
Despite this discourse, many crypto enthusiasts consider Bitcoin the original cryptocurrency, a title it continues to hold as the market leader, boasting a market capitalization share of around 64.8% in the industry.
