XRP Can Now Be Burned via Bitcoin Payment App on XRPL

September 11, 2022 10:14 pm Comments

Another major development has finally been released and this time it is focused at implementing Bitcoin transactions and competing with the Lightning Network.

The development comes from a project called SpendTheBits which is a project that was built upon the XRP Ledger.

Basically, this project enables the use of XRP in transactions and utilizes the XRPL blockchain to allow BTC transactions to be faster and have a fraction of the transaction cost.

One of the best parts is that it will also burn XRP with every BTC transaction done through the XRP ledger blockchain.

This would then make the XRPL blockchain expand significantly when it comes to its use cases and would increase the value of XRP due to this new burning process.

U.today reports:

According to the crypto lawyer, the case of SpendTheBits, which is built on XRP Ledger using open source code and not requiring any permission from Ripple or anyone else to implement the technology, once again proves that the SEC claims against Ripple and XRP are absolutely absurd. It is Satoshi-esque technology, says Deaton.

The most important feature of the project is definitely the use of XRP in transactions, or rather the burning process.

So, in addition to the fact that XRP is used to activate an account, it will be burned with every BTC transaction through the XRP Ledger blockchain.

It is also worth clarifying that when making Bitcoin transactions through the SpendTheBits app, the user sends a synthetic “I-owe-you” version of the cryptocurrency, like xBTC from Coinbase or sBTC from the 21Shares fund.

This SpendTheBits project is certainly considered innovative since it is a payment solution that utilizes Ripple’s XRP ledger to solve one of the biggest pain points of Bitcoin.

With the payment solution utilizing XRPL, there would be much lower costs for merchants and the transaction speed gets multiplied significantly.

Currently, this STB payments solution is available in Canada, but the company already has plans to expand it to multiple other crypto-friendly countries.

The service is also easily accessible with a mobile app that supports both iOS and Android Devices and will likely expand the use of the XRPL network in the near future.

TheCryptoBasic reports:

Following the delay and high fee in sending Bitcoin, a new payment platform was launched to enable users to send BTC faster and cheaper to merchants, who accept digital currency as a payment method.

SpendTheBits (STB) is a payment solution launched on Ripple’s XRP Ledger (XRPL) to allow users to send BTC faster and at a relatively low cost to merchants.

The developer of SpendTheBits launched the solution on Ripple in order to leverage the unending payments feature of the leading blockchain, which includes faster, cheaper, and eco-friendly transactions.

“By deploying a user’s bitcoin onto the XRPL, Users get all of the benefits as they will be able to send fast, cheap & eco-friendly payments to merchants,” SpendTheBits said in a recent tweet.

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