Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful long term, said Rippleco-founder Jed McCaleb.
Use of a centralized financial payment network will result in "a system that is no better than SWIFT or PayPal," McCaleb said.
"The real vision is that you have a network, much like the internet, that anyone can participate in," McCaleb said Friday on CNBC's "Fast Money." "There's not one central entity that can decide that it's going to start charging. This is the way this thing can actually grow and reach ubiquity."
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