Blockchain and Cryptocurrencies are a vital part of our modern-day life and people generally get lost in the range of digital currencies that are available in the market. The most popular cryptocurrency is still Bitcoin. But, Ripple is progressively gaining its popularity among cryptocurrency overseas and fans all around the world. So, what are the major things that differentiate Ripple and Bitcoin, and what are their pros and cons? Let’s have a look at every single one of them in greater detail.
The Objectives of Development
Bitcoin was developed as a digital currency to pay for services and goods. Ripple, in turn, was created for banks and payment networks as a payment settlement, money transfer system, and currency exchange. The main idea of Ripple was to create a system of direct asset transfers in real-time which would be cheaper, more transparent, and secure than the existing payment methods, such as SWIFT payments.
Who Developed these Cryptocurrencies?
Bitcoin is regularly maintained by a group of enthusiastic developers. It is a decentralized system and isn’t governed by any government, bank, or third party. Bitcoin was developed by an anonymous person or a group of people called Satoshi Nakamoto.
On the other hand, Ripple is created by an official company that has set some aims. This company came into existence in 2012. In the years 2015 – 2016 the official company of the young crypto coin had offices in the UK, Luxembourg, and Australia.
Ripple uses an iterative consensus ledger and validating servers network along with XRP cryptocurrency tokens. Whereas, Bitcoin is a Blockchain-based currency using mining. The network of Ripple is handled by several independent servers comparing their transaction records constantly. Every second, A new ledger of Ripple is created.
The major reason why these two cryptocurrencies are so different from each other is that Ripple is not developed in a way to be mined at all. Although, Bitcoin miners are often rewarded in the form of a new Bitcoin. XRP tokens at the amount of hundred-billion have been pre-mined initially, and just thirty-eight-billion is available for purchase in the market, the rest are in Ripple labs and are periodically released.
On the contrary, Bitcoin is not pre-mined at all, and the maximum supply is around 21 million.
Issuance of coins
Ripple owns around sixty-percent of XRP tokens. Its price is pretty low in comparison to Bitcoin. The distribution and movement of XRP tokens can be tracked on the Ripple Charts website.
Bitcoins are spread out all over the world.
XRP’s transaction confirmations consume about 5 seconds in comparison to Bitcoin, whose transaction confirmations consumes around 10 minutes or more.
Difference In Utilizing
Bitcoin is utilized in the capacity of money. However, Ripple’s goal is to utilize it for other commodities or currencies transfer such as gold or oil over the network. its network of is a completely decentralized currency exchange, while Bitcoin entails centralized ones. What this means is that users are intended to exchange XRP for USD; it’s possible to do that inside the Ripple network without any third parties or intermediaries. So, in case anyone would like to sell their XRP for USD they can do that within the network without going to a third party.
Bitcoin Vs Ripple
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