Know about Ripple and Bitcoin

0
78

You already know that people are becoming smart because everything they can research and learn through Google, Youtube, or social media platforms. Technology is changing rapidly, new inventions are coming, and the lifestyle of people is also changing with technology. They know how bitcoin contributes to this technological world, but a new coin under the Ripple is also becoming popular.

There was very little change in this currency in the down crypto market. It does not mean you have to invest in the ripple coin because it is safe and less risky; you have to accept that every crypto coin is risky and do the proper research before investing your savings or money. So this guide will help you understand the difference between Ripple and bitcoin, or you can learn on bitprime-gold.com.

Understanding the Bitcoin Cryptocurrency

Bitcoin is the popular digital gold with a vast user base across the globe, and it gets banned in some countries because of its unique features. In simple language, it is the currency that only exists in the online form, and it needs digital storage known as a digital or crypto wallet to hold, send or receive bitcoins.

You can use it for different purposes such as trading, investing, making money through consulting, buying online goods and services, mining, etc., because it has high value and depends upon people’s beliefs. When people start selling all their coins, then they will become zero. That is impossible, and it is a highly volatile currency.

What is Ripple?

Ripple is the company that built the platform, and XRP is the native cryptocurrency built by the Ripple company. Unfortunately, there was a lot of misunderstanding between the XRP and Ripple, and on the exchanges, the name of Ripple was listed as the XRP cryptocurrency. Still, now people understand that Ripple is different and XRP is different. Ripple is the network where the XRP gets traded very fast because no third party needs to verify the transaction.

The key Difference Between Bitcoin and Ripple

There are the following points that make the bitcoin and ripple different given below:-

  1. Transaction speed:- Bitcoin’s transaction takes a minimum of 10 minutes, and some factors affect the transaction time. People do not have time to wait ten minutes or a few hours to complete the transaction. Hence, they want an instant translation processing payment system and prefer to use third-party applications that immediately process the system. The miners have to solve complex mathematical equations that take some time, and they can only add up to one-megabyte transactions in a single block, making the payment process slower. But the XRP transaction is very slow, and completing one transaction in three to four seconds is a speedy process. It has a network that makes it easy to recognize the transaction and solve it faster.
  2. Validation method:- The ripple network also works as a decentralized system, but there is no system of blockchain to validate the transactions. Instead, it has its method or system consensus to verify the transaction that creates the poll and automatically processes the transaction without involving the centralized authority. In the bitcoin system, the blockchain is the mainstream processing system where the transaction first occurs. Then, miners get notifications and start validating the transaction using their mathematical equation solving skills and programming skills by contributing the energy or electricity.
  3. Value:- Since bitcoin is the first invention of crypto and other coins are inspired by bitcoin, Ripple is also one of them. When the blockchain system was introduced, people started trusting bitcoin, which meant more purchasing of bitcoin that grows the value. The value of bitcoin depends on the demand and supply, and demand is increasing daily, pumping the value. Ripple’s currency’s value is meager compared to bitcoin because people do not immediately trust the strange currency. After all, cryptocurrency is very risky to invest in. So the value of one XRP is 0.334 dollars, and bitcoin is around 20,243 dollars, and you can compare the value of these currencies.
  4. Supply:- The supply of Ripple’s currency is more than one hundred billion, which is very high, which is why this coin’s value is meager. The limited the supply of the cryptocurrency, the more the value will be, and it is the same case in bitcoin. Bitcoin has a 21,000,000 supply limit, and after it, miners cannot mine bitcoin, but the transactions will remain happening.
  5. Scalability:- Bitcoin is not scalable because of the pre-set rules like one block can store up to one megabyte of transactions and not more than that, which uses a lot of energy to mine and skills. The transactions are significantly faster and cheaper in the XRP, making it more scalable than bitcoin.

LEAVE A REPLY

Please enter your comment!
Please enter your name here