Bitcoin Vs. Ripple: What is the Difference?

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Source: medium

Cryptocurrencies are gaining popularity, and more currencies keep appearing as a response to the market changes and the opportunities that present itself. Bitcoin started the revolution when it first appeared in 2009. Everything began with Bitcoin, and from its way of functioning on the market, the other cryptocurrencies evolved, providing some options that Bitcoin couldn’t offer.

The number of cryptocurrencies keeps growing by the day as more and more people realize all the possibilities that the coin exchange offers. There are currently 10 main ones that took the lead on the market: Ripple, Ethereum, XRP, Hbar, Litecoin, Tether, Bitcoin Cash, Libra, Monero, EOS, Bitcoin SV and Binance Coin. Each one has its followers and the advantages they offer that put them on the financial map of the world. The main one on the market is Bitcoin, but lately, Ripple has shown just how precious it is.

Few facts about Ripple

Source: Blockchain/Cryptocurrencies

Ripple is a currency and a platform. The platform is designed to enable cheap and fast transactions. The great thing about Ripple is that the payments made internationally can be performed in real-time. It first appeared in 2011, and since then, it has gathered quite a number of fans. The costs are lower, and the transaction time is very much decreased. The interesting thing about it is that it does not require mining because the tokens are mined prior to launching, so it only gets introduced and then removed from the market in accordance with the rules. Since the mining is removed from the process, the usage of power is reduced to the minimum, which makes the whole process easier.

Ripple made quite a noticeable success, and it is now one of the leading currencies of this kind. The market cap is $9.2 billion right now, making it the third place concerning the most influential coin currencies. It seems that Ripple maybe just the next best thing concerning global transactions. This may sound pretty ambitious, but we’ve all seen what happened to Bitcoin. Despite all the negative predictions, it is still standing, and its value is going up. Maybe this will happen with Ripple too. We will see. In the meantime, here are some characteristics of both, so you can have a better understanding of the way Bitcoin and Ripple function.

The main differences

Source: tokenmantra.com

The Bitcoin was created as an answer to the way the market was functioning at the moment so that the people can get better ways to transfer currencies. It was described as the Robin Hood of currencies as a way to bring back control of the finances to the people. On the other hand, Ripple was created with the intention of making real-time transfers possible. Payments with Ripple are transparent, affordable, and secure. Ripple protocol is probably bulletproof since all the malicious entries are instantly blocked.

Bitcoin was created by an individual or a group of people called Satoshi Nakamoto. It is a public currency, while Ripple is created by a private company and investors known by the name the Ripple company. Bitcoin appeared in 2009, while Ripple appeared two years later end it established its position pretty quickly.

Perhaps the main difference between Bitcoin and Ripple is that it’s that Bitcoin uses mining, while Ripple doesn’t function that way. Ripple was not created with the intention to be mined. This is the main difference between these two currencies. While Bitcoin miners get a new Bitcoin as the reward, this is not the case with Ripple. Ripple gets mined before it becomes available on the market. There are 38 bln Ripple coins on the markets and Ripple labs that get released periodically.

On the other hand, there are 21 mln Bitcoins on the market, and the users perform the mining. The value of Ripple is far less than the value of Bitcoin. At the moment, the value of Ripple is 0.23 United States dollars, while the value of Bitcoin is 8646,00 United States dollars. This gives you a pretty clear idea of the value of these two currencies. If you want to engage Bitcoin trading, visit bitcointalkshow.com to find out more.

The transaction of Bitcoin lasts an average of 10 minutes. On the other hand, Ripple transaction requires only 5 seconds, which is pretty amazing. The goal of Ripple is to facilitate transfers of items such as gold or oil through the network, while the Bitcoin uses the money capacity. The interesting thing about the Ripple network is that it is a decentralized exchange of currency, while Bitcoin requires a centralized one. Selling of XRP, which is a cryptocurrency used by Ripple, can be performed directly without any third party.

The predictions for the future

Source: CryptoPost

Even though predicting the value of cryptocurrencies in the future is not an easy task, that does not stop the experts from making assumptions about the possible outcomes. No one can tell you with certainty the exact value that these currencies will have in the period of the next five years, but here are some that are made based on the current position on the market.

The value of Ripple may go up to $23,00, which is a certain improvement when compared to its value at the moment. On the other hand, the predictions for Bitcoin are sky-high. While some experts say that its value will go up to 100,000 U.S. dollars, others are so ambitious that their prediction reaches the astonishing one million U.S. dollars.

One thing is for sure, these currencies, both Bitcoin and Ripple, hold valuable positions on the market. As it seems, their value will just go up, and people will probably create more cryptocurrencies based on the way these two work. More and more people learn to make investments in the cryptocurrency market since we’ve all seen just how wealthy certain people became by learning how to invest properly. This is an area that gains more and more value every day, and with a solid reason, that’s for sure.

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