Cryptocurrency trend is booming that it ensures safety and security with encryption and decryption by using cryptography principles and technology.
Bitcoin is the first cryptocurrency that came into existence. This is also global and digital currency which enables to send and receive money over internet. This is a peer to peer system which means no intermediary like Credit Card Company or financial provider or bank is required.
Ripple XRP is digital asset and banking system is adopting Ripple XRP for global payments and remittances. It is used for interstate and interbank transactions as well. XRP is the name of Ripple Company’s coin. This crypto currency is gaining popularity these days.
Let’s look into the few differences between Bitcoin and Ripple XRP.
Firstly, Ripple XRP is faster than Bitcoin in terms of transaction speed. Bitcoin transactions require mining process so these transactions take longer time to authorize. If it is Ripple XRP, it will not take more than 4 seconds for authorization. That’s why Ripple transactions are very quick than Bitcoin.
Secondly, Ripple transactions are free. Though these transactions have fee, it will finally be destroyed. It means no fee is being paid to anyone. But, in case of Bitcoin, transaction fee should be paid to miner as reward so that transaction will get included in block formation.
Thirdly,if you want to buy or sell Ripple XRP, you can use its own network which is safe and secure. But for Bitcoin, buying and selling can be done on the central exchange.
Fourthly, there is difference between Ripple XRP and Bitcoin with regard to information tracking. Ripple network has the ability to track any kind of information like balance in the account etc. On the contrary, only the movement of Bitcoins is being tracked on Bitcoin network.
Fifthly, users create Bitcons through mining process whereas Ripple XRPs are created for release well in advance. To a large extent, Bitcoins supply limit is 21 million. Ripple creators have created almost 100 billion Ripples. Out of these, around 55 billion Ripples will be allocated to users, companies and partners.
Finally, there is difference between Ripple XRP and Bitcoins in terms of scalability. Ripple XRP has the ability to transact more than 1500 transactions per second. In contrast, Bitcoins can process only 7 transactions in one second.
This way, Ripple XRP network isfaster, cheaper, highly scalable, tracks more information and uses its own network rather than depending on central exchange when compared to Bitcoins. To buy XRP, you can go ahead as you will definitely get benefited lot.
All said and done, it is highly speculative to invest and deal with cryptocurrency and this market is also unregulated. So, if you want to plunge into this market, you must be preparedfor any outcome including to lose your entire investment.