What is Ripple? & its difference: Bitcoin is the largest cryptocurrency in the world by market cap. You can’t turn on the TV these days without someone mentioning it. Ripple is different. Despite being the fourth largest cryptocurrency in the world. So we discuss about “What is Ripple? & its differencedifference”. So read the article:
What is Ripple?
Ripple is both a payment network (RippleNet) and a cryptocurrency (Ripple XRP) created in 2012. RippleNet connects banks and other big institutions and allows them to transfer money and other assets through the network. All transactions are recorded on the decentralized XRP Ledger.
Ripple XRP is the currency used in the payment network for all transactions, reducing the time and money associated with cross-border payments. Each transaction through the system is processed in only four seconds. For comparison, Ethereum takes more than two minutes, Bitcoin over an hour, while traditional systems can take between three and five days.
To avoid confusion, the network is referred to as Ripple, and the ripple coin as XPR – Ripples. The frequency of releasing new coins into the system influences the price and rate. In total, there are 100 billion XRP that exist, and Ripple owns approximately 60 percent of the XRP. If you take all this valuation into account, it would be worth more than several US tech startups put together. XRP is majority owned and tied to a single company.
Ripple is constantly investing in its network and growing partnerships with global firms and financial institutions. Some of the banks that have signed on to use Ripple include BBVA, SEB, Start One Credit Union, and Cambridge Global Payments. As the market and network continue to grow, Ripple’s value has potential to further increase.
HOW TO BUY RIPPLE
Unfortunately, Ripple isn’t as easy to purchase as Bitcoin. You can’t buy Ripple with a credit card, so you’ll have to use one of the cryptocurrency exchanges to buy Ripple using Bitcoin.
The Differences Between Bitcoin and Ripple
Ripple is faster in processing transactions and more energy efficient than Bitcoin
Ripple is a decentralised transaction network which has a digital currency, Bitcoin is a decentralised digital currency
There is a set number of Bitcoins which is still slowly increasing
There is a defined number of XPR (Ripples) of 100 billion.
Note:- Bitcoin wants to change what we are paying with; Ripple wants to change how we are paying.
These are some “What is Ripple? & its difference“. If you have any query and question about the article feel free to comment on the down below.