Another digital currency is ripple. In this article, we will be talking about the difference between ripple and Bitcoin. Moreover, we will see why Ripple is better than Bitcoin.
A Fair Comparison
Bitcoin became a thing in 2008. It was not until 2012 that ripple came into existence. Another difference between the two is their market value.
Ripple seems to have a low value of 3.42 dollars. I say seems because it is worth so much more than that in reality. Bitcoin’s prices, on the other hand, have a soared in the recent times to 16,000 dollars.
Ownership And Its Impact On The Performance
Another difference is ownership. Bitcoin is an open source code and is more public. The public owns it, in other words, and the community can see all the transactions online.
While Bitcoin is more transparent, Ripple is much more private. It is owned by a private Credit Card Company, and its ledger and accounts are all internal.
But how can this aspect affect the performance of each coin? The difference here affects the speed of updates and upgrades. Allow me to explain more.
|Founder||Private credit card company||Satoshi Nakamoto|
|Supply amount||99994532978||21 million|
|Usage||Mostly preferred by business||Gold Digital money|
|Transaction Fee||0.00001 XRP||Varies based on block chain|
|Block time||4 seconds||Minimum 10 minutes|
Because the community owns Bitcoin, any future upgrades cannot happen without voting. The rule says that 51% of the Bitcoin mining power must agree to the change. It is hard to make many people agree on one thing.
Developers avoid this issue by following soft fork updates. That means users have the freedom to opt in or out of the update or reverse to the compatible version. If that does not happen, it becomes a hard fork and the community breaks; bitcoin loses users and fame as a result.
That is not the case with ripple because a private company owns it. The board of directors of the company agrees on changes faster than the community. This allows ripple to have more frequent upgrades and adapt to the market faster.
They both share a similarity in the extent of ownership though. For both bitcoin and ripple, both their creators hold more than 50% of the total coin supply.
Transaction Fees And Processing Speed
They differ in the blockchain applications and transaction speed and fees. Bitcoin’s processing speed is about 10 minutes per block, sometimes longer. A fee also applies when miners get involved which decreases potential profits.
The story is different for ripple; the transaction fee is minimal, in fact, it costs less than one cent, 0.00001 XRP. The company also burns or destroys this transaction fee. This raises the value of ripple coin due to the decreasing coin supply.
Did you know that ripple has a transaction time of 4 seconds? This is because of an off ledger block-chain application strategy. The system batches the transactions and records them together while allowing the transaction to occur fast.
Companies and many business owners tend to favor ripple that Bitcoin. The privacy of ledgers, speed, and a fee of transactions and potential value are all reasons.
Buying and Exchanging Ripple
The above comparison shows why you should exchange your bitcoins for ripple. People now realize how this little coin is much more valuable than it appeared to be.
You cannot buy Ripple from coinbase as with many other currencies. You can buy it from ripple’s main website. You can also buy it from trusted exchange boards like Bitstamp, Kraken, and Gatehub.
You can find a lot of details and instructions of ripple’s main website on how to convert Bitcoin to ripple. They also offer screenshots and easy to follow steps. You need to create an account and enter some personal information.
For the other sites, Bitstamp, Gatehub, and Kraken, you can also find detailed guides on how to use them.
You can also use PayPal to buy ripple. You can use a user friendly platform like cointal and create an account. This platform operates from London, and anyone from the world can use it to buy ripple; even Africa and the Middle East.
The website helps you to register with ease. Since this is a credible website, you can add your name and bio to increase your credibility. You should also enter your phone number for phone verification.
Cointal is very easy to use for new people and is safe to use. It supports PayPal. Exchange fees are very minimal, and transactions are fast.
Ripple is a good opportunity to invest in Cryptocurrency as its prices are affordable. But there is always a degree of risk with any investment, but sometimes the benefit is bigger than the risk.