Both bitcoin and ripple are the cryptocurrencies which have gained a lot of popularity all around the world. The person who knows about the cryptocurrency must know about them. So Ripple Vs Bitcoin which one is better.
Ripple is the digital currency which was released in 2012. It was created by the Ripple lab inc. which is a US based company. In 2018 it became the second largest cryptocurrency in the market cap. It can be found on most of the cryptocurrency exchange platform for the trade.
Bitcoin is the digital currency which came into the existence in 2009 and since then is the face of the cryptocurrency. It was created but the unknown person is popularly known as the Satoshi Nakamoto. Bitcoin is the largest cryptocurrency when it comes to the market cap and the most expensive one also.
Ripple Vs Bitcoin
This is something which cannot be answered easily. There are various factors which make them best in their fields. So here are some of the factors which will help you decide which one is better.
Bitcoin is the currency which was developed by an unknown person popularly known as the Satoshi Nakamoto. But at present, it is controlled by enthusiastic developers.
Whereas the ripple is developed by a company with a set of goals and investors in mind called the Ripple company. It was founded in 2012 and since then it has expanded in countries like Australia, Luxembourg, and the UK.
Bitcoin is the currency which works on the technology of blockchain using mining. Whereas ripple uses the iterative consensus ledger and network servers validating it along with XRP cryptocurrency tokens.
Independent servers are managing the ripple network which is constantly comparing their transactions and recording it.
These currencies are very different in this perspective. There is no need for the ripple to be mined at all. Ripple can be released by the company periodically.
Whereas Bitcoin is the currency which is to be mined regularly. The usual reward the person gets to mine the bitcoin is 12.5 which can be considered as a great reward because of the currency rate.
When you are trading in the cryptocurrency transaction speed is also one of the reason. The speed of the transaction is very fast in comparison of the fiat currencies.
If we compare the transaction speed of the bitcoin and ripple then ripple is the currency you should go for. As bitcoin takes 10 minutes on average which is quite a lot for the ripple which takes 5 seconds to get the transaction confirmation.
Difference in utilization
The aim to utilize these currencies is entirely different. Bitcoin main aim was to act as the replacement of the fiat currencies. Whereas the aim of the ripple was to use it for the currency or the commodities transfer such as gold or oil over the network.
The Ripple network is a completely decentralized network but the bitcoin is not. It means that if a user wants to change the ripple for the fiat currency there is no need for the third party or the intermediaries.
But in the bitcoin, there is no such facility. You can change the bitcoin-only with the help of the exchanges that provide this facility.
These are the basics of Ripple Vs Bitcoin which can help you decide in which currency you want to invest in. If you are interested to invest in any of the cryptocurrency then you should take a complete inspection of the environment. As the price of the cryptocurrency is very volatile and can cost you a fortune if not done properly.