When it comes to naming leading cryptocurrency in the market capitalization, then Bitcoin is the only name that most of us are familiar with. But let us not limit our knowledge by knowing about only one cryptocurrency, as there are other contenders on the list. Although they may not be at par with Bitcoin in terms of popularity, still that does not lessen their importance in the crypto world. Among these cryptocurrencies is XRP, popularly known as Ripple. So today we are going to tell you about how does Ripple differs from Bitcoin. According to Ripple News Now, XRP or Ripple holds the third position among top virtual currencies in the market capital.
If you seem a bit confused between XRP and Ripple, then let us clear the fact on it. As mentioned above XRP is being popularly known as Ripple, but you must also understand that Ripple, being the name of the company, is also the network behind the cryptocurrency itself. But our motive is not based on focusing on particular cryptocurrency, but to find out the differences between the two cryptocurrencies. So let’s check out the difference between the two crypto technologies.
What Makes Ripple Differs From Bitcoin?
To know the difference between the two cryptocurrencies, let’s start with Bitcoin, as being the most popular crypto coin. Bitcoin is known for running on public blockchain financial accounts supporting digital currency for easy payment of goods and services. Bitcoin network is popularly known for ‘Bitcoin cryptocurrency’ and is completely based on blockchain technology, a public ledger that keeps the record and verifies transactions.
Contrary to Bitcoin, Ripple is a technology that is popularly known for the digital payment network. It is better known for the remittance system, payment settlement, asset exchange. Moreover, it works like SWIFT, a service for security transfers and international money that is useful for financial intermediaries and bank networks.
Difference In Transaction And Mining
Rather than using the blockchain mining concept, Ripple prefers to use a distributed consensus mechanism through the server network to check the accuracy of transactions. Also, it makes Ripple revealing instant confirmation with no interference from central authority, which makes it faster and reliable in comparison to its rival crypto coins. Also, being a mining free mechanism, Ripple needs insignificant power, which is not the case with the Bitcoin network, which requires much use of energy because of its mining system.
Difference In Timing And Cost
Well, it is seen that Bitcoin transaction confirmation is very time-consuming and is also connected with high costs related to transactions. But it seems Ripple transactions are like poles apart from Bitcoin transactions, as they provide instant confirmation in low costs. This gives you another reason for how does Ripple differs from Bitcoin.
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