As the blockchain technology evolved, cryptocurrencies became an integral part of our life. When we talk about cryptocurrencies, the very first name that comes to our mind is Bitcoin (BTC), which is the first cryptocurrency in the world and has eventually made a space in the hearts of the cryptizens. Digital currencies like Ripple (XRP) also has shown a huge potential by increasing use-cases and important partnerships. Ripple is a digital payment provider across the world using advanced blockchain technology.

Let us check the major differences between Bitcoin and Ripple

#1 Vision and Development Team

Bitcoin was created with the sole aim of catering as a payment service. Ripple, on the other hand, was being created as the payment settlement system for banks and payment networks. The main vision of Ripple Labs was to create a system of real-time asset transfers, which would be cheaper and secure than the existing payment methods such as SWIFT.

Bitcoin was created by a mysterious person under the pseudonym of Satoshi Nakamoto. It is a decentralized system that is being overall handled by a group of over-enthusiastic developers. Ripple is the name of the organization, and XRP is the cryptocurrency. Ripple was created in 2012, and it has its offices in locations such as the UK, Australia, and Luxembourg.

#2 Technologies and Mining Rewards

Bitcoin uses the Proof of Work (PoW) Consensus mechanism, whereas Ripple uses an iterative consensus ledger to validate network servers along with XRP tokens. Ripple is managed by a set of independent servers comparing their transaction network constantly.

The Bitcoin miners get rewarded with a new Bitcoin every time a block is created while Ripple is not mined at all. XRP has been pre-mined where out of 100 billion XRPs, only 38 billion have been made available in the market. The est of them are periodically released, as and when required. The maximum Bitcoin supply is 21 million, of which 18 million has been mined already.

#3 Issuance of Coins

Bitcoins are spread out and are reachable by users all across the globe, while around 60% of the XRPs are owned by the Ripple Labs in itself, and only 40% is left for circulation. However, you can track the movement of XRP tokens on the Ripple Charts Website. Ripple’s value is much lesser as compared to Bitcoin. Bitcoin the most valuable cryptocurrency in the world.

#4 Transaction Speed and Transaction Fees

Bitcoin transactions can get confirmed in an average time of 10 minutes, and XRP transactions, on the other hand, can get confirmed in just 5 seconds. Bitcoin transactions cost around $40, while XRP transactions fees are as low as $0.004.

#5 Price

Bitcoin is trading at $5,112.46 as of March 18, 2020, with a circulating supply of 18,275,887 BTC and market capitalization of around $93 billion.

XRP is trading at $0.142874, with a circulating supply of around 43 billion XRP and a market capitalization of around $6 billion.

FAQs on Ripple Vs Bitcoin

Is Ripple better than Bitcoin?

Bitcoin is the most popular cryptocurrency with a high rate of adoption rate. Ripple doesn’t lack so much in that case, but Bitcoin has been the first choice for most traders.

What will be Ripple’s worth in 2020?

Ripple can reach as high as $1.20 by 2020, and if things get better, it can reach $2. You can read the detailed Ripple prediction here.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!

Buy Cryptocurrencies in India