Why Bitcoin is different from Ripple

Over the past days, we have had so many discussions going on about the cryptocurrencies, digital assets and tokens. Though these two (Bitcoin and Ripple) are very distinct in their own ways, but I would like us to take a closer look at what each is trying to achieve. It’s very interesting to compare these two, though they are two different projects at the end.

Bitcoin

Bitcoin is a peer to peer cryptocurrency that focuses on decentralization. It can also be said to be a method of payment for both consumers and the merchants.

Bitcoin is a cryptocurrency which is in its truest form and is normally issued on the blockchain through a process called ‘mining’. It has gained a lot of global recognition and continues to rise higher all over the world. We can say that it is a currency without any form of governance, though it uses the mining tools to validate the transactions.

The biggest setback to Bitcoin is that it takes a bit more time than other cryptocurrency platforms-it can take like 10 minutes to hours or even days to complete a single transaction. And this is as a result of the current block size limit and also because all the payments occur on-chain. But the Bitcoin team hopes to get all these technical challenges resolved some day. Bitcoin is a perfect currency for people who don’t want to be involved with banks and other forms of traditional finance.

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Ripple

Once the Ripple project was started, many people came out to oppose the idea and have been opposing it to date. Then again, Ripple is wrongly said to be one of the cryptocurrencies, since this is not entirely the case. The Ripple XRP token is a type of digital asset which is usually distributed on a ledger. However, it shares some few decentralization traits, but much less than those of Bitcoin.

The XRP transactions usually pass through the nodes and validators, and this is similar to Bitcoin. But on the Ripple network, the transactions are not based on the mining protocol. Ripple has also a higher level of governance, since the Ripple consensus ledger depends on the institutional validators which are run by the global banks and other financial institutions.

The other thing that Ripple provides and which Bitcoin can’t provide in its current form-is that the transaction done on Ripple Network are very fast. The Ripple consensus mechanisms settles the transactions in a matter of seconds, but if they are done using the XRP asset. Though this platform was not that known three years back, but today it has gained a lot of popularity all over the world and it is projected to continue growing over the coming years.

Though Ripple currently can’t be put on the same scale as Bitcoin, but that doesn’t mean that it wont become successful as time passes by. This year alone, this platform has seen itsrevenues grow rapidly, and there are many indicators that this platform will continue growing in the coming years.

About the author:

Elizabeth Bidinoff

Elizabeth Bidinoff

CEO at The BitCoin Club

An Entrepreneur for over 30 years in a variety of industries including IT and Finance it comes to no surprise that she has combined her strengths of being empathetic and systematic to co-author the Practical Guide series.

About the author:

Elizabeth Bidinoff

Elizabeth Bidinoff

CEO at The BitCoin Club

An Entrepreneur for over 30 years in a variety of industries including IT and Finance it comes to no surprise that she has combined her strengths of being empathetic and systematic to co-author the Practical Guide series.
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