Cryptocurrencies are getting very famous nowadays as many people are looking forward to make investments in them. The most popular cryptocurrency is Bitcoin but nowadays there is one more currency which is getting popular and it is Ripple.
Bitcoin first came into picture in 2008 and after having a good run last year, its present value is $16, 426 per token while Ripple was founded in 2012 and many businesses including three credit card companies have shown a lot of interest in Ripple. The present value of Ripple is $3.12 per token which is very less in comparison to Bitcoin.
Here are five big differences between Bitcoin and Ripple:
The purpose of the both the cryptocurrencies are pretty different as Bitcoin can be used by anyone for any purpose but Ripple has been marketed as a solution for asset transfer for big calculations.
Bitcoin is very decentralized as it is a open source and it makes upgrading very tough and at least 51% of bitcoin mining power needs to agree for a change while on the other hand, the upgrades in Ripple are little easy as it is owned by a private company. The changes in future ledgers came into place if 80% of the community lends it supports in two weeks to the proposed change.
The time of transaction and fees
There is an option available for the user to prioritize his transaction by paying more and this has made the users to slam Bitcoin. The average transaction fees is $27 and it takes nearly 70 minutes for each transaction to get clear while transaction charges in Ripple is 0.00001 XRP, or a fraction of a cent and it takes only four seconds to transaction to get clear.
Reserves of coins
It is said that Satoshi Nakamoto, the unknown creator of Bitcoin holds 980,000 out of the total 21 million bitcoins that will never exist while in the case of Ripple, the organisation holds almost 62% of all the XRP supply.
The total valuation of Bitcoins in circulation is said to be $276 billion while if we talk about Ripple, it is $120 billion and the total market value is $769 billion.
Hope now you are clear about Bitcoin and Ripple.