In this article on shetcoiner website we are going to know more about remarkable differences between Bitcoin and Ripple. As you know, Bitcoin is a currency on a platform of Blockchain, which is developed through this technology, but Ripple is a private company that deals with digital currencies. All parts of the company are clear and surely, but the innovation of Bitcoin and the idea of providing have not been revealed until now.
Bitcoin and ripple differences
In this section, we are going to consider the differences in each currency.
1 * supply amount
As you know, a series of crypto currencies is limited in the crypto currency world. Bitcoin and Ripple are not excluded from this rule. The currency value that can be extracted from the ripple is 100 billion, which has been extracted by more than 45 billion, and the amount of Bitcoin that can be extracted is 21 million, which has been used 18 million.
2 * Control on currency release
Something that happened in the market is that many people tend to deal with investment to extract these currencies. The point that should be noted is that the control of people who work in this section is limited in the extraction of Bitcoin. This means that people can get a prize through the mining by solving complex issues and there is no control on it; but in the ripple and its extraction, due to market movement, restrictions or opportunities make this market attractive for miners.
3 * Transaction speed
One of the most important parts that distinguish these two crypto currencies is the speed of transactions. Generally, the transaction rate in the ripple takes several seconds; meanwhile, when you want to do the same in the Blockchain, it will take about 10 minutes. Also, due to the different of these two currencies, when we use Bitcoin, there are a lot of costs such as high power consumption, which has been resolved when extracting Ripple.
4 * uses and target
When you see the main source of the currency (white paper) and the reasons of creating that currency, there are a lot of thing that surprised you. One of the main reasons that currencies are created is that universal transactions that we will do it quickly without limitation; in addition, currencies can also follow other goals. For example; the goal for Ripple is the exchange of currencies and the same payments at the huge level. Also, Bitcoin has been created to remove the intermediaries that means the third person and increase the speed of exchanges.
5 * Transaction Confirmation Process
As you know, these crypto currencies have a lot of differences. For example, one of these parts is based on how to confirm their transactions, which Bitcoin uses Blockchain technology and we use the consensus mechanism in our ripple. In this way, Rippel deals with transactions, when they want to confirm the transaction, a group examines the accuracy of that transaction through a survey.
However, if we want to look at the two crypto currencies, we should note that these two currencies are decentralized. Moreover Bitcoin is not a special person, organization, or government. On the other hand, Ripple is run by a specific organization due to its decentralization, which increases its security and makes people look at it better in the long time.
In this article on the Shetcoiner site, we have examined the differences between Ripple and Bitcoin. Crypto currencies are very dangerous. In order to make a proper investment, you must check each currency in different sections so that you can make a safe investment.