Two leading players - Bitcoin & Ripple: Here is what differentiates one from the other!

With so many options in cryptocurrencies, there is so much hype and confusion that has been building up. Now the same can happen with Bitcoin and Ripple, as both are popular amongst investors. Companies developing Cryptocurrency trading exchanges say – before you go with one of them, check out what is the difference between them both.

How is Ripple worth holding?

Depicted by crypto experts of a Crypto exchange development company, Ripple has gained a lot of momentum after being introduced into the decentralized marketspace. A lot of organizations have been using XRP tokens to hold the value that can outperform Bitcoin in the race. XRP’s are now traded across several cryptocurrency exchanges, but these tokens cannot be directly bought using fiat currencies. The only way to buy XRP tokens is to buy Bitcoin or Ethereum and then transfer them to a crypto exchange to be traded for Ripple. The best thing is that Ripple is now accepted by major financial institutions which increases the future value of the token.

How is Bitcoin worth holding?

Bitcoin or BTC is powered and based on blockchain technology which operates on a distributed ledger. BTC is one such digital asset that can be used as a means of payment for product purchases and even booking for any services as well. After the development of Bitcoin by Satoshi Nakamoto in 2009, the asset was completely decentralized and cannot be governed by any regulatory authorities or any third party. Bitcoin miners can create a ledger by verifying transactions, and once a certain number of transactions are verified the miners are rewarded with Bitcoins. BTC is a peer-to-peer digital currency that will continue to dominate the market in the coming years and break traditional instances of payments and is also an asset that can store value.

Some key differences between XRP and BTC from the perspective of –

· Supply: The supply of Bitcoin is capped at 21 million, of which 18 million are already in circulation in the market. On the other hand, the total supply of XRP is around 100 billion, of which 45 billion are in circulation in the market.

· Issuance of the asset: Bitcoins are mined according to the algorithms fed in the supercomputers and with a limited supply of 21 million its issuance is never governed by any regulatory body. On the other hand, Ripple is periodically sold in the market and around 55% of all XRPs are currently active with 45 billion Ripple in circulation.

· Transaction time: Being a decentralized digital asset Bitcoin is highly focused on resistance to censorship, so has a transaction speed of 10 minutes on average. On the other hand, XRPs are focussed on providing fast and cheap transactions which allow for low-cost payment settlements.

· Use of the asset: With no third-party controlling Bitcoin and its supply, this asset is basically used for various purposes – ranging from paying for product purchases to booking services. On the other hand, Ripple is primarily focused on currency exchanges, international payments, and remittances as well.

Summing up, Bitcoin is one of the prime cryptocurrencies and could one day become a common means of exchange. On the other hand, companies specializing in Digital asset development in Kolkata say – Ripple which is quite different from Bitcoin is not that low in popularity and it is now backed by many banks and financial institutions as well.