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[BMF]

What are the differences between Bitcoin and Ripple?

Definitions of Bitcoin & Ripple

• Bitcoin : A digital currency used to buy goods and services, based on the technology of Blockchain., not governed or regulated by a any entity..
• Ripple: Currency exchange system used for direct transfer of assets(oil, gold, cash), operated through a network of servers and XRP cryptocurrency, maintained by a company(Ripple Company)

Users of Bitcoin and Ripple

• Bitcoin: mainly used by individuals and companies
• Ripple: usually used by Banks and Exchanges

How To Use Bitcoin and Ripple

• Bitcoin can be purchased and used to buy goods and services, it can be bought and sold on exchanges and cryptocurrency sites.
• Ripple uses something called an XRP token-crypto token to conduct transfers of currency from different countries. The US dollar is used as a standard currency of conversion. The value of the asset is changed into XRP, thereby eliminating fees and reducing processing time of transfers.

Creation and Maintenance of Bitcoin and Ripple

• Bitcoin: can be continuously mined , and is maintained by several developers.
• Ripple: A set amount of XRP was created and stored by the Ripple Company, Some of the XRP cryptocurrency is stored in Escrow, to be utilized accordingly for operations etc.The XRP is maintained by the Ripple Company and has investors. It also has locations in Australia, Luxembourg, and the UK.

How to Invest in Bitcoin and Ripple

• Bitcoin: register with a site or exchange, obtain a wallet , buy cryptocurrency
• Ripple(XRP): In many cases XRP can only be obtained by first purchasing Bitcoin or Ethereum, then purchasing XRP. Some exchanges offer the option of buying XRP with bank transfers or credit and debit cards..

Transfer Speed and Cost of BItcoin and Ripple

• Bitcoin: A transaction of Bitcoin can take anywhere from 10 minutes up to an hour., and the cost is about $40:
• XRP: A transaction of XRP takes about 3-5 seconds and the cost is $.004

Summary

Bitcoin overview: Bitcoin is very easy to buy and sell, and it can also be used to purchase items and services. Individuals and Companies alike can utilize bitcoin. The rate of transaction can be long and tedious.

Ripple Overview: XRP can be exchanged for other cryptocurrency or assets, but it cannot be used to buy or sell items and services. This currency can be used only by banks and exchanges for transfers.The transaction time and cost are minimal.

 

[Niftyicon]

The comparison of both coins is quite balanced and I think that ripple still need a lot of sitting up to do before it can be regarded as very successful.

 

[bitforex22]

Bitcoin fee is a lot when selling or transferring but is one of the common currencies and you can easily buy , xrp fees is less but their is hardly any option to buy it directly here so need too have any fiat currency first and then convert it , so both have pros and cons at the same time

 

[SCAMEXPOSER]

Ripple is to an extent regulated as we can see from the explanations , it more like in between stable and Crypto currencies since banks also used them.