How is Ripple different from Bitcoin?

Ripple is committed to becoming a standard trading protocol common to all major banks around the world, making money transfers as cheap and convenient as e-mail. Like Bitcoin, the emergence of Ripple makes it easier to trade currencies around the world. Here is the xrp charts which can give you more detailed information about ripple.

(source from: citicoins.com)

 

So what is the difference between Ripple and Bitcoin? Why does Ripple dare to challenge Bitcoin?  Will Ripple surpass Bitcoin to become the king of cryptocurrencies one day?

 

Ripple VS Bitcoin

1.Ripple network can send any currency

Bitcoin is a cryptocurrency, while Ripple is an Internet transaction protocol that allows people to pay in any currency. For example, Party A can use Ripple to pay in US dollars, while Party B can directly receive Euros through Ripple.

 

2.Ripple tradecan be completed in seconds

Like Bitcoin, Ripple is also a shareable public database, and it is also a global revenue and expenditure ledger. The consensus mechanism allows all computers in the Ripple network to automatically accept updates to the general ledger information in seconds without going through the central data exchange. This processing speed is a major breakthrough in Ripple’s engineering. It means that Ripple’s transaction confirmation time is only 3 to 5 seconds, while Bitcoin takes 40 minutes.

 

3.Ripple has no exchange risk and people can exchange any legal currency they want

Ripple Coin (xrp) is not limited to sale, it has no time, place, currency limitations, which means it can be used at any time and anywhere. Real-time exchanges with fiat currencies in more than 60 countries are now available. The emergence of ripple (xrp) makes it easier and more convenient for currencies to be circulated globally.

 

4.No mining or direct monetary reward when running the Ripple server

Ripple itself is not a cryptocurrency, It is an interbank payment tool. While Bitcoin is created through a process called “mining.” Although Bitcoin and most cryptocurrencies are designed as exchange media, Ripple is a cross-border settlement asset designed to optimize bank liquidity to address the enormous challenges that plague international banks.

 

Simply speaking, compared with Bitcoin, the advantages of Ripple are as follows: First, the transaction record is packed faster; Second, the confirmation of transaction records is faster.

 

As far as the current three major cryptocurrencies (Bitcoin, Ethereum, Ripple) are concerned, Bitcoin is increasingly becoming a value storage tool. Ethereum is specialized in the smart field, and Ripple is responsible for providing vertical solutions for payment problems. Today, with the accelerating globalization, the free exchange between international currencies is the key to promoting the globalization of trade. The birth and development of Ripple will inevitably bring unlimited possibilities to the development of human society. Therefore, ripple is worth holding for a long time.