A question we are asked a lot is what is the difference between Bitcoin vs Ripple? There are over two thousand cryptocurrencies in existence today, as registered on CoinmarketCap, with each of them servicing a particular blockchain. Although these cryptocurrencies are primarily used for transactions within their individual networks, they can be exchanged at market rates for one another.
As is basic practice on CryptoFish, providing clear and simplified information about elements within the blockchain and cryptocurrency industry to the public remains an important task. In line with this, let us consider two of the top 3 cryptocurrencies in existence today, Bitcoin vs Ripple.
Bitcoin is the first cryptocurrency ever to be created and came to life in 2009 while Ripple was created in 2012. The creators of Bitcoin are anonymous till date, but there are faces to the inventors of Ripple. Bitcoin is represented as BTC, while Ripple is represented as XRP.
Bitcoin was created basically as a vehicle for transaction, just like any other currency, Bitcoin’s aim is to be used as payment for goods and services. It is designed to be used by regular individuals like any other currency. Ripple on the other hand was designed for banks as a technology to be used for settling payments.
Bitcoin is a fully decentralized cryptocurrency that is powered by the Proof-of-Work consensus. The Ripple network is managed by independent servers. As a matter of fact, there have been arguments in certain quarters whether Ripple is truly a cryptocurrency or not, but we will leave that out for now.
The Bitcoin blockchain is maintained by miners who verify transactions through the work carried out by their CPUs. They get rewarded with the cryptocurrency, and that is basically how new coins are created. Ripple has no such thing as mining, the amount of XRP coins available and released to the market are determined by Ripple Labs, the creators of Ripple.
While the average time to confirm a transaction on the Bitcoin network is 10 minutes, transaction on the Ripple network is much faster and happens in just about 5 seconds.
There are a few other differences with bitcoin vs ripple based on the particulars of their implementation. Although these are their characteristics for now, we will not neglect the fact that the ecosystem is still evolving and changes are being made to achieve efficient platforms that will fit into the mainstream processes.
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