The two top cryptocurrencies of the market as per market
The two top cryptocurrencies of the market as per market cap are Bitcoin and Ripple, and they have a whole lot of difference. In this article you’ll have all the differences explained Bitcoin versus Ripple.
Given that they are significantly different from one another, we will have a lot of differences to talk about.
Basic Nature
Now, we know that in the world of cryptocurrencies, the words token and coin are often used interchangeably. However, they have some basic differences.
Perhaps the best representative of these differences are Bitcoin and Ripple. While Bitcoin (BTC) is a crypto coin, Ripple (XRP) is a crypto token.
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Purpose
Bitcoin was developed as an alternative to fiat currency that existed digitally and was free from any form of centralized control.
Ripple on the other hand, was developed as a token to facilitate the workings of a cross-border payment protocol where it would serve as a bridge cryptocurrency of sorts.
Mining
Bitcoin is a cryptocurrency that has a hard supply cap of 21 million but till then, can be mined by crypto miners, as its Proof of Work consensus algorithm controls how the new blocks are validated.
On the other hand, Ripple cannot be mined. They were pre-mined by the team of developers and roughly 60% of the XRP tokens are said to be held by the.
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Speed of Transactions
This is a point where Ripple majorly trumps Bitcoin and goes far ahead of it.
Now, we know that Bitcoin is frequently panned because of its scalability issues. It roughly ten minutes to confirm a transaction, which is practically lightyears in the crypto world.
Ripple on the other hand is speedy and smooth, taking around a mere 5 seconds to complete a transaction.
Total Supply
Bitcoin has a supply hard cap of twenty one million. This means that miners can go on mining Bitcoins till that number is reached.
It has been estimated that it will be the year 2140 when the last Bitcoin will be mined.
Ripple on the other hand has a total supply of 100 billion of which roughly 41.04 Billion are currently in circulation in the market.
Clearly, there will be, and are already, far more Ripples than Bitcoins.
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Underlying Technology
Bitcoin is based in the blockchain technology that depends on mining for its production, through the use of a consensus protocol card the Proof of Work.
On the other hand, Ripple makes use of a iterative consensus ledger and a network of validating servers that simultaneously compare the records of transaction with one another.
Each and every second, a fresh Ripple ledger is created
Price
The price of XRP is very little compared to that of BTC. The price of XRP as of press time is $0.318145 and that of BTC is $3,598.44
Clearly, there is a huge difference between the prices, just like there’s a huge difference in the supply cap (where Ripple has a much higher supply cap).
This explains why Ripple comes so close to Bitcoin in terms of market cap.
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