The differences between bitcoin and xrp
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Bitcoin is clearly the leader of all cryptocurrencies on the market and the rate of adoption, all competitors have also been moving forward. Thanks to the existing technology and helpful applications.
In the other side, XRP, the cryptocurrency from Ripple, is ranked fourth on the coinmarketcap, behind bitcoin, Ethereum and Tether. One thing that many people forget is calling XRP “Ripple,” even though Ripple itself is the name of the company or platform that is behind the cryptocurrency XRP.
We will discuss about the differences B
etween bitcoin an XRP and a few other tokens. First of all, the bitcoin network is a network based on the blockchain, a ledger of many verified and recorded transactions. Miners earn commission on the time and computation that is given to completing validation.
XRP, on the other hand, is a technology known for its digital payment networks and protocols. Apart from XRP, Ripple is perhaps better known as the payment settlement, asset exchange and delivery system used by bank networks and financial intermediaries.
In terms of transaction validation, Ripple does not use the blockchain concept but instead uses the RCPA or Ripple Consensus Protocol Algorithm through a network of servers to validate transactions. Through the agreement of servers or nodes on the network, a transaction is validated. It is almost instantly without any interference from any powers and keeps XRP decentralized, which is also faster and more reliable than other competitors. Meanwhile, bitcoin is known for its excessive energy consumption compared to Ripple.
In terms of cost and time, bitcoin takes up many minutes and a high cost, whereas XRP can do it in seconds for a lower fee.
In its application to everyday life, bitcoin grows along with the use of individuals or organizations. Ripple itself is becoming a popular payment system among banks. The Ripple network grows along with the financial institutions that move with it.