Bitcoin and Ripple are two of the world’s leading digital currencies. Bitcoin is a digital currency intended as a means of payment for goods and services while ripple is a payment settling, currency exchange and remmittance system. The comparison below will explore some key differences between these two platforms in order to help you make an informed decision about which one best suits your needs.
Bitcoin vs Ripple: Key Differences
The first and most important difference to note between these two platforms is that Bitcoin functions as a currency while ripple does not. With that said, it may be helpful to understand what each offers in terms of functionality before making your selection.
In the case of Bitcoin you can send money from point A to point B without worry because there are no third parties involved such as banks or financial institutions who could halt the process for any reason (e.g., fraud detection). However, when using ripple’s platform you must have trust with both sender and recipient outside of their own agreement on how much value will pass hands during the transaction. This makes bitcoin safer to use but ripple more versatile. With Bitcoin, you have the option to spend your digital currency in a variety of ways whereas with Ripple it is used strictly as a means for facilitating bank-to-bank transfers and exchanges on its network.
Ripple is an open source protocol which allows anyone to join and participate in its consensus process while bitcoin only lets miners create blocks on their blockchain. This differentiates them because one favors decentralization (bitcoin) while the other does not restrict who can validate transactions (ripple).
The outcome of this difference between these two protocols is that there are fewer risks involved when using ripple’s platform because no centralized power controls how money moves around unlike with bitcoin where mining pools dictate most decisions relating to blockchain development .
Bitcoin and ripple can also be distinguished in terms of the way they are used by merchants. Bitcoin is not as widely accepted, but it’s more popular among people who want to speculate on its price fluctuations compared to those whose primary use for bitcoin is buying goods or services with it. Ripple, on the other hand, has a much higher volume of transactions and many more mainstream partnerships which make it easier for businesses that operate internationally to offer products without bearing high transaction fees.
Bitcoin is a digital currency intended as means of payment while ripple is an open-source protocol which allows anyone participate in consensus process. Bitcoin and Ripple are different in that the former is just a currency while the latter is a payment settling currency exchange and remittance system. Bitcoin is attractive to people who want to speculate on its price fluctuations while ripple which has many more mainstream partnerships can be easier for businesses that operate internationally.
So far we have “Bitcoin and Ripple are different in that the former is just a currency while the latter is an open source protocol.” It’s more popular among people who want to speculate on its price fluctuations compared to those whose primary use for bitcoin is buying goods or services with. Ripple on the other hand,, has a much higher volume of transactions and many more mainstream partnership which make it easier for businesses that operate internationally.
