The cryptocurrency is a famous topic these days and almost everyone knows about it.
Be it bitcoins or ether, people are discussing and in fact turning to these currencies more and more.
But, there is one cryptocurrency that is still not as popular as bitcoins, and only a limited group of people who know about it who are mostly tech savvies.
This currency is Ripple and offers a far better experience than bitcoins or altcoins.
How is it any better and how is it different than bitcoins? We will see in this article.
What is Ripple?
Ripple simply is a method that is mostly used for the purpose of currency exchange, remittance, and payment settling.
XRP is the name of the main currency used in this payment method, but Ripple, which is originally the name of the network, is also used in place of XRP.
What is the difference between Ripple and Bitcoins?
Both being cryptocurrencies, work entirely different from each other.
Bitcoins are essentially used for payments in exchange for any service or goods but ripple is entirely made for processing asset transfer directly.
The transaction process in bitcoins can take up a significant amount of time as compared to ripples because ripple transactions are settled in real-time.
While there may not be giant fee charges involved with bitcoin currency in comparison with fiat payment, it is also not as cheap as ripple transactions.
The transaction in BTC is validated by the blockchain system, on the other hand, ripple is based on a distributed consensus system that involves many networks instead of just one network as in the case of BTC.
The bitcoins are gained after mining, but ripple coins are pre-mined.
Another aspect that sets apart ripple from bitcoin is that it was never created for the purpose of payments, which is why you would find only a few businesses dealing with this currency for payment processes.
However, bitcoins are being used frequently for payment purposes by many small to big companies.
The differences aside, one thing that brings bitcoins and ripple both on the same page, is their availability on exchange platforms.
In Australia, if you are looking to buy bitcoins, ripple, or any other cryptocurrency, swyftx is the best option to go for.
What are the benefits of XRP?
XRPs are the tokens involved in ripple currency which are transferred as a value over the Ripple network.
The biggest benefit XRP offers is related to its quick processing as there is no conversion of currency into intermediary currency.
The fiat conversion occurs when one currency first converts into US dollars then it further converts into the desired currency, taking up a significant amount of time.
Thus, XRP saves users from all this agonizing wait.
Ripple investment Vs Bitcoin investment
Bitcoin is the leading cryptocurrency but ripple had outperformed bitcoins for a long time before 2019.
This indicates the potential of ripple currency being a good investment, coupled with all the benefits it offers that BTC doesn’t.
Yet, the decision of investing in any of the currency rests solely on the ongoing outlook. So, before you invest, make sure to search the market as much as you can then make any decision.