Ripple vs bitcoin technology
The two share the fact that they were built using public network technology — known as blockchain — but here is the similarity between them. Bitcoin offers a single application, a peer-to-peer electronic currency exchange system that allows for online payments, that is, in other words, a coin in its purest form. While Bitcoin uses blockchain technology to identify Bitcoins, Ethereum uses a blockchain as a platform to run virtually any decentralized application.
One of the most popular uses of the Ethereum platform, is the design and issuance of its own cryptocurrency. Many of the coins currently in existence on Crypto Market were created using the Ethereum blockchain platform.
This year, Ethereum had a hardfork upgrade, called Metropolis Ethereum 3. Bitcoin is the entry currency on the Crypto Market. Most coins currently on Crypto Market can be bought with Bitcoin. Also, worldwide, Bitcoin is well-known. At present, there are a lot of companies and sites in the world that accept Bitcoin as a payment method. There are many, so I will list only the most famous: And yet, Bitcoin is far from global adoption.
Bitcoin has problems in terms of transfer costs, especially in low-value transfers. This year, as a result of misunderstandings between developers and the mining community, Bitcoin suffered two segwitts resulting in Bitcoin Cash and Bitcoin Gold. This year, Bitcoin had an upgrade called Lightning. As you have seen, each of the three virtual currencies has a different field of activity.
None of the three coins are direct competitors. The only thing they have in common is the blockchain technology. The best example is Ethereum. Who bought this currency two years ago, when his price was 0.
XRP may have a similar evolution when it enter the mainstream, in the coming years. We hope all three currencies will develop positively in the years to come. Below, you can see a graph with the general capitalization of Crypto Market, starting in Crypto Market will attract more and more money from other capital markets.
Here I am referring especially to money drawn from Forex and Stock Market. Why would a Forex trader migrate to the Crypto Market? Because Forex is the most risky market. Because on Forex, money is hard to win and easy to lose. A Forex trader would find it easier to make money on the Crypto Market. Why would a Stock Market trader migrate to the Crypto Market? Founder and Editor of RippleCoinNews. Passionate about how technology can empower people to create a more just and sustainable world.
It is not hugely surprising to learn that Ripple has a message advantage here too, as both Bitcoin and Ethereum have acquired huge backlogs and ecosystems by now.
Thus, the minute transaction speed of Bitcoin is much slower than Ethereum, and massively slow in comparison to Ripple. Ethereum delivers a transaction speed of two minutes, with Ripple able to offer its transactions in merely seconds. Indeed, Ripple can deliver a transaction every four seconds, providing it with an absolutely massive advantage over Ethereum and Bitcoin at this time. However, another major consideration in the Bitcoin vs Ethereum vs Ripple comparison is whether the currencies have entered the mainstream of public consciousness.
This has both advantages and disadvantages, with Ripple not particularly well-known at the time of writing, but also offering very attractive price structure in comparison to Ethereum and Bitcoin. The reality is that only Ethereum and Bitcoin can be considered part of the mainstream at present, but Ripple has been making headlines recently, and could rapidly enter the central territory of the niche in the coming months.
In the Bitcoin vs Ethereum vs Ripple war, there is obviously only one winner in the price department. Bitcoin has escalated so rapidly in value that those who invested in the cryptocurrency in the early days are almost without exception significantly wealthy by now.
Considering the advantages and potential of Ripple, this number is set to inflate significantly over the next few years. Ethereum can be considered slightly different to the other two currencies, being geared towards complicated interactions between several parties rather than consumer payments. CNBC has noted that it provides numerous potential uses, such as reconciliation, enabling smart contracts to be distributed on the Ethereum network.
Ripple is pre-mined, with one hundred billion units in existence, twenty billion of which are retained by the creators of the currency. This differs from Bitcoin in particular, which is entirely based on the mining of its network to a fixed rate of 21 million potential Bitcoin units. The distributed platform provided by Ripple is particularly highly regarded, as it is tailored towards the financial service sector. Bitcoin is arguably the purest cryptocurrency of the three, being completely decentralized, and based on a libertarian ethos.
Bitcoin can be viewed as a reaction against central bank control of money, and one that has achieved a level of success that was scarcely possibly to imagine. Yet the antipathy of the established financial elite to Bitcoin could ultimately be its undoing, despite its absolutely unprecedented success. While Bitcoin is the investment story of the century so far, it is a story that has yet to unfold fully, with many investors bullish on its potential.