Bitcoin is the first and most popular cryptocurrency in the world. Dubbed as the father of cryptocurrency, Bitcoin sees over $8,800,000,000 in volume over 24 hours. But for those thinking about how to invest in cryptocurrency, Bitcoin isn’t the only one in the market.
Another cryptocurrency that’s taking the world by storm is Ripple. Since its debut, Ripple has grown swiftly and consistently. Will it become the new Bitcoin? Let’s find out.
Bitcoin VS Ripple: Similarities
Both Ripple and Bitcoin make use of the blockchain technology. This allows users to send and receive funds. When comparing how to invest in Bitcoin and Ripple, both have the same goal. It is to provide peer-to-peer transactions at low costs.
Bitcoin VS Ripple: Approach
Ripple and Bitcoin may have the same goal in mind, but they differ in their approach. Bitcoin aims to create a direct payment system by making use of a decentralized system. This system disables third party engagements resulting to low costs of fund-transfers.
While Bitcoin aims to disable the use of middlemen, Ripple does the exact opposite. They allow banks and other establishments to take part in the transaction.
Bitcoin VS Ripple: New Developments
Critics often point out that Bitcoin should improve its scalability. While its ability to expand is Bitcoin’s weakness, it is Ripple’s strength. Ripple is more scalable and less disruptive to the world of finance.
Bitcoin VS Ripple: Price Comparison
In terms of price, Bitcoin still leads over Ripple. But prices of both cryptocurrencies vary all the time. While it’s difficult to tell if Ripple will someday take the lead over Bitcoin, it is not absolutely impossible.