How Ripple differs from Bitcoin
If you have even an iota of interest in finance, or technology, or both, then you would surely have heard of Blockchain and cryptocurrency. For the last few years, they have captured everyone’s imagination and also grabbed a lot of invested dollars. One of the most popular cryptocurrencies is Bitcoin. You must have heard of Bitcoin at least, if not already traded in them. But there is a lesser chance of you having heard of another cryptocurrency called Ripple. Investors have been doing Ripple trade for almost a year now, but it hasn’t become as well known as Bitcoin yet. Let us take this opportunity to tell you about Ripple, and how it differs from the more talked about Bitcoin.
Different Purposes
When Bitcoin was developed initially, it was meant to serve as a digital currency. Bitcoin was expected to be used to pay for goods and services. Ripple was envisaged with an entirely different purpose. The system of banking and payments was the target of Ripple. It was expected that users would avoid the charges and delays of bank-led transactions by carrying out transactions in Ripple .
The Optics of Promoters
Bitcoin has become quite well known, but surprisingly the people behind Bitcoin are still shrouded in secrecy. The name that is used to front the promoters is Satoshi Nakamoto. But this is just a name used by the creators whose identity is not clear. Conversely, the ownership of Ripple is quite transparent. The company behind Ripple has offices in three countries under the sun. Since 2012, Ripple has a definite mission and vision and a dedicated set of investors.
Different Technologies
We spoke about Blockchain at the beginning of this article. That is the underlying technology behind Bitcoin. This cryptocurrency runs on the principle of mining of the locked currency. Those who are able to mine Bitcoin successfully get a reward in terms of more Bitcoins. On the other hand, Ripple is a network which is managed by a series of servers running independently of each other. They compare transactions on a continuous basis. This means that every moment a fresh ledger for Ripple is created.
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