Bitcoin VS Ripple

in bitcoin •  3 months ago


#Ripple Compared With Bitcoin

#Bitcoin and Ripple are fundamentally different. The core structure of Ripple has definitely adopted a new use of the Blockchain technology. Where bitcoin has introduced a new form of Currency which is based on a Decentralized ledger, Ripple facilitates the banking transactions by reducing the time required to complete transfers of fiat currencies.

#Ripple is backed by different established institutions like -Google Ventures, Standard Chartered, Santander Inventures and many more. Google Ventures bought equity into the firm heavily last year.

Then, the number of Bitcoins that will ever be in existence is finite-21Million. On the other hand, Ripple is pre-mined. There are 1Billion Ripples, 60 Billion of it is held by Ripple Lab.

#Bitcoin flow in the market depends on miners. Miners deploy hashing power to mine bitcoins and also validate transactions. Bitcoin mining gets harder and harder as we get closer to the 21 Million limit. This establishes a balance in the market. Bitcoin tries to keep the number of blocks hashed constant-one for every ten minutes. The more difficult the mining is getting, means more mining power is now deployed for mining. In fact from September 2017 to February 2018 the difficulty has tripled.

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