Bitcoin and Ripple competition do not have a very old historical background. If we start from the beginning; Bitcoin, released in 2009, is the first digital currency in the crypto-money world, according to an article published by Ray King. Basically, it follows a decentralized system that prevents a third party from seeing an agreement providing confidentiality and security. The Bitcoin, which had a good texture harmony with the investment world, was later developed in many variants. The most important of these is AutoBlock, which is called AutoCoin, designed to be used exclusively by car dealers. A cryptocurrency-specific to engine trading developed by a core team.
Is Ripple-XRP New Bitcoin?
Although they work with the same Blockchain principle, there is a Bitcoin and Ripple competition. On the other hand, Ripple and Bitcoin are very different digital currencies. According to an article by Bernard Marr published in Forbes, the critical factor separating the two currencies lies in their commercial purpose. As you know, while Bitcoin is paying for goods and services instead of the traditional fiat benefit, Ripple-XRP is a currency exchange, payment and remittance system. Simplifies the exchange of money and currency, such as gold or oil. It provides the investor with faster, cheaper and more transparent commodity transfers worldwide. This way, mostly banks and insurance companies prefer.
In the current banking system, it can be said that the money transfer period, which is at most three days, takes four times more time. This is because the system uses the US Dollar as a standardized currency to convert between other currencies. As a result, both the sender and the buyer have a high rate of exchange and a very long waiting time.
On the contrary, Ripple does not exceed a few seconds when the banks transfer with XRP tokens instead of USD, and there is no exchange rate. This platform allows you to pay in Bitcoin, Ethereum or any other currency. Minimum internal transaction costs are more interesting. It provides a funny but surprisingly low level of $ 0.00001 to prevent a DDoS attack or Distributed Denial of Service attacks.