A short overview of Ripple, Bitcoin, Litecoin
Ripple is a blockchain-based real-time gross settlement system. It is a digital payment network and protocol which provides crypto solutions for businesses with its cryptocurrency XRP. Bitcoin is a digital cryptocurrency that enables Peer to Peer payment methods between individuals like cash by using cryptography. In digital currency, we get an innovative payment system in digital currency and use blockchain mining for secure transactions. Litecoin is a decentralized global payment network that enables peer-to-peer payment methods and zero-cost payments anywhere without any central authorities.
Differences between Ripple Vs. Litecoin:
Ripple is an online payment technology created solely to secure offshore, cheaper, and faster transactions at the same time. Litecoin is defined as an open-source system that runs on a Scrypt algorithm and enables peer-to-peer payment methods without the control of central authorities. There are several differences we have found between Ripple vs. Litecoin.
Key differences:
- Chris Larsen and Jed McCaleb invented Ripple in 2012. On the other hand, Litecoin was founded by Charles Lee in 2011.
- It mostly used for overseas transactions, whereas Litecoin used in day-to-day business transactions.
- The potential for growth of Ripple is confined as it focuses on cross-border transactions, while litecoin has unlimited potential for growth as it delivers multiple functions of transactions.
- It runs on Ripple Protocol Consensus Algorithm and takes four seconds for each transaction. In comparison, Litecoin runs on Scrypt Algorithm and takes two and a half minutes.
- In the case of Ripple, it provides a secure, reliable method of executing international transactions at the lowest cost. So large organizations use Ripple for payment purposes. But Litecoin also a safe transaction used for day-to-day business, cross-border, and peer-to-peer transactions.
- Ripple transactions made via currencies issued by Ripple labs, whereas Litecoin transactions made via uncomplicated algorithms and mining.
Differences between Bitcoin Vs. Ripple:
Ripple is both a cryptocurrency and a payment settlement platform used for overseas transactions. Bitcoin is a blockchain-based technology that enables Peer to Peer payment methods for services. Some of the major differences between Ripple vs. Bitcoin mentioned below.
Key differences:
Control over coin insurance: It controls the entire supply of XRP. In the circulation of 45 billion XRP, around 55% of XRP tokens held by Ripple, which periodically sells certain amounts in the market.
Whereas any organization does not control the supply of Bitcoin, it can be mined by solving computational math problems on a computer.
Transaction speed: Ripple offers cheap, fastest transaction methods. It provides high-speed currency exchanges, payment settlements, and remittances. But in the case of Bitcoin, it focuses on its resistance to censorship and centralization rather than transaction speed. So, where XRP transactions take a few seconds, bitcoin transactions take 10 minutes.
Technologies: Bitcoin transaction uses blockchain-based technology, a shared public ledger including all confirmed transactions. It offers a mining concept to validate transactions. On the other hand, Ripple uses a consensus ledger and validators chosen by Ripple and used as a key to the transaction validation process.
Uses: It offers cheap, faster, and hassle-free payment methods for currency exchanges, international transactions, and remittances. It helps to send money across borders. In contrast, Bitcoin transactions involve no third parties and no central authority. It increasing in demand as it is used for various purposes.
Supply: The entire supply of Ripple was 100 billion XRP when it was first launched, and currently, its circulation is 45 billion. Around 18 million Bitcoin are in circulation and there are almost 3 million remainings.
Differences between Bitcoin vs. Litecoin:
Bitcoin and Litecoin have several differences; the difference in transaction time makes Litecoin more attractive than bitcoin. Litecoin takes 2.5minutes to generate a block of transactions, whereas bitcoin takes 10 minutes for each transaction. Litecoin used for day-to-day transactions, but bitcoin is for buying, selling, and exchanging goods and services. Bitcoin uses the traditional SHA-256 hashing algorithm, whereas Litecoin uses a new algorithm known as the Scrypt algorithm.
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Conclusion:
According to the above discussion, we have seen several differences between Ripple vs. Bitcoin vs. Litecoin. We have gained about the availability of these cryptocurrencies and their uses. We introduce the special features of all these currencies and what makes them more attractive than others, which currency transaction more reliable for the particular purposes every information described in the above article.
