Bitcoin exists on the distributed network of participants and developed by a mysterious founder, namely Satoshi Nakamoto. The digital currency makes use of cryptography for in order to secure transactions made on the network. Bitcoin helps in making transactions in between two parties without any involvement of financial authority and government. The average time of confirmation of transaction is 10 minutes and accepted in the form of payments worldwide.
Ripple is a payment network that is built on blockchain (public distributed ledger) and helps in making fast online payments at low transaction fees. XRP is the most scalable digital asset that is built for commercial purposes. Ripple is used to send money all across the world. The average block time of Ripple is just 3.5 seconds.
Unlike Bitcoin, Ripple payments are instant and validated by nodes of Ripple. Invented by Ripple Labs, there are around 38 Billion Ripple are in circulation. However, it is expected that Ripple supply will surely increase and exceed total number of Bitcoins in terms of magnitude. When scarcity of both the altcoins is compared, then it is 100 Billion coins in Ripple Vs 21 Million coins in Bitcoin. The Ripple is just a fraction of Bitcoin sitting under US $0.22 cents. When overall market cap is observed, Ripple acquires 3rd position.
Till now, around 100 Billion Ripple are created and out of which only 20 Billion are retained. Remaining 80 Billion Ripple (XRP) are still remaining in the Ripple Labs. Out of these remaining, around 38 Billion XRP is released.
As compared to Bitcoin, Ripple is fast as it is able to do 1000 transactions/sec. Ripple can finalize or settle transaction in merely three seconds; however the average block confirmation time for Bitcoin is 10 minutes.
Though there are similar characteristics in Ripple and Bitcoin, even after they are vastly different from each other. Ripple make use of cryptography in order to secure transactions and don’t have public blockchain. It possesses nodes that confirms the transactions and participates financial institutions and banks. Ripple cryptocoin is released by the Ripple Company. Unlike pseudonymous founder of Bitcoin, Ripple founders invented it openly and even get awarded by New York BitLicense.
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