The market is brimming with possibilities since it is home to hundreds of cryptocurrencies that are traded on exchanges. According to current data, there are over 13,000 cryptocurrencies in existence. Finding some prominent cryptocurrencies among the crowd is surely a difficult challenge.
There are also other projects in the works that are specifically designed for certain use cases. Some blockchains even have sustainable development as their slogan. As more businesses enter the crypto market, it is critical to begin your investing on BuyUcoin.
Bitcoin (BTC) and Ripple (XRP) are two of the most remarkable use cases of two modern technologies – blockchain and distributed consensus ledger based on crypto tokens. However, many often confuse that both are similar crypto coins with identical use cases. But that’s not the case, as both Bitcoin and Ripple have apparent differences.
What is Bitcoin (BTC)?
Bitcoin is a digital currency that operates independently of any central authority or government or bank oversight. Instead, it relies on peer-to-peer software and cryptography. All bitcoin transactions are recorded in a public ledger, with backups kept on servers around the world. BuyUcoin is one of the most reputable cryptocurrency exchanges in India. You can buy Bitcoin in India for as little as Rs 100 from BuyUcoin.
What is Ripple (XRP)?
Ripple is a real-time gross settlement system, currency exchange, and remittance network developed by Ripple Labs Inc., a US-based technology firm.. XRP is the native cryptocurrency for Ripple Labs’ products. Its products are utilised in payment settlement, asset exchange, and remittance systems similar to SWIFT, a service for international money and security transfers used by a network of banks and financial intermediaries.You can buy Ripple in India for as little as Rs 100 from BuyUcoin.
Difference between Bitcoin(BTC) and Ripple(XRP)
BTC and XRP are the cryptocurrencies that power Bitcoin and Ripple networks, respectively. In Layman’s language, you can only send or receive Bitcoin on the Bitcoin network. But on the Ripple system, the opportunities are endless. From remittances to gold, you can send or receive a variety of assets in a span of a few seconds on a real-time basis.
- Technology Behind The Crypto: For starters, Bitcoin uses blockchain technology to record a ledger of payments transparently. Whereas Ripple’s distributed consensus ledger is built using validating servers and crypto tokens called XRP (Ripples).
- Usage: Coming to usage, Bitcoin, at best, is a digital currency that can be used for buying goods or services. You can easily transfer Bitcoin from one account to another, just like how we transact with real money.
- Remittance: On the other hand, Ripple is a real-time gross settlement system, just like how National Electronic Funds Transfer (NEFT) works in India. It’s also a currency exchange and a remittance network like Society for Worldwide Interbank Financial Telecommunications (SWIFT).
- Acceptance: In terms of acceptance, Bitcoin is undoubtedly the widely accepted cryptocurrency in the world. In comparison, Ripple’s XRP tokens, which were never meant to be used for payment, are now accepted by a few merchants. The number of such merchants is limited as Ripple has always focussed on building a network that can ease the transfer of other assets such as money or commodities.
Closing
As far as the similarities are concerned, both Bitcoin and Ripple (XRP) were developed to decentralise the current banking infrastructure so that fund transfers could be made easier and much cheaper.
Moreover, both systems also provide a more transparent and secure alternative to fund transfer methods used by modern-day banks. If you want to buy Bitcoin or Ripples, you can create an account on BuyUcoin in under 10 minutes.
BuyUcoin offers you more than 100 payment options. You can buy Bitcoin, Ripples, and hundreds of other cryptocurrencies that are decentralising modern-day banking, some with a fun factor.
All you need to do is visit the signup page, share your email id, followed by KYC verification. In no time, your BuyUCoin account will be created, and you will be ready to trade 100s of cryptocurrencies at your fingertips.