What Is Ripple (XRP) And How It Is Different from Bitcoin?

What Is Ripple (XRP) And How It Is Different from Bitcoin?

ripple-xrp

Ripple is a payment processing network that was created to meet the requirements of the financial services sector. XRP, a cryptocurrency designed to operate on the Ripple network, has regularly ranked 5th in cryptocurrencies in terms of market value. Ripple refers to both a cryptocurrency (XRP) and also an open transaction network via which that money may be exchanged. It is a decentralized, open-source payment method that is currently under development. According to the ripple system’s website, the system aims to allow individuals to break free from the “walled gardens” of financial networks – i.e., credit cards, financial institutions, PayPal, and other organizations that limit access through fees, currency conversion costs, and processing delays.

In What Ways Are Ripple (XRP) And Bitcoin Different From One Another?

The primary distinction between bitcoin as well as a ripple in its initial purpose. Firstly, Bitcoin has been created as a decentralized peer-to-peer replacement to the conventional payment system. The concept behind bitcoin has been that a third party or intermediary is no longer required to trade value. On the other hand, Ripple is being designed to supplement rather than replace banks’ existing payment systems. Ripple’s protocol may be used to send money.

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