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What is Ripple? What are the differences between Ripple and Bitcoin?

by Financial Economy

Ripple is a payment network system (RippleNet) and cryptocurrency value (XRP) that emerged in 2012. Ripple is a centralized cryptocurrency, unlike many other cryptocurrencies. Although they are traded on the blockchain system, all the traded ledgers are managed by the company. With Ripple, the goal is to transfer large amounts of assets and money quickly, reliably and cheaply, through the blockchain system. Information about Ripple and differences between Ripple and Bitcoin are in rest of the our article. Information about Ethereum, you can browse here.

Ripple’s CEO is Brad Garlinghouse and has offices around the world. Ripple is currently the third most market cap among cryptocurrencies, after Bitcoin and Ethereum. The fact that it has an institutional center has made the value of Ripple crypto money a cryptocurrency and transfer system preferred by payment systems provider companies and banks.

What are the differences between Ripple and Bitcoin? What are the advantages of Ripple?

Differences between Ripple and Bitcoin are as follows:

  • The Bitcoin system is not affiliated with any center, while Ripple is owned and controlled by a company.
  • While 4 transactions can be made per second in Bitcoin transfer transactions, Ripple can perform 1500 transactions in one second (These numbers may change over time).
  • Ripple is a much more convenient method than Bitcoin when it comes to commission fees for transfer transactions.

The advantages of Ripple are as follows:

  • Thanks to blockchain technology, Ripple offers international shipping at very low costs and in very short time in asset and money transfers.
  • The fact that it is the third highest crypto currency with the highest market value and has a very high transaction volume enables it to be traded on many exchanges. This situation facilitates accessibility.
  • Unlike decentralized cryptocurrencies like Bitcoin, the fact that its value is based on a profitable company is the most important factor that distinguishes Ripple from other cryptocurrency values.
  • It continues to increase its value day by day with agreements with major payment systems provider companies and banks.

How to mine Ripple?

Unlike other cryptocurrencies, Ripple is not mined or produced. The company produces all Ripple values ​​in circulation. Although the total amount of Ripple produced is 100 billion units, the company only brought 40 billion Ripple to the market. The company, which follows a different policy from Bitcoin and other cryptocurrencies, has adopted a different production system than mining. Produced Ripple continues to be released at regular intervals.

For details: https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

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