Unlike the two biggest cryptocurrencies in the world Bitcoin and Ethereum, Ripple is both a crypto currency and digital payment platform. Ripple is known as XRP in the crypto world.The major difference between Ripple and Bitcoin is that he former is a currency held by a company called Ripple labs, whereas the latter is mined. The blockchain system also varies greatly between the two. The company calls their blockchain technology as Ripple Net. The advantage of Ripple unlike Bitcoin and Ether is that it makes transactions faster and quicker. Banks and larger institution are officially backing use of Ripple systems.
The different programs offered by Ripple Labs are x Current, xRapid, and xVia. You can buy Ripple with USD in cryptocurrency exchanges. However, buying Ripple is not similar to buying Bitcoin or Ether. Only few cryptocurrency exchanges like Bitsamp allow direct exchange of USD for XRP, but that too only limited and rare. Coinbase and Binance are two exchanges where XRP is sold. When you visit the exchange online, you will have to exchange your Bitcoin or Ether for XRP. However, to start you will initially have to create and account with the exchange service and should have a ripple wallet where you can keep your XRP currency. The process of converting Bitcoin to XRP is relatively quick and fast. This fast transaction is the biggest advantage why banks prefer Ripple.
Bitcoin vs Ripple
The comparison is obvious and while the two may seem similar, yet they differ in their purpose and functions. Bitcoin was created as a new financial system, while Ripple was created to facilitate the current transactions to reach faster and more convenient without any hassle. While you cannot buy ripple with USD, you can however buy Bitcoin directly from the crypto exchange.
Bitcoin is a decentralized with the blockchain technology, whereas Ripple is centralized and owned by a company, which sells Ripple and payment transaction systems to banks. Transaction and volatility of Bitcoin is risky, you might lose the value on Bitcoin due to changing crypto currency market prices, and however, the selling point of ripple itself is its speed of transaction within seconds. Ripple does not require mining like Bitcoin, you have already 39 Billion Ripple (XRP) in circulation and no extra energy is spent on the tedious process of mining. The only downside as we said earlier is that you cannot buy ripple with usd, you have to buy a cryptocurrency to buy ripple.