Published on March 8, 2014
Bitcoins Vs Ripples
What is Bitcoin? Bitcoin is a new currency that was created in 2009 by an unknown person. The transaction in these types of currency is made without any middle men or banks! There are no transaction fees and also no need to give your real name. Bitcoin is entirely decentralized, digital, and controlled by an open-source algorithm way back in 2009, which set the currency in motion.
What is Ripple XRP? Ripple is an open source person-to-person payment network — a simple way for anyone in the world to send money to anyone else at practically no cost. His reach, speed, and affordability are the advantages of a platform built for the distributed internet.
Ownership • Where Bitcoin is ownership based person to person system, Ripple is built on interconnected networks of p2p credit. • The Bitcoin system transfers ownership of one thing – Bitcoins. But in the Ripple system, you’re actually sending IOUs that will be redeemed somewhere else in the system.
Transaction Process • Ripple is faster than Bitcoin. It only takes a few seconds to finalize transactions. • Bitcoin and Ripple use a different method to reach network consensus process. • Bitcoin uses mining whereas Ripple uses an iterative consensus process.
Tracking The Bitcoin network tracks the movement of Bitcoins, but on the other hand Ripple can track account balances of an existing currency.
Security • To avail the advantages that cryptocurrency offers, Ripple is the solution as it provides increased financial freedom and privacy, minimal fees, cryptographically guaranteed security, and advanced features such as cryptographically enforced contracts and brainwallets but do not want to deal with Bitcoin’s volatile value
Contact us To know more about Ripple and to use XRPs, visit us at :• Website : www.tradefast.me • Facebook: www.facebook.com/Tradefast • Twitter : www.twitter.com/tradefastripple
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