The world of cryptocurrencies is still expanding at a very fast rate, with new cryptos being introduced almost every day. Nowadays, there are thousands of cryptos out there, but none of them managed to achieve the popularity of Bitcoin.
Only a handful of digital currencies were successful enough to draw the attention of crypto enthusiasts. Those are Ethereum, Bitcoin Cash, Tether, and others. Yet, one of them is really unique in the way it works — Ripple.
What’s so Different About Ripple?
First of all, Ripple is actually a name for two things. One of them is the cryptocurrency Ripple, often referred to as XRP — the official abbreviation for this currency. The other Ripple is the company behind this crypto. It’s this company that makes all the difference.
Ripple is not made for paying for services and goods. That’s what Bitcoin is for, as well as many other cryptocurrencies. On the other hand, Ripple was created as a payment settlement and money transfer system. On top of that, it is also a currency exchange platform.
The creators of Ripple are of the opinion that existing asset transfer systems are too slow, which they consider problematic. Moreover, these systems aren’t secure enough, which is why they wanted to explore some alternatives and create a solution that’s better than popular services such as SWIFT.
Therefore, the asset transfer via Ripple is not only supposed to be cheaper than current systems but also to provide more security. Most importantly, these transactions need to happen in real time, meaning that Ripple is overall much faster compared to other systems.
In order to make that happen, the creators of this system and the cryptocurrency needed to take a slightly different approach when compared to Bitcoin.
How Was Ripple Created?
Ripple is a product of the Ripple Company that gathered investors who set very clear goals for it. Nowadays, Ripple has several offices and a group of professionals who work on improving and upgrading the system.
This is very different compared to Bitcoin that was created by a mysterious person (or a group of people) called Satoshi Nakamoto. Bitcoin is basically an open-source project, meaning it is maintained and further developed by enthusiasts.
This way, there’s a group of people who don’t really appreciate Ripple as it is often perceived as leaning towards being more centralised than decentralised.
However, that’s not entirely true because Ripple uses a completely different underlying system than Bitcoin, which is still, in its essence, decentralised.
Basically, the network that supports Ripple consists of numerous independent servers. What they do is constant comparison of transactions and records. You can read all about Ripple/XRP crypto to find out more about this currency and its technology.
However, the real question here is whether Ripple is a good alternative to BTC. Is it better?
Is Ripple Better Than Bitcoin?
It’s really difficult to tell since the two cryptocurrencies are very different. When we look at things such as transaction speed and cost of transactions, Ripple is definitely a better option. However, XRP is not nearly as popular as BTC. In other words, Ripple has a long way to go before it reaches the level of adoption Bitcoin has.