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Knowing Your Crypto: What Are the Main Differences Between Ripple and Bitcoin?

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Message Frederick Smith

XRP relies on a slightly different technology that works in a similar fashion to SWIFT, which is known for its secure international money transfer functionality. When person A makes a transfer to person B, Ripple travels through a network consisting of various servers before a transaction is marked as validated. This allows for safe, secure, and fast transactions without having the need to have a central authority to oversee them.

The release mechanism

Despite not using the traditional mining mechanism, XRP coins are gradually released into the wild, however, this takes place at a different pace. Bitcoin is characterized by slight fluctuations due to the unpredictable nature of mining (the advances in hardware and technology and the total number of people doing it), while XRP is gradually being released at a slow, steady pace.

Ripple's release mechanism utilizes smart contract controls. Each month, 1 billion XRP tokens are released for use. To prevent oversupply, those that are not used are sent back into escrow. This mechanism ensures there will be a plentiful supply of XRP coins for years to come.

How transactions are charged

In every transaction, a small part of its total value is subtracted (think of it like a processing fee). Whether for business or personal use, a growing number of people are already using for cross-boarder payments and transactions. It is, however, a least not yet, as widespread in use as Bitcoin.

On the other hand, it is much preferred among banks because it allows relatively hassle-free asset transfers. In fact, in excess of 200 financial institutions (based in 40+ different countries) are utilizing Repple to make cross-border payments. Compared to Bitcoin, Ripple charges lower transaction fees.

Ripple practically eliminates the costs of currency trading

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Young writer from Worcester. I love writing texts, poems and my dream is to write my own book. I live with my wife and our dog named "Sandy"

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Knowing Your Crypto: What Are the Main Differences Between Ripple and Bitcoin?

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