In this guide, you will learn the differences between Bitcoin and XRP and find out how to exchange Bitcoin to Ripple on Swapzone crypto exchange aggregator.
The concept and idea of Ripple existed way before Bitcoin went live. Though it was in its preliminary stages and was very different from the Ripple we have today, it was what we call a typical peer-to-peer network. It was specifically designed to allow users to trade and invest in digital assets under different sets of conditions. The main idea behind the invention of Ripple was to create a user-friendly payment platform. The platform was referred to as the RipplePlay.
In 2011, after the launch of Bitcoin, Ripple was still under construction. The developers' interests were shifted to creating their own cryptocurrency that could serve as a platform for money transfers and for large businesses and financial institutions. It came out as OpenCoin in 2012. The final product was, however, called Ripple. Ripple holds a promising future as it does not limit you to only one asset. Rather you can deal in several assets.
The Ripple system's indigenous cryptocurrency is XRP. Ripple is the organization's title that developed the cryptocurrency coin and aims to drive its use at banking and other payment firms. It is the network over which XRP is transmitted. If we quote what is being described on the official website, Ripple is a global payment network that aims at providing an inclusive financial environment for banks and financial services.
To put it simply, XRP is the cryptocurrency that runs on the Ripple Network. It can be exchanged with other cryptocurrencies such as the Bitcoin to Ripple exchange. It can actually be regarded as the conversion of BTC to XRP. Ripple's objectives for XRP are somewhat distinct from those of other cryptocurrencies. Others give users power of their funds, but Ripple was built for pace and has few of the lowest prices of just about any asset.
As a result, Ripple is expected to gradually overtake SWIFT, its main purpose from the very beginning. SWIFT is the market leader for international currency cables, known for its sluggish rates of speed payments. Markets have been exploring Ripple's xRapid, which utilizes XRP to wire funds among several third-party companies at breakneck rates.
Although not completely decentralized, Ripple is in the top five cryptocurrencies in terms of market capitalization. Ripple can be regarded as a "unified" cryptocurrency. Ripple Laboratories, the organization behind it, did not attempt to appeal to the general public, but its main goal is to act as a trusted agent between two institutions or businesses during a transaction.
The XRP coin is intended to outperform current cryptocurrencies in terms of capability, making it incredibly appealing. Verifying a payment in Bitcoin can take up to 10 minutes, while approvals in Ripple only take less than five seconds. Hence, Ripple may be regarded as one of the biggest assets in the cryptocurrency industry. Ripple has one of the most promising long-term value prospects of almost any asset.
On Swapzone, you will find the cheapest and fastest way to convert BTC to XRP. It allows you to exchange whatever amount you want, even as low as 0.005 BTC to XRP. When you know Bitcoin to Ripple rates without any hidden charges, it becomes convenient to assess how much you need to spend.
Ripple differs from most of the other cryptocurrencies. The sole purpose of its creation was to bring ease and pace to the trading of currencies rather than simply creating a digital asset. Bitcoin and Ripple differ in many aspects. Some of them are:
Ripple Does not use Blockchain to validate its transactions
Although you can exchange Bitcoin to XRP, Ripple has a different mining consensus. To validate its transactions, Bitcoin uses Blockchain, whereas Ripple has a different mechanism. Ripple mining is achieved through a process in which the participant nodes verify the authenticity of a transaction based on a poll. This speeds up the transactions. In addition to that, Ripple mining consumes a lot less energy than Bitcoin mining. The poll validation mechanism makes the transactions more reliable.
Cheaper rates and faster mining
We all know that Bitcoin mining is a complicated and energy-consuming process, which effectively increases its cost, and makes it highly unsustainable. On the other hand, Ripple mining is rather easy and hence occurs at very low costs. Along with that, the time factor also comes into play. Bitcoin mining takes about 8 to 10 minutes, where XRP can be mined within seconds.
There are more XRP coins in the market than the BTC
The main investors of Ripple have been gradually releasing coins in the market. This is possible as 1 billion XRP were already mined at the launch of Ripple. On the contrary, Bitcoin capitalization is limited to 21 million coins. This makes XRP more accessible and available to its clients.
Ripple mining follows smart contracts and adheres to a pre-designed schedule which widely increases its availability. To sum, the whole discussion, Ripple wins over Bitcoin in having faster transactions and lower costs. However, Bitcoin obviously has a better reputation, market value, and performance. Nonetheless, you can acquire these crypto assets by choosing the right exchange aggregator such as Swapzone. It keeps you away from the hassle of hidden fees and additional charges.
Swapzone presents the convenience of a swapping service along with the best rate option and safety of the whole process to exchange BTC to XRP. There is no need to use any supporting documentation, nor registration in the system.
If you’re a visual learner and want to have a better understanding of how to convert Bitcoin (BTC) to Ripple (XRP) on Swapzone with no hassle, check out our step-by-step video tutorial: