First, we should talk about Ripple’s history. The story had started even before Bitcoin went live. The first platform launch took place in 2005, as imagined and visualized by Ryan Fugger. Though it wasn’t exactly the Ripple we know today, it was a classic peer-to-peer network, where participants could exchange digital assets under different conditions. The platform was called Ripplepay. Jed McCaleb, who is now a billionaire thanks to crypto, liked the idea of such a payment solution. By 2011, the participants and developers decided to make their own cryptocurrency, which in 2012 came out as Opencoin. XRP – the final form of the project, saw the light in 2013, happening to gain quite some market traction and investors interest.
Let’s also get to know what Ripple really is. The answer is right here – Ripple is not a usual run-of-the-mill decentralized cryptocurrency. XRP was designed to make classic currencies and their trading better, faster, and easier. The main clients are banks, universities, legal entities, but common users can find lots of applications for the currency, too.
Here are some of the points worth mentioning to understand the differences between Bitcoin and Ripple:
Ripple and Bitcoin networks use fundamentally contrasting architecture. In Ripple, the distribution system connects various servers to simplify the process of exchanging information. Thus, the principle of building a chain of blocks is not quite usable.
All of the XPR coins were released at once, issued immediately if you can say so. The total emission is 10 billion coins.
As we mentioned repeatedly this coin doesn’t have the philosophy of many other projects supporting full decentralization. XRP is, possibly, the most centralized coin there is. That might be the reason why many crypto enthusiasts dislike XRP, but this network was never designed to be decentralized. In the case of Ripple, the system is a key to success.
XRP never copied anyone, making its way to their own niche. Several major advantages make Ripple XRP a very promising crypto asset.
First, the speed of transactions on the network. You must already know that sometimes buying Bitcoin may take more than an hour. In some rare cases even up to three hours. XRP will take you no longer than 4 seconds! This is incredible and works just like Visa cards. It also scales better than most coins, which can lead to widespread acceptance. Long time ago our society accepted credit cards – this might be one of the followers. XRP consistently handles 1,500 transactions per second, for Visa, this number is about 65,000, but crypto can scale even to this proportion.
Using Ripple blockchain, you can transfer different assets – this can’t be done with other cryptocurrencies. Jne of the main uses of this crypto is the exchange of fiat currencies. For example: you have some Canadian Dollars and you want to sell them for Swiss Francs - that’s quite a trading pair you have. When you try to do so via banks, there’s a risk of hidden bank fees or differences in the exchange rate that will make you pay more. All of this, in the end, makes you lose about 15%-20% of your money. If you exchanged your Dollars to Francs using Ripple, you wouldn't lose anything – that here can be a dealbreaker for a lot of people.
There is also a point of relevance. XRP is a very interesting replacement for fiat money. Besides, it is quite a convenient one. You can always try to earn with speculative trading, because this is still a cryptocurrency prone to be volatile. Generally, we’ll see how it’s going to turn out for Ripple, but its future is quite promising.
Being honest and truthful is important. The services might include hidden fees for Ripple XRP exchanges just as well as any other ones – all to earn more. There are different ways that can help one to avoid spending more than you should. For instance, you can use Swapzone – an aggregator that showcases cryptocurrency exchange offers along with different fees, and helps to find the cheapest, fast and most profitable XRP swap option.
To convert Bitcoin BTC to Ripple XRP, you need to follow these simple steps: