XRP is 1000 times faster and cheaper than Bitcoin

The RippleNet payment network has been processing the first remittances (cash) between Japan and Thailand and is currently being extended in 13 countries. Another success was the announcement by some banks that they would start using xRapid. Last but not least, the introduction of new technology for the banking sector - multi-hop - aims to raise financial institutions' liquidity and reduce fees. And as a bonus or result of the above-mentioned reports, XRP became momentarily two-bit behind Bitcoin from a market capitalization perspective.       

During the Ripple's Swell conference this week in San Francisco, Brad Garlinghouse, CEO of Ripple Labs, said XRP is the best choice due to its low pricing and transaction processing speed.    

"I really do not think about price performance. I mean technical performance. XRP is about 1000 times faster than Bitcoin, and our transactions are also 1000 times cheaper than Bitcoin payments. XRP proves to be the most effective digital asset to resolve a payment issue. As far as the XRP price itself is concerned, I do not even deal with it. In our company, we focus on how to create a successful product. We want to deliver solutions using decentralized open-source technology to solve the troubles of customers who are in trouble. "    

Differences between XRP and BTC

However, let us look at some of the inherent differences between XRP and BTC to get the answer to the question of whether XRP is encrypted in the true sense and whether its attributes are more advanced than the Bitcoin attributes.    

Since some of the respondents often refer to the XRP cryptoma as Ripple, it should first be noted that Ripple is the name of a US technology company focused on cross-border payment solutions. XRP is an independent digital asset used to facilitate Ripple transactions.    

Decentralization

Decentralization is one of the basic principles of Bitcoin and many other cryptoms. While Bitcoin faces a strong community of developers and enthusiasts of his thoughts, Ripple is a private company. It offers its products and services to banks and other companies. Not aware of the fact that the company itself holds a 55 billion XRP in the custody account, which is the overwhelming majority of all XRP coins. While the total amount of Bitcoin is set to 21 million coins, of which more than 17 million are already in circulation, XRP has a total amount set at almost 100 billion (99,993, 093,880 XRP), and all coins have already been created.       

 

Transaction confirmations speed

There are also several key differences between Bitcoin and XRP in terms of functionality. Transaction confirmations for Bitcoin last approximately 10 minutes. Processing times largely depend on the current network overload. XRP is much better in this case. While the BTC processes around 7 transactions per second, XRP will handle them at 1500 per second, with a charge of less than $ 0.01.