Bitcoin has dominated the cryptocurrency market since its inception in 2008. And as a first of its kind, Bitcoin influences the price of altcoins, making the market very susceptible to tampering. It also inhibits the chances of other potential digital currencies to flourish.

New blockchain technologies serve different purposes and should therefore be allowed to grow without being cast in Bitcoin’s shadow. That is why Ripple might be the next Bitcoin in terms of practicality for mainstream applications.



What is the Difference Between Bitcoin and Ripple?

Bitcoin Ripple
  • Used as a currency to pay for commodities
  • Used as a payment gateway
  • Transactions are verified on a public ledger using miners
  • Network of nodes verify transactions through a consensus voting system
  • New coins are generated through mining
  • Coins are pre-minted
  • Transactions are expensive and slow
  • Cheaper, instant, and completely decentralized transactions
  • New coins are released when found by miners
  • A smart contract distributes new coins  monthly

These differences make Ripple the next-generation cryptocurrency. Here are the reasons why Ripple might be the next Bitcion.

1.     Mainstream Scalability

Bitcoin’s scalability poses extreme problems for mass adaptation as it can’t process transactions fast enough in the real world (averaging about 50 minutes per transaction). Ripple instantly processes transactions through its smart contract consensus ledger method of solving blocks on the blockchain. With fast processing times, Ripple can be used by more people in more places without having to wait for payments to go through in real-time.

2.     Corporate Integration

Companies like MoneyGram, Western Union, and American Express have begun to use Ripple for their payment and transferring services. Testing Ripple in already developed platforms shows how it can out-perform fiat and Bitcoin currencies. It also removes the need for physical locations to deposit and withdrawal funds as everything can be done electronically at a low cost.

3.     Bank Implementation

With the implementation of Ripple banking software like xRapid, xVia, xCurrent and RippleNet, the altcoin can spread across the globe as an alternate to payment gateways like Swipe. Ripple could be the next revolution in international bank transfers as more and more financial institutions discover that it saves them money and time.

4.     Remittance Solution

Buying, trading, and converting Bitcoin involves large fees, something that Ripple plans to diminish. CEO of Ripple, Brad Garlinghouse, spoke about the need to remove expensive cross-border remittance fees. This not only opens up doors to global businesses, it also saves citizens tons of money when transferring overseas to family and friends.

5.     A large and experienced Team

Crytocurrenices always have a reliability issue as ICO scams develop into skepticism. A crypto backed by many experts in the field and departments beyond engineering are a sure way to know if a coin will last. Ripple is a picture perfect display of a diverse team, including PR and marketing specialists. This shows dedication to the success of Ripple because without public knowledge, a coin falls off the radar.

What is Stopping Ripple?

One of the biggest drawbacks for Ripple’s success is its direct fiat to XRP trading options on cryptocurrency exchanges. On most exchanges, especially the most popular site, Coinbase, you must buy Bitcoin and then use BTC to buy XRP. This is slowly changing as exchanges develop, but Bitcoin deposit options are still dominant.

Despite being left out of direct fiat conversions, Ripple actually has a larger circulation of coins than Bitcoin. Ripple has 40,327,341,704 coins compared to Bitcoin’s 17,396,212. This makes Ripple a stable currency as it has pre-minted coins and automatically releases more supplies monthly. Its practical use, innovative technology, and determined team makes Ripple the next Bitcoin contender.

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