These three cryptocurrencies are the foremost cryptocurrencies ever in the crypto community. Most coins take their fundamentals from some of these cryptos while others have improved in various aspects where their lagging; some still seem to remain the same old way. Blockchain technology is one of the significant advancements in the financial sector of every economy, where power is now shifted from a centralized body into a more open-source decentralized consensus. With this, every individual is accountable for whatever happens to their wealth.
Ripple VS Bitcoin & Ethereum
However, these cryptos differ in several ways, although they are all products of technological advancements –blockchain. Bitcoin, for example, is known as the bedrock of all cryptocurrencies and aims at being the future of money. So, it’s pertinent to note that while these currencies have similar roots, they also have independent objectives. For bitcoin, it aims at replacing the traditional fiat to become the future of money. At the same time, ethereum, on the other hand, runs decentralized applications and smart contracts where two or more activities could be carried out using just a single process. Ripple, a currency exchange, payment settlement, and remittance system, aims to create a more effective avenue of transferring assets locally and cross-borders.
So these cryptos have particular independent objectives. However, as mentioned earlier, bitcoin is the father of all. Before the advent of other cryptos, bitcoin used to be the only available cryptocurrency. However, something happened. Bitcoin started lagging in its transaction speed, which led to the development of alternative coins (altcoins, such as ethereum and Ripple, amongst others). With altcoins, the transactions on the bitcoin blockchain reduced since altcoins could now provide faster and cheaper transaction processes. Since Ripple and other altcoins began becoming adopted by the day, more users have started to buy Ripple, ethereum, and litecoin, and their adoption started to increase in 2014.
Comparison Between Bitcoin And Ripple’s Transaction Speed
Ripple was deployed in 2012 and was founded by Jed Mc Caleb and Chris Larsen. If you are looking for the best global payment system, then you should focus on Ripple. According to Ripple’s whitepaper, it aims to enable more economic opportunities while providing a top-notch payment system both internationally and locally. Ripple operates on an open-source, decentralized peer-to-peer network that allows money and asset transfers across borders. One of the exciting facts about Ripple is its transaction speed. In fact, some investors buy Ripple because of these singular factors. Ripple network is one of the fastest and secure, with a transaction speed of about 1500 transactions per second at an average approval time of 4 seconds.
Comparing Ripple’s speed to bitcoin’s is far degrading; however, bitcoin could have a higher transaction speed when compared to others, however, never on the same pace as Ripple. It is the father of cryptocurrency and the first-ever. Hence it’s prevalent and has a considerable user adoption. It’s easier to invest in bitcoin because of its usability ratio and the maturity built around its blockchain. Nonetheless, it’s expensive to adopt compared to Ripple when it comes to speed and transaction fees. It has an average confirmation time of about 10 minutes and can process seven transactions per second.
Why Does Ripple Transaction Speed Matter?
It’s impossible to discuss investing in a cryptocurrency without considering its transaction speed. One of the significant properties of blockchain technologies and cryptos with very high transaction speed becomes the most efficient. Ripple transaction speed means that the higher the transaction speed, the more efficient it can transfer assets and data from one party to another. Hence, you must note that transaction speed depends on the transaction fees, block size, network traffic, and block time. Be sure to note that Ripple’s transaction speed may be affected if the blockchain you are transacting with has high network congestion, high transaction fees, or high volume.
Ripple’s transaction speed remains top-notch because some various factors are maintained in other to keep the speed as high as possible, and some of these parameters include the following
- Network Load: this is of the factors that affect the transaction speed. A higher network load will likely reduce the cryptocurrency transaction speed.
- Transaction Complexity: complicated transactions also reduce the transactions because no transaction will be successful without being fully validated.
- The block mining frequency: How frequently is the block mined?
The three factors mentioned above are some of the most important factors to consider when considering Ripple’s transaction speed. However, the transaction speeds of Ripple and other cryptocurrencies are expected to go higher as more upgrades occur on each network.
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