Ripple and Bitcoin Are Tough to Compare for Several Reasons Ripple's XRP and Bitcoin are both cryptocurrencies, which are digital alternatives to government-issued currencies.
XRP is a currency that's now mostly used by Ripple to make payments between banks in different government-issued currencies.
Ripple uses the XRP Ledger and XRP to make cross-currency payments for financial industry customers that use its RippleNet system.
Like the XRP Ledger, Bitcoin's blockchain ledger relies on multiple participants who all have access to the same information, which helps maintain its security and keep it decentralized.
XRP - Price as of October 25, 2021: $1.10, Trading volume on October 25, 2021: 2.6 billion, Facilitates payments between banks in different government-backed currencies.
May be traded as a speculative investment., The XRP Ledger created 100 billion XRP all at once., An XRP consists of 1 million drops, the only sub-units of the currency.
May be traded as a speculative investment., Twenty-one million bitcoins will eventually be created by forming new blocks in the blockchain., A bitcoin consists of 1,000 millibitcoins, 1 million microbitcoins, and 100 million satoshis.
Value of XRP and Bitcoin As of October 25, 2021, the value of a single bitcoin was much higher than a single XRP: $63,039.83, compared with about $1.10.
Bitcoin and XRP Transaction Information Payments made using XRP can be completed in three to five seconds; those made using Bitcoin are intended to take an average of around 10 minutes.
The average fee for a Bitcoin transaction that same day was $3.093; the average total transaction fees were 14.02 BTC.
How to Buy Cryptocurrency Both XRP and Bitcoin are traded on cryptocurrency exchanges.
Important: Some exchanges may not enable you to trade XRP for certain currencies and cryptocurrencies.
The Bottom Line Ripple's XRP and Bitcoin are both cryptocurrencies that you can trade like government-issued currencies.
Ripple, the company that holds the vast majority of XRP, uses it to facilitate transactions between banks using different currencies.
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