There are lots of chaos and confusion arising in the digital market in the distributed ledger, blockchain, and the cryptocurrency world and nowadays one more name is gaining popularity in the same sphere and that is Ripple. I often came across a question about the difference between bitcoin and Ripple. So this article will highlight the difference between bitcoin and ripple and further, it will explain that how ripple wants to beat bitcoin in India.
Let’s first get acknowledge with the meaning of Ripple and Bitcoin. Bitcoin is mainly a digital currency which is intended as a means of payment for goods and services, whereas Ripple, on the other hand, is a currency exchange, payment settling and remittance system with an intention for banks and payment networks. Ripple is created to improve upon an outdated system of international transaction.
According to the Wikipedia Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. It is considered by the Bitcoin Magazine that Ripple came in the year 2004 but was not released, so it is assumed that Bitcoin originally came in the year 2012.
The objective of the Ripple platform is to circulate more and more money around the world as early as possible. It is mainly built for the enterprises, but banks also seem to like them. So far, the ripple is able to handle over 35 million transactions processed without any issue.
The demand for Ripple in India is rising like a coconut tree. The most important thing that cannot be missed is that it offers a better price and is more secure than other digital currencies, including Bitcoin. Well, there are many local banks like YES bank and AXIS bank and some financial institutions who have already the ripple cryptocurrencies. Ripple XRP for banks is gaining appeal because of its special feature that is liquidity.
The company has hit a notable milestone that cannot be ignored whether in case of speed or stability. For instance, if we look at the cost XRP it has the lowest cost per transaction at $0.0004 in comparison to BCH $0.96 and BTC is $28.23.
Ripple has planned to capture 50% of India crypto market by forming a strong strategy and taking it to step further. A representative of Company, Adheesh Birla, Senior vice- president spoke on a panel at the Warton School of Business that how Ripple wants to gain a majority market share in order to plant its root in the world of economy.
Birla said that Ripple already owns 60% of the total XRP supply and is in a mode to target Indian financial institution by convincing them to join Ripple-Net. Looking at the huge population of the country he marked that it is a huge market with around 2 billion people and is making super strategies about how to deal with such a large number of customers.
Figuring at the cost involved the representative further mentioned that they have decided to secure a strategic partnership with the country’s largest banks instead. Their first step will be to approach the top 3 banks in the country, which would bring about 80% of the market share and then will proceed further.
In India, if Ripple succeeds in building a chain with these banks and billions of individual users then liquidity network of the Ripple block-chain- based xRapid and xCurrent will grow at a faster rate gaining more value and moreover, it’s efficient than the banking system.
No, doubt that working with a company which is a home to 1.2 billion people would really help Ripple to expand further. But if one is talking about the price of XRP, then let me tell you something that might worry you. XRP and Ripple are independent of each other which means that even if Ripple gradually shutdown then XRP will still work.
It has been truly sensed that the only factor that can hike the price of XRP is the mass adoption, meaning that more the XRP being used the higher the price will go. Moreover, Ripple (XRP) has just started working with some of the largest corporations like FYI, BBVA.
The CEO of BBVA said that “money transfer test with Ripple went very well.” David Schwartz, Ripple’s Chief Cryptographer, has announced that there will be two major companies, declared in Q4. This is likely to provide a substantial boon to XRP. Also the Chief Technology Officer of Ripple, Stefan Thomas has said that in the coming years there will be a huge push and demand of XRP.
In the end, it is better to say that Aristotle has not much invested in Bitcoin but has surely mentioned the realm of Cryptocurrency trading that is “the whole is greater than the sum of its part.” Ripple has become internet sensation from last few months but it is still misunderstood by a large majority.
By:- RUPALI SINHA