XRP is a coin token used to represent the transfer of value across the Ripple network. The main function of this coin is to be a mediator for both cryptocurrencies and fiat exchanges.
There are numerous people that confuse the terms XRP, RippleNet and Ripple. The currency that is popular as XRP is a cryptocurrency that runs on a popular digital payment platform as RippleNet. The RippleNet platform is on the top of the list of XRP Ledger and, the Ripple company is operating the RippleNet platform.
The RippleNet platform works on the basis of real-time gross settlement (RTGS). The whole objective of the RippleNet payment platform is to allow fast monetary transactions worldwide. Moreover, XRP is a native cryptocurrency to XRP Ledger. The cryptocurrency holders can use any crypto coins to sell, buy, or exchange on the RippleNet platform.
Furthermore, the prime reason behind the launch of this cryptocurrency is to enable speedy, inexpensive, and scalable alternatives for digital assets and existing monetary payment platforms such as SWIFT.
XRP VS BITCOIN
- The total supply of RippleNet Coin is capped at 100 billion which is far higher than any other cryptocurrency.
- XRP’s average transaction speed is 4 seconds whereas, even Bitcoin’s transaction speed is 10 minutes.
- XRP Ledger could manage nearly 1,500 transactions per second, which is 600 times faster than Bitcoin.
- XRP’s transaction fee is 0.00001 XRP (roughly $0.000001), while Bitcoin’s transaction fee is about $0.50-$1.00 per transaction.
- While RippleNet coin outperforms Bitcoin in terms of transactions per second, it has a different underlying consensus mechanism and therefore does not offer the same security that Bitcoin offers.
Markets to deal
A crypto user who is striving to buy, sell, exchange or transact in this cryptocurrency can opt for any digital exchange. For instance market such as Binance, Huobi Global, Bithumb, KuCoin, Bitstamp Gate.io and more deals in all cryptocurrencies.