Ripple vs Bitcoin vs Litecoin: what are their differences?

Today’s virtual currency has achieved incredible success all over the world. Whenever you enter the crypto market every day, you can hear about a new type of virtual currency coming into the industry. However, as we already know, cryptocurrency is highly volatile, and due to this, crypto investment is always risky to some extent. Whether you invest your money in bitcoin, Litecoin, Ethereum, Ripple or Binance coin, everyone risks losing money. Like Bitcoin trading, you can also earn profits in Oil trading. Visit Oil Trading App for more information.

Below we compared Litecoin vs bitcoin vs Ripple and discussed which is better for investment.

Bitcoin: 

As the most widely used virtual money, Bitcoin is now the most well-known cryptocurrency on the global stage. 

Whether it is bitcoin or Litecoin, or Ripple, every cryptocurrency is based on the recently developed technology called blockchain technology. Bitcoin is one of the safest cryptocurrencies, and it always provides high-quality protection to its users and never lets your transaction in an invalid address.

Ripple: 

Ripple is a solution for cross-border payments for large financial institutions. Like other cryptocurrencies, it is also based on blockchain technology. Chris Larsen and Jed McCaleb established it in 2012 to facilitate payments in large financial institutions and corporations. Before Ripple, the international payments took a few days to complete the whole process with high transaction fees.

But Ripple came into the picture to mainly solve this significant problem via this technology. One of the considerable advantages of Ripple is that it only takes only four seconds to complete the whole transaction process with a meager charge. Ripple is a profit organization that only focuses on international payments, and the overall maintenance and processing cost of Ripple is significantly less compared to bitcoin and Litecoin.

Recently Ripple secured the third position in the crypto market worldwide. Ripple runs on Ripple Protocol Consensus Algorithm, and transactions are made through the currencies issued by Ripple Labs. Ripple’s potential growth is very limited compared to bitcoin and Litecoin because it mainly focuses on delivering one function, which is cross border transactions.

Litecoin: 

Litecoin is considered one of the closest rivals of bitcoin, and recently Litecoin secured the fifth position in the cryptocurrency market worldwide. It was invented by Charlie Lee in 2011 with the primary objective to facilitate P2P and daily transactions faster with low cost. The founder of Litecoin said that Litecoin is more targeted toward payments, faster transactions and lower transaction charges.

Litecoin is an open-source system that runs on a Scrypt algorithm and is a global payment network completely decentralized which means no authority can control it like bitcoin. In simple words, Litecoin is almost similar to bitcoin; it facilitates faster payment than bitcoin and takes fewer charges than bitcoin.

Comparison between Ripple, Litecoin and Bitcoin:

Both Ripple and Litecoin put tremendous efforts into making their waves in the crypto world. Ripple came into the picture in 2012. On the other hand, Bitcoin was established in 2009 and Litecoin in 2011. The founders of Ripple are Jed McCaleb and Chris Larsen, and presently Ripple has secured the third rank. In contrast, Litecoin secured the fifth rank in the cryptocurrency market worldwide. Ripple mainly focuses on international level transactions, whereas Bitcoin and Litecoin only focus on P2P and day-to-day transactions.

The transaction time of Ripple is much better than Bitcoin because Ripple takes almost four seconds to complete the transaction process. In contrast, Litecoin takes around two and a half minutes to achieve the same process. At the same time, bitcoin takes only a minute to complete the whole transaction process and is considered one of the safest and highly recommended platforms for investment.

Conclusion:

We all know that all cryptocurrencies use the same technology, like blockchain technology considered 21st-century technology. All cryptocurrencies are highly volatile, and due to this nature, the value of every cryptocurrency fluctuates after every minute. Many cryptocurrencies are available on the internet, and each has its own set of perks and downsides. No cryptocurrency is fully secured; whether it is bitcoin, Litecoin, or Ripple, all have carried a certain amount of risk.

So, if you’re making a plan for cryptocurrency investment, then first, you prepare yourself for any circumstance. There is a plethora of cryptocurrencies available on the internet, each with its own set of pros and cons.