In this post we’ll cut to the chase without further ado and we’ll show you the advantages and disadvantages of each.
Let’s start with the XRP cryptocurrency or as many know it by its name Ripple
1) Disadvantage XRP cannot be obtained by mining. If you are already thinking about how to mine Ripple, be aware that it is different from other currencies. It cannot be obtained through digital mining, cannot be used for shopping, and is operated by a private company.
2) Another disadvantage and advantage that will depend on your point of view transactions are confirmed by consensus of network participants, and not by mining (as in Bitcoin network based on blockchain).
3) XRP Advantage It is the fourth largest cryptocurrency by capitalization of billions (US$ 71.53 billion).
4) Ripple Advantage uses less electricity than bitcoin, so transactions are made much faster — on average, about 3.7 seconds.
5) Again, it will depend on your point of view to find a disadvantage or not, Ripple relies on a common decentralized registry, which is a distributed database of all Ripple accounts. The network “manages a network of independent test servers that constantly compare their transaction logs.” Servers can belong to anyone, including banks and market makers.
6) 100 billion XRPs have been created and will no longer be created.
7) Advantage for each transaction, a small commission is established in the amount of 0.00001 XRP. This transaction fee is not assigned by anyone — deactivated XRPs are destroyed and no longer exist.
- Let’s go now to the advantages and disadvantages of bitcoin
1) Borderless Advantage
Whether you export goods and services or buy goods or materials from abroad, bitcoin is a great solution for dealing with transaction fees, exchange rates or foreign currencies. After all, as it is a global currency, not tied to a single government or company, it ignores border restrictions.
2) Advantage No disputes
Although bitcoin is digital, it works more like money than credit itself. Bitcoin transactions are final and cannot be disputed by a customer based on their opinion (for example, whether or not they liked your service).
3) Investment opportunity
Like other currencies, bitcoin fluctuates in terms of value. However, it is generally less stable than the payments and currencies you are used to. While this fluctuation can be a disadvantage to accepting bitcoins, it can also have a big advantage – this if you decide to look at bitcoin with an investment: by accepting bitcoins and then waiting to exchange them you are having an opportunity to increase their value.
4) Disadvantage Volatile Market
As a matter of fact, biticoin is very volatile and we never know what the real value will be the next day. The price of bitcoin changes with the passing of hours meaning that its bitcoin can either increase its value by %50, or lose%50 of its value in a few minutes and the next day it dropped to $ 44,000. This is one of the main reasons that traders do not want to accept cryptocurrencies as a means of payment.
“Crypto assets are still very small markets compared to other financial assets, although it is growing a lot. So, of course, this makes it more volatile, as less volume is needed to effect a relevant rise or fall in prices ”, explained Vinícius Frias, CEO of fintech crypto Alter
5) Disadvantage Not very good security
The people who create programs for cryptocurrencies are not security experts and that is very bad, because more and more hackers appear wanting some bitcoins for free, and those people who want their cryptocurrencies for them are developing and creating hacking techniques each more day. Many people will already lose millions because of these hackers.
6) Disadvantage It takes high fees on transactions
There are people paying $ 26 dollars for transactions with bitcoin one, a very high fee if we consider the amount that is being transferred an example from twitter. Last week, a journalist said on Twitter that he paid $ 15 to send $ 100 in bitcoin from a digital wallet to a physical equipment wallet and shortly thereafter another person paid $ 16 to send $ 25 in bitcoin from an address. from bitcoin to another. With these fees the only people who were happy with transactions with biticoin are the miners who earn bitcoins to add transactions to the blockchain.
- Now that you know the disadvantages and advantages of each coin, you just have to decide which is the best
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