The Battle between Cryptocurrencies – Bitcoin vs. Ripple
Cryptocurrencies are undoubtedly the talk of the town. Unlike their names, there is nothing pseudo about these currencies anymore. Millions of people have already started trading in these cryptocurrencies. The same people who were completely skeptical about these fake currencies, are now considering them for viable investment.
Bitcoin is the most popular cryptocurrency in the world right now. However, it is facing a tough competition from Ripple, another popular cryptocurrency today. The rise in the conversion rate of Ripple by over 2000% in just a few days has left the world amazed. People have already started talking about leaving the volatile Bitcoin platform to trade on Ripple.
So, if you are planning to invest in Bitcoin or Ripple, here are a few things that you might want to look out for.
Bitcoin is recognized as one of the foremost cryptocurrencies the world has ever come across. It was first launched in 2008, when the price of conversion hovered for a fraction of the American Dollar. However, today, the conversion rate of Bitcoin is so high that a single Bitcoin will get you anywhere between 10,000 to 20,000 US dollars easily.
Ripple, on the other hand, gained a lot of popularity in the beginning of 2018. Starting at the point similar to that of Bitcoin, with a conversion rate of less than a dollar, now one Ripple costs somewhere between 3 to 4 dollars. Although the price is illusorily low, any person with the slightest knack for mathematics can easily identify the exponential growth that the cryptocurrency has shown in a few days. There is a mad rush online to buy Ripple in an expectation to catch the second wave of cryptocurrencies that will probably make them millionaires.
Why Were Bitcoin and Ripple Cryptocurrencies Created?
Bitcoin and Ripple were created with vastly different aims. While Bitcoin was created to facilitate the movement of a decentralized system and remove the middlemen i.e. the conventional banking structure, Ripple was created by a singular company controlling major assets. Unlike Bitcoin, which is fairly an open-source platform and is open to modification from users via blockchain technology, the price of Ripple is operated over a controlled platform.
Should I Buy Them Now or Wait for A While?
Only 21 billion Bitcoins will ever come into circulation (16 billion of which are already here), while the Ripple cryptocurrency creators have a higher aim of flooding the market with 100 billion Ripples.
Lots of individuals with experience in the financial sector, have often termed Bitcoins as a fraud due to their decentralized nature. On the other hand, the same lot of people are full of praises for the Ripple technology due to its controlled nature.
Buying either of the cryptocurrency depends solely upon your eagerness to invest, your risk appetite and your evaluation of the risk-return profiling. A smart investor would prefer investing a small portion of his/her savings into the technology to see how the volatility of the cryptocurrencies turns out over time. While a speculative investor would want to make the most of the gains that people are witnessing.