He says that Ripple aims to solve payment problems, Ethereum is for smart contracts, and Bitcoin has become a store of value. “Tenth largest company by market cap in the world”.
An attempt to make it more scalable, a fork called SegWit2x, was rejected by bitcoin hoarders and miners previous year. Really, the story was about everything else not named bitcoin. Dogecoin founder Jackson Palmer is dismayed that the parody coin he founded in 2014 has just hit a market cap of $1billion United States dollars.
Is a ripple XRP token similar to other cryptocurrencies?
Bitcoin’s price, now fluctuating around $14,000, has shrunk in recent weeks on news that South Korea might tighten regulation of cryptocurrencies.
It’s still worth considerably less than bitcoin, however, which is now trading around $15,000, and has a market cap of over $250 billion.
Overall, the crypto market has surged from $17 billion to nearly $770 billion in the past year.
This is a stark contrast with cryptocurrencies like bitcoin and litecoin, whose actual currency is owned by anyone that wants to buy it on an exchange. So here ValueWalk gives a rundown on the differences between the three, and assesses how the Bitcoin vs Ethereum vs Ripple battle is shaping up. Bitcoin takes four hours to settle a transaction.
If the first few days of the year are anything to go by 2018 will be the year of alternative currencies or “alt-coins”.
Ripple has been available for trading since 2012, but it witnessed uptrend from December 21, 2017. This is because it is Ripple’s core technology, which consists of a payment network to enable cross-border transactions, that is being tested by banks. Ripple is a distributed network which means transactions occur immediately across the network – and as it is peer to peer – the network is resilient to systemic risk. Bitcoin’s ascent this time around has been relatively measured as compared to the sudden run-ups in its price at the end of 2017. People want cryptocurrency to be real because they see the power of blockchain to cut transaction costs. In fact, it’s one of the most-valuable companies in the world. It’s a fair market that allows optimists and skeptics to get involved. An individual CME contract is five times the size of a CBOE contract, representing five bitcoins as opposed to the CBOE’s one. Skeptics can place their bets against bitcoin via bitcoin futures trading with CBOE Global Markets or CME Group.
The controversy over XRP may also stem in part from a lack of familiarity, including among some in the cryptocurrency world, about the company and its products. “They’re more like a giftcard or a token at Dave and Busters to use the arcade machines”. While Bitcoin is the investment story of the century so far, it is a story that has yet to unfold fully, with many investors bullish on its potential. Their coins serve a goal beyond just being a way to pay for transaction fees.