Ripple, Bitcoin, and Litecoin are three of the most talked about Crypto Industry and every new and old investor wishes to hold at least some part of them in their portfolio. There are a lot of advantages and benefits that these coins provide which is the reason behind their popularity but they are different in their own sense as well.
In this article, we shall be looking into how these three coins are different or similar and which can be a better interment option comparing the top three coins. We’ll talk about their prospects for the future as well. Although each of the three coins is unique in its own right and was designed to fulfill a certain function, since they all belong to the crypto family, there are undoubtedly some parallels between them as well.
Ripple was created with the objective of facilitating cross-border payments. The prime objective of it was to keep these payments fast and secure. Similar to Bitcoin, XRP also works on a decentralized network but unlike Bitcoin, it is made for some specific reason and not as a general medium of exchange. The key USPs of Ripple is the fast transaction settlement and low transaction fees that it brings to the table for investors. The sophisticated technology used in it makes it suitable and secure for cross-border transactions as well. The XRP price in Canada surged to a new all-time high, attracting the attention of both crypto enthusiasts and investors across the country.
Bitcoin is a decentralized mode of digital currency that where government or other authorities have no control over. It works on a peer-to-peer network of computers known as nodes. To make it more secure it uses complex mathematical algorithms in the form of puzzles that the miners solve to register the transactions in the open-sourced ledger. Bitcoin is also known as “Digital Gold”, due to the fact that it can act as a store of value as quoted by one of the biggest financial institutions, Goldman Sachs. This was something that boosted the confidence of the investors in this newly found investment option. Head here, find out the cheapest way to buy Bitcoin in 2023.
Litecoin is somewhat similar to Bitcoin but it runs on a different network known as script. The biggest reason why investors are shifting onward is that it provides faster and safer transactions. Due to this very reason, people who are into business and refer to faster transactions opt for this cryptocurrency as their mode of payment. This cryptocurrency can process and settle transactions more quickly than Bitcoin because of the script algorithm. It is not only faster than BTC but even more efficient than it. LTC being a relatively newer coin in the market has gained a good amount of market share quickly but it does need to refine its network as per some users.
All these three coins work on the decentralized network but they all have added a new element into them to differentiate from each other and gain a competitive advantage. Bitcoin is known as a secure and transparent coin whereas ripple is preferred for cross-border transactions. On the other hand, Litecoin is preferred by those who want to experience fast transaction settlement.
With the benefits that each of them provides, there are some risks involved with them also. Ripple is quite dependent upon financial institutes to settle transactions and that is why its success depends on the service provided by these parties. Volatility is the risk that is involved with Bitcoin. The investors take it as a risky investment option but they also get attracted to the high profit-making opportunities with them. The value of Litecoin is uncertain as of now because it is a relatively newer coin and still needs to refine itself more.
Coming to the end of this discussion, these were the top three cryptocurrencies in this market with the highest market share and highest success probability. If you want to invest in either of them then register yourself on a crypto trading platform today and start investing. Remember, to choose a reliable platform for this purpose like Yuan Pay Group. These platforms provide reliability and security for your investments and give the investors peace of mind.
So, if you are still waiting to invest in this market then there are a lot more options in this market than these 3 coins only.