The popularity of Bitcoin has grown to an unprecedented level in the past couple of years. Bitcoin has grown to such an extent out of which it has started to overshadow the existence of its competitor cryptocurrencies in the market. This makes crypto investors often believe that Bitcoin is the only cryptocurrency to trade in Yuan Pay Group ™. It is just one of the several cryptocurrencies that have been founded in these few years.
There are more than a thousand cryptocurrencies that are active right now. If you want to know the names of the most popular among them, then it will be Bitcoin, Ethereum, Ripple coin, Binance Coin and Litecoin. In this article, we will be comparing the features of Bitcoin, Ripple coin, and Litecoin.
All of them are cryptocurrencies that are operating on the technology of Blockchain. Each of them is dependent on the transparency that the Blockchain system offers.
1. Bitcoin is a cryptocurrency that depends on miners to create it. Miners are responsible for creating Bitcoins to add to the overall number of Bitcoins in the world.
2. It was created in 2009 to act as a replacement for the system of real-world money. The removal of the unnecessary third party promised a new way of transferring currency where any organization does not monitor you. The creator wished to start a new era of trade where the money is directly changing hands from the buyer to the seller.
3. The maximum number of coins that can ever be in circulation has been fixed at 21 million Bitcoins.
4. Bitcoin as a cryptocurrency can be divided. That means you can possess 0.0001 Bitcoin. This makes it easy for people to buy Bitcoin even if they do not want to spend much money.
5. The market cap for Bitcoin is almost $900 billion.
One thing that needs to be mentioned is that the name of this cryptocurrency is not Ripple coin, but it is XRP, which was developed by the company known as Ripple to be their official currency.
1. XRP cannot be created or mined. It is a cryptocurrency that has already been fully mined, and in the future, there is no possibility of having new Ripple coins. The number of total XRP will not be increasing at all.
2. Ripple Coin was created in 2012 to facilitate financial transactions on an international scale. Even now, it is only focused on making the international exchange of money smooth and risk-free. This feature of XRP attracted many large companies and banks that dealt with organizations across the borders of their respective country.
This attention proved to be a changing point for the company because Ripple removed the facility of transactions on an individual level. The public no longer has access to XRP.
3. One hundred billion Ripple coins had been mined before the launch of the cryptocurrency. But, currently, only a portion of it has been released in the market. The entire 100 billion Ripple coins are not in circulation.
4. The market cap for XRP is almost $ 40 billion.
1. Unlike Ripple coin, this cryptocurrency can be mined. This system utilizes miners to mine new coins.
2. Created in 2011, Litecoin is available for both the public and multinational organizations. Instead of limiting the use to a particular group of users, everyone can use it. The functions and possible uses of Litecoin are far more than that of XRP. It can be used for transferring currency in daily life.
As it was created with the idea of Bitcoin in mind, several similarities can be found between the two.
3. The total number of coins that can ever exist for Litecoin is 84 million.
4. Litecoin as a cryptocurrency cannot be divided into fractions. If you prefer to possess whole coins instead of fractions of a coin, then Litecoin is the cryptocurrency for you.
5. Litecoin has a market cap of over $9 billion.
The Bottom Line
All three of these cryptocurrencies are considered to be deflationary. The number of these coins is expected to decrease with time, thus, increasing its value side by side.