Bitcoin [BTC] vs Ripple’s XRP: David Schwartz pitches in on the battle!

Ripple has recently released an image of David Schwartz delivering a speech on XRP. The image shows a comparison between Bitcoin [BTC] and Ripple’s XRP.

Ripple’s recent tweet:

Ripple's tweet

Ripple’s tweet

The XRP Ledger is faster than the Bitcoin blockchain, as it settles transactions within 3 seconds. By contrast, Bitcoin takes approximately an hour to settle due to its low transaction throughput of approximately 32 transactions per second. The XRP Ledger can perform around 1500 transactions per second.

Due to the bottleneck created by blocks updating every 10 minutes and the general slow transaction speed of the original blockchain, the transaction fees are higher, sometimes to the tune of approximately $20. This further hampers the experience of using the coin due to the need for calculating transaction fees.

Ripple’s transaction fees come up to around $0.0001 per transaction, reflecting their philosophy for the creation of the Internet of Value. The Ledger also enhances the user experience by automatically calculating the fees needed and deducting it from the transaction.

The electricity required for 1 transaction of Bitcoin is close to 162 kWh, according to the slide shown. This is approximately the amount of energy required to run an average refrigerator for a year. The XRP Ledger uses “negligible energy consumption”, however, the exact amount is not specified.

The scalability and power consumption of the Bitcoin network has been an issue and is being addressed by the introduction of the Lightning Network. The Lightning network is a second layer payment protocol implementation that allows instant transactions between participating nodes through off-chain transactions.

Bitcoin is known for being mineable, and this is achieved using its Proof of Work algorithm. This is probabilistic in nature, which involves adaptation to the theory of probability. The XRP Ledger uses a consensus protocol, allowing for a deterministic method of reaching decisions.

Twitter users responded to the graphic, with user Bernhardt Meyers saying:

“Bitcoin: decentralized Ripple: centralized”

User The Loremaster:

“Good stuff. Doesn’t @ripple though have a backup to @JoelKatz ? In case something were to happen and all that wisdom would go down the tubes with him. Single point of failure anyone? PROTECT THE KATZ.”

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