Pros and Cons of Cryptocurrencies: Ripple and Bitcoin – Global Trade Magazine
Lots of people have run down bitcoin, and many have claimed that cryptocurrency has had its day, but bitcoin is still here, and so are many types of cryptocurrency. Perhaps Ripple hasn’t set the world on fire, but then maybe that is the way it is supposed to be. Perhaps cryptocurrencies like Ripple are supposed to start at the very bottom and then work their way up over decades. Bitcoin had to struggle from the bottom, and it is now the most respected and most valuable cryptocurrency in the world. Here are the pros and cons of bitcoin and Ripple.
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There are plenty of upsides to bitcoin, and it is especially pleasing to see that bitcoin is still riding high when so many online gurus claimed that it would be made extinct by Ethereum.
BTC is Popular and Understood
The thing about bitcoin is that it is now very popular and people understand how it works. This is contrary to most other Cryptocurrencies where people need to be taught what they are, what they do, and why they are special.
Bitcoin is Trusted
The whole notion of cryptocurrency may still be daunting to some people, but the name bitcoin is the most trusted in the entire cryptocurrency market. Even other well-known Cryptocurrencies are not as well-liked or trusted.
BTC is Fairly Stable
We have all see the big rises and big dips, but bitcoin has staying power and seems to have a natural price and value growth. It may well end up becoming a widely accepted currency in the future.
Five years ago, one could have said there were many downsides to bitcoin, but these days with the acceptance of cryptocurrency as a form of payment and money transfer, there are only really two downsides to bitcoin.
Quantum Computing Would End all Cryptocurrency
If a technology company were to invent quantum computing, then bitcoin mining could be done at very fast speeds, which would make bitcoin and all cryptocurrency useless. However, Quantum computing is a long way off yet, especially when you consider that we have only just discovered the 3D chip.
Bitcoin is Expensive
Although the cost of bitcoin is an issue, it is not really a problem. You can buy a portion of a bitcoin and use it to transfer money and buy things. Nevertheless, as an investor looking to make a profit, the cost is a problem for small investors.
The price of ripple has seen massive surges and massive drops, yet there is still a fair amount of trading going on, so do not rule out Ripple just yet.
XPR is Affordable
The cost of Ripple is tiny, especially when compared and other Cryptocurrencies like bitcoin and Ethereum.
It Solves the Cross-Border Problem
Just like bitcoin, you can use Ripple to quickly transfer money overseas and back again, and it will not cost you a fortune to do so.
Very Fast Settlements
The pre-mined nature of XRP goes a long way to helping ensure that transactions are settled quickly. They can run at 1000 settled transactions per second, which is a brilliant speed.
XRP has its downsides too. The mainstream appeal of Ripple is a big selling point, but will these downsides convince you to invest in another coin?
This is the sort of coin you may invest in if you want to make money in the short and long term, which may eventually be its downfall because investments come and go.
Its Rival SWIFT is the World’s Largest RPS Network
The problem with investment coins is that their real-world use is often limited. Where SWIFT and OMG are used daily for currency moving transactions by payment processors, XRP is less utilized in the real world.
The Founders Own Too Much of the Coin
Ripple is pre-mined, which is why and how the owners are able to own over one-third of the entire stock of Ripple. This runs contrary to a decentralized theme, especially since the owners could sell off their share at any time and irreparably destroy the value of the coin.
James Miller is a career expert from Medellin. He is passionate about career success stories, surfing, and photography. Also, James writes to his own blog SimplicityResume about career success and about job industry insights.