An online transaction is a world of opportunity and it is perfectly carried out by means of cryptocurrencies which is encrypted by a cipher key for the best protection of numbers. Well, there are many digital coins available and the recent survey ranked these cryptocurrencies under many terms and conclusions. As per the rankings the first three positions are filled by Bitcoin (BTC), Ethereum (ETH), Ripple coin (XRP). Here in this article we’re going to give you a brief comparison of these three effectively considering the common factors and the differences among them.
"Gold is valuable as a currency or investment because we believe it is valuable (which is the same reason for valuing money itself). Gold’s value as currency is an abstract social construct."
Cryptocurrencies and the comparative method
We had already talked about Cryptocurrency and how it is protected from internet crawlers and hackers. So the leading three cryptocurrencies are “Bitcoin” – the first decentralized Cryptocurrency ever made in the online transaction history has been a revolution since its invention. Bitcoin which are created by means of mining and a part of Blockchain technology is a decentralized currency where no one owns it privately and is welcomed for contribution from all the parts of the world.
The second position is occupied by the newest member of the family, “Ethereum” yet another decentralized Cryptocurrency which got much appreciation and support within limited amount of time. Just like Bitcoin technology the coin or say the element of Ethereum technology is termed as ‘Ether’ also made by means of mining, however Ethereum is more an advanced technology with different Blockchain protocol and involves smart contracts like virtual contracts. Smart contracts are nothing but digital codes to makes task done and developers can easily develop application with built-in Ethereum Blockchain.
“Ripple coins” are the third most available Cryptocurrency well, centralized system where a back team “Ripple labs” is there to control. Here the Ripple is the transaction protocol and Ripple coin (XRP) is an asset that deals with financial and banking transactions mostly. Basically ripple is based on general agreement and Bitcoin is a consumer facing one. The comparison table looks like this.
| Rank | Technology name | Coin/element name | Centralized/decentralized | System type |
|---|---|---|---|---|
| 1 | Bitcoin technology | Bitcoin(BTC) | Decentralized | Consumer facing |
| 2 | Ethereum technologyy | Ether(ETH) | Decentralized | Smart contracts |
| 3 | Ripple | Ripple coin(XRP) | Decentralized | General agreements |
(Table:Cryptocurrency Comparison)
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