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There is no doubt that Bitcoin is the most popular token in the world, well basically it is the oldest one and as well for now it is the largest one. Why for now? Because of Ripple and other newer cryptocurrencies, more on that later. Ripple is a San Francisco based company that found XRP token in 2015, it is mostly referred as “ next Bitcoin” and for now it holds second position in valuation just after Bitcoin.
Why was Ripple created?
The differences between those two main coins start right in the main idea of existing. Bitcoin was meant to change the way people make payments and ultimately replace normal currencies, so as definition Bitcoin saw banks as enemies. On the other hand XRP does not aim to revolutionize and change existing system, it just wants to improve it. Ripple mainly helps to transfer loans worldwide, and it was developed in cooperation with other entities so banks and corporations often use XRP to transfer loans.
Ripple is not decentralized
Differences continue along with the management and governance of the coins; Bitcoin is very decentralized and not under control of any company or government of any country. But XRP is a company owned and controlled currency, Ripple has headquarter in San Francisco and local offices in New York, Luxemburg, Singapore, India, Sydney and London. Company has more than 100 customers all over he world.
Ripple is the second largest cryptocurrency
Coming to sizes of coins, as mentioned before Bitcoin is the biggers currency and has market capitalization over $67,789,694,922 and its coins are one of the priciest coins on the market with each costing around 3,888 USD for the moment of article being written. Ripple is smaller than that but is is second by market capitalization with over fourteen billion USD according to coinmarketcap.com. The price of each XRP coin is much lower that Bitcoin and is traded at 0.3586 USD. That makes that there are more XRP coins on the market than Bitcoins.
Ripple transactions are much faster than Bitcoin
Advancements of XRP may be seen right from the most used function – transactions. The win for performance match goes to XRP with average verification of transaction under 5 seconds whereas Bitcoin has average verification period of 10 minutes. It is because of ability of handling transactions, namely Bitcoin can procedure on average 7 transactions per second and Ripple can procedure more than 1,500 transactions at the same second. Price-wise XRP also have advantage with 0.01 USD per transaction.
Ripple has a larger supply and is easier to mine
There are ultimate number of Bitcoins that can be produced and it equals to 21 million coins, and there are over 17 million of coins in use now it is over 83%. Coins are produced by mining using computer power for calculation of transactions, and each coin is harder to mine than previous one making it very hard to mine after some time. Many ecologists say that Bitcoin is harming environment by its very power consuming mining affecting global warming. Unlikely Ripple has five times more coins around 100 million and users do not have to mine them as they are all pre-mined by company which holds 60% of coins in use. Being pre-mined coin gives many advantages to XRP like less power requirements.
Ripple is more popular among banks
Bitcoin was created by the person or group of persons under the name of Satoshi Nakamoto, real identity of founder\s are not known till today. Similar to XRP the founder of Bitcoin holds significant amount of coins around 980 thousand BTC. The company that owns coin XRP Ripple also holds around 60 billion coins and maintain 60% of the main supply. Unlike Bitcoin Ripple constantly launches new parties of coins into market.
Ripple has a much larger reserve than Bitcoin
TBitcoin is being used as the main transaction con by individuals and enterprises worldwide. It is preferred for being less expensive and easier to use for transferring money across world like in India. Also many companies started to accept Bitcoin as payment option for their products and services. XRP is more preferred by large users like banks like Japanese Fidor Bank or American Express. Ripple uses for its SWIFT system to minimize price and period for transaction and this is the main reason for Ripple having fewer customer numbers.
Bitcoin is more accessible on exchanges than Ripple
One of the points where Bitcoin is much ahead of XRP is exchange since investing in Bitcoin is much easier and convenient. Its popularity makes it easier to find it and buy for fiat or crypto currencies. However very few exchange platforms allow users to trade XRP and it is even harder to acquire it with normal money. Mostly Ripple coins are purchased for other popular coins like Bitcoin and Ethereum.
Conclusion
Even if Bitcoin is dominating market right now it is very likely to change since XRP has more advantages and supported by different financial structures. More and more individual traders are becoming more comfortable with using XRP in a row with organizations.
UpBit Review
UpBit is an South Korean exchange platform that was founded in late 2015, interestingly it boomed among the Korean trades and in short period of one year became the biggest platform in home country on daily transaction value. Growth rates as such are not very common in that industry and such success stories are observed very few times in history.
What is Upbit?
For now it is a bit and for international trader to get registered on UpBit because platform only operates in Korean language and does not support English. Only way for international users to navigate on website is to translate it with different utilities like Google Translate. There is only one path to register to UpBit, users first need to have account on Kakao platform. After that they need to pass ID verification on UpBit since it is a part of local legislation. meaning users can not use any part of platform without passing this officially required step.
How to open an account on Upbit
Exchange platform can boast of with the very large range of supported tokens over 100 different cryptocurrencies. Most of those coins add up by enlisting new coming coin since the launching of the platform in 2015. The exact number of supported tokens may be found on the Reddit or users may follow any new enlistment or delisting of symbols on the official page of the platform on Twitter. Being major player on the market gives UpBit ability to delist some of the tokens, for example, a few months ago platform delisted one popular token MTL and trade on this platform accounted as 20% of global trade of MTL, so the users were forced to look for another place to trade MTL.
How to trade on Upbit
Users are strongly recommended to follow all fluctuations of altcoins on the charts located on the bottom of interface. It is very easy since users can do it buy or sell their tokens both from web platform or from their mobile phones using the app that is available on many OS markets like Appstore or Playstore. Unfortunately UpBit do not support leverage trading, meaning users wont benefit from trading in big scales although platform gives all the advantages for selling or buying.
What are the fees on Upbit?
Similar to other platforms UpBit makes money on charging fees on users trade, and the minimal transaction value start with 500 won equaling to 0.45 USD. It is considered as standard in the market so exchange platform keeps it in that level to be competitive. Depositing to platform is not surprisingly free on any charge. And withdrawals have fees depending on the currency and also rates differ for amount. The convenient part of withdrawal is that users may withdraw their funds in local money to local banks. Similar to most other platforms UpBits trade commission fee equals to 0.25%.
Upbit security
As mentioned before exchange does accept only Kakao users so consequently it has close working relations with Kakao. For the moment, Kakao is biggest fintech giant in country and has extensive cybersecurity department. So security of all UpBit users are guaranteed by Kakao and reputation of Kakao depends on being able to secure its partner.
7Bit Casino Review
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Excellent Customer Support
One of the aspects that differentiate professional online casinos from the rest is the quality of customer service they offer. 7 Bit Casino has a team of highly trained customer care team that is friendly and always ready to respond to clients’ queries. In addition, there is a live chat feature on the website that you can use to speak to one of the representatives in real time.
Payment Options
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What is WEX?
WEX is an exchange platform that was founded in 2017, although many would argue that it is a re-branded BTC-e after its closure due to some legal difficulties. FBI accused BTC-e for money laundering and other crime related actions that are illegal in most of countries and forced to closure of exchange. However former BTC-e accepted US based investors and WEX does not do that.
Wex Review
New WEX exchange was founded in financial capital of Far East in Singapore, and it obeys only to the local regulations. And in Singapore cryptocurrencies are approved by Monetary Authority of Singapore (MAS) and classified as security. The only regulation required in this country is SFA standing for Securities and Features Act.
How to open an account on WEX
Getting an account on platform is not the easiest process among other platforms. So to open up an account firstly users need an active email and after that to feel 2 step verification. Also platform requires in case of need to provide ID and home country address and even selfie picture with your ID or passport for proof of document.
What can you trade on WEX?
It is very easy for new users to enter the platform, it can be done with both fiat or cryptocurrency since both of them are supported. Platform unquestionably accepts major coins like Bitcoin, Ethereum and Litecoin but also supports many altcoins like Zcash, Peercoin, Bitcoin Cash, Novacoin, Dash and Namecoin. Although credit cards are very popular among traders Wex does not support any transactions on cards.
What are the fees on WEX?
Similar to other exchange platforms Wex generates profit from charging users a commission fee for transactions. Developing new account is completely free both for individual users and corporations however depositing any amount will cost users at least 20 USD/EUR and industry standard 0.2% for trading betwee different tokens supported by platform.
The WEX platform
WEX is a very young platform and for now it offers just a trading platform and nothing more. It is good for attracting new comers to crypto currency market with the simplicity in interface design. It has only place to sell and place to buy and no place for advanced charts on statistics. That is the reason why platform is not popular among more experienced users who need to see on time statistics on platform.
WEX security
Today crypto exchange platforms are becoming more like a traditional banks with the billion dollar operations. And as any bank they are more and more being targeted for heist by hackers. It is hard to guarantee full security even if the platform is in such technologically advanced countries like Japan or South Korea. As it is mentioned before WEX takes serious steps on securing its users and very carefully accepts new users. Exchange reported that in the first month of the year they handled over 100 hacker attack to their user accounts.
Conclusion
It is absolutely clear that WEX is much improved version of its ancestor and it had learned all lessons from past experience. However it still has long path of overcoming prejudices regarding its former users and customer who cannot access their accounts. Even though platform enhanced its security technology it lack many other aspects of exchange platforms and WEX have to work hard to compete with other more established players on market.