The key difference between Litecoin and Ripple
If you ever decided to exchange Litecoin to Ripple you can do this on our website, BestRate.org. Before making such a decision, it is wise to investigate technologies that underlie these two cryptocurrencies.
Litecoin was created by Charlie Lee as a fork of Bitcoin and its purpose was to make it possible to mine cryptocurrency on regular end-user computers while Bitcoin can only be mined on the specialized equipment. Litecoin network allows confirming transactions 4 times faster than Bitcoin.
Fueled by the coin XRP, Ripple was launched in 2012 and the main purpose behind its creation was to speed up international money transfer. It is used primarily by banks and financial companies such as UniCredit. If you need to make a huge transaction overseas banks supporting Ripple will provide you with the fastest and cheapest way to do this. So if you want to perform LTC to XRP exchange for this purpose, you’ve made the right choice.
What is Litecoin mining algorithm?
The Scrypt mining algorithm underlies Litecoin. Although Litecoin is similar to Bitcoin its mining algorithm is much simpler and makes it possible to mine cryptocurrency on usual PCs. Also, this algorithm can be launched together with Bitcoin on the same piece of hardware. With the growth of Bitcoin mining equipment popularity, such an option becomes more relevant.
How is XRP produced?
Unlike Bitcoin or Litecoin Ripple currency cannot be mined. The overall XRP supply has been pre-mined and partially launched into the market by the Ripple Company. There have been many complaints about Ripple being centralized, and many people on the web blame this currency for this reason. However, the purpose behind creating Ripple is absolutely different from Bitcoin. It was initially designed and is now being used by banks for instance International transactions.
However, if you want to exchange LTC to XRP, you can easily do it on any platform that supports the trading pair.
The circulating supply of Litecoin equals to 63,914,682, while its maximum supply equals to 84,000,000.
For XRP, the circulating supply equals to 43,675,903,665, while its maximum supply equals to 100,000,000,000.
If you want to exchange Litecoin for Ripple, the current market capitalization is a very important index that you should not be put aside.
For Litecoin, the market capitalization equals to $3,715,110,966.00. XRP’s capitalization equals to $10,296,758,365.00.
Volume of transactions
During the last 24 hours, Litecoin’s volume of transaction equals to $3,135,284,163.69. For XRP, this index equals to $1,547,809,155.23.
Average transaction speed
The initial purpose behind creating Litecoin was to make it possible to confirm transactions faster then you can do on the Bitcoin network. Typically, it takes around 2,5 minutes to transfer funds in Litecoin.
Unlike Bitcoin and all its forks, Ripple was initially designed to instantly process a huge amount of transactions as this is one of the main requirements from banks and other financial institutions. Ripple’s throughput equals to 1,500 transactions per second which allows you to transfer funds in just a few seconds.