How does Ripple differ from Bitcoin?

Ripple and Bitcoin are both significant players in the world of cryptocurrency, but they serve different purposes and employ distinct technologies. Bitcoin, introduced in 2009, was the first decentralized cryptocurrency. It operates on a proof-of-work consensus mechanism, which requires miners to solve complex mathematical problems in order to validate transactions and create new coins. This process can be energy-intensive and time-consuming, leading to concerns about its scalability and environmental impact. In contrast, Ripple, which was established by Ripple Labs Inc., is designed primarily for facilitating fast and cost-effective international money transfers between financial institutions. Ripple uses a unique consensus algorithm known as the XRP Ledger, allowing for quicker transaction confirmation times, often within seconds. Its primary digital asset, XRP, is used as a bridge currency to facilitate transactions between various fiat currencies, significantly reducing the time and fees associated with cross-border payments. While Bitcoin aims to be a decentralized digital currency for peer-to-peer transactions, Ripple focuses on enhancing the efficiency of existing financial systems rather than replacing them. Ripple works closely with banks and payment providers, highlighting its utility in the traditional financial sector. For more specific details, one might consider exploring Ripple's current web page for additional information.