Cryptocurrency market is no more limited to the mass popular and widely acceptable Bitcoin. Although, owing to its perfect time to hit the market with first virtual currency, any layman would refer the crypto market with Bitcoin as synonym. But it is no more a news to ears that modern age cryptos, which are actually able to cope with the advance requirements of the world have established their virtue gaining more than 50% of the total market capitalization after Bitcoin.

Dash and Ripple are the ones who have started their journey to meet the top line of successful cryptocurrencies alongside Bitcoin. Let’s have a look at their pros and cons.

Ripple vs Bitcoin

Setup

Bitcoin was developed as a digital currency with the aim of paying for services and goods. Ripple, in turn, was created for banks and payment networks as a payment settlement, money transfer system, and currency exchange. The main idea of Ripple was to create a system of direct asset transfers in real-time which would be cheaper, more transparent, and secure than the existing payment methods, such as SWIFT payments.

Pros over Bitcoin

With approximately $18 billion in market cap, Ripple is standing on less than halfway to its biggest competitor Bitcoin. But is it really that far behind in terms of transactions. Well the answer is No. As against the $8216 current market price of bitcoin, Ripple enjoys the edge of low per unit rate of $0.46 which in turn set a positive impact on the common psychology. Thus, looking forward from BTC to XRP, Ripple is gaining a higher pace in its transactions by users of cryptocurrencies. What adds flow to its transactions, is the astounding low transaction time of approx. 3 seconds, thanks to its ‘off ledger’ transacting mechanism, as against approx. 1 hour of Bitcoin.

Bitcoin has come under fire for its transaction times and fees. Users can pay miner to prioritize their transaction. As a result, average fees have risen to $40. Ripple requires a minimum transaction cost to avoid overloading the network. At the time of writing, this is 0.00001 XRP, or a fraction of a cent. To pay the fee, the network destroys the XRP rather than paying it to anyone in particular, which in turn increases the value of the remaining XRP.

Dash Coin

Dash’s core is a unique fully-incentivized peer-to-peer network. Miners are rewarded for securing the blockchain and masternodes are rewarded for validating, storing and serving the blockchain to users in terms of Dash Coin.

Masternodes represent a new layer of network servers that work in highly secure clusters called quorums to provide a variety of decentralized services, like instant transactions, privacy and governance, while eliminating the threat of low-cost network attacks.

Dash has developed a voting mechanism whereby investors can vote to make crystal clear, that exactly what changes the network wants to be implemented and fire a development team refusing to comply. As a result, Dash has a unified and detailed roadmap on exactly how to be able to offer cheap and instant transactions at a rate of 4,000 or more per second as compared to Bitcoin’s current seven. Which make it a future proof virtual currency for sure.

Social Currency

Since 2014, Reddcoin has envisioned creating the first blockchain platform to use personalized IDs for social media tipping. Reddcoin makes digital currency easy for the general public. By integrating a digital currency platform seamlessly with major social networks, sending and receiving tips and micro-transactions are cheap, fast and rewarding for everyone.

Conclusion

Each new currency developed enjoys its unique merits over to the other, while remains a necessity in absolute terms. Just to conclude, one currency might be comparatively better than the other, but all of them are much needed to meet the requirements of modern age.