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Eco-friendliness and cost-effectiveness: Ripple vs. Bitcoin vs. Visa, XRP wins

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Cryptocurrencies have changed the way we look at fiat currencies, and the way money gets transferred today. Additionally, these digital assets have proven to be a passive income (remember Ripple’s XRP was most profitable coin last year, so it changed many lives) for many due to the enormous profits they gained. Without no doubt, most of these cryptocurrencies have to be mined before they are attained.

When you hear of ‘Crypto-mining’, what comes to your mind will be high energy usage. Based on some factors including energy usage and how eco-friendly some might be, there is a big difference between Ripple, Bitcoin, and traditional technology Visa.

Ripple, Bitcoin, and Visa Energy Consumption Comparison

Not too long ago, a research was done by a team of cryptocurrency experts on how eco-friendly our money can be. The study centered on some cryptocurrencies and Visa. On electricity usage, lots of individuals plus the research concluded that the Ripple’s XRP token is eco-friendly, as it doesn’t make use of high energy compared to Bitcoin and Visa. It is important to know that the yearly energy consumption showcases that Bitcoin uses 26.05 TWh, and Visa uses 0.54 TWh.

However, XRP, which consumes little electricity makes uses of 0.000536112 TWh of electricity. For a better understanding on that, taking a look at the number of homes in the United States; the ranking remains that XRP has the capability to only power fifty houses, on the other hand, Bitcoin can power a little less than 3 million homes.

Additionally, according to the survey, it has been revealed that the total cost acquired in the energy used in (United States Dollars) per year marks a big difference between the three. XRP costs only 64,000 USD while Bitcoin costs 3 billion USD and Visa 64 million USD per year.

Other Comparisons

According to the research work, Bitcoin relies on the proof-of-work (PoW), which means that a lot of computational efforts are required. Furthermore, PoW usually involves lots of servers trying to solve highly-complex math equations to produce new blocks in the blockchain system for the production of new tokens (which is the reward for mining).

PoW requires high energy usage with a higher transaction fee and its systems are particularly connected with a high level of energy usage, electricity, Carbon dioxide emissions, and transfer fees.

On the other hand, Ripple makes use of Proof-of stake (Pos), which doesn’t make use of that much energy, electricity, transfer fees and so on. It is necessary to add that BTC emits 144 lbs of CO2 per transaction, Visa emits 0.00794 lbs of CO2 per transaction, whereas Ripple only emits 0.0000138 lbs of CO2 per transaction, according to the research.

Finally, the study also affirmed that it is good to a run a server on Ripple’s protocol because it doesn’t have high transaction fees and the cost of electricity is meager as it doesn’t use a high amount of energy. Ripple has a great utility which makes it a better choice for investors today.

Visa uses much energy than XRP – don’t be marveled, despite the praises about Visa’s network. Ripple is cost-effective, not only that, it is eco-friendly and efficient.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Moreharmony/PixaBay

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Bitcoin Investors – Keep Your Eyes on Inheritance Tax

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The IRS recently warned crypto investors to pay their bitcoin taxes or amend returns that have been misreported. By sending out warning letters, the IRS essentially put the magnifying glass on all crypto investors. 

This magnifying glass is about to get even bigger following a recent court order delivered on August 26 by a Florida court. If you are a crypto enthusiast, then you have likely heard of Craig Wright, an Australian computer scientist who has attracted criticism over his claim that he is the mysterious bitcoin inventor, Satoshi Nakamoto.

Craig “Satoshi” Wright was sued by the estate of his former business partner, the late Dave Kleiman. Kleiman is a bitcoin pioneer who died in 2013. Before his death, Dave and Wright had allegedly mined over a million bitcoins together.

Craig Wright to hand over 500,000 BTC worth over $5 billion

In the August 26 order, Judge Bruce Reinhart of the Southern District Court of Florida said that Wright should hand over half of the bitcoin (BTC) that he and Dave had mined before the latter’s death.

That’s 50% of the 1.1 million bitcoins Craig Wright and Dave Kleiman allegedly mined together going to the plaintiff – Dave’s brother, Ira Kleiman. Ira…

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How Will Mozilla’s Firefox Private Network Affect the VPN Market?

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Mozilla announced earlier this month that its web browser, Firefox will block third-party trackers for everyone by default. And last week, the company announced another interesting product that could revolutionize the browser market.

The new product dubbed Firefox Private Network will act like a virtual private network (VPN) although the company thinks what it is building is something different from the conventional VPN. The new product is expected to give Firefox users more privacy online by providing an encrypted path to the web.

One major difference between the Firefox Private Network and the traditional VPN is that Mozilla’s product is web-based, which means you can only access its services when browsing the internet using the Firefox browser.

This presents an interesting challenge to other developers of web platforms including Google Chrome, Microsft Edge, and Apple’s Safari, among others. It also poses a potential threat to VPN service providers since this could be a substitute product to the already existing services.

The company recommends its new product to those using public Wi-Fi or those that want to hide from ad trackers. Nonetheless, this is not a comprehensive VPN service and will be a huge let-off for VPN providers.

In addition, while the service is available originally free on beta, Mozilla said that this is only for a limited time. So, clearly, a premium service will eventually replace the free pilot…

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eToroX Review: A Top Cryptocurrency Exchange

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eToroX Review

eToroX is a digital assets exchange which features a cryptocurrency trading exchange as well as a crypto wallet. eToroX is created by the same group that operates the eToro forex and CFD social trading platform, but this Exchange is for trading, buying, selling and exchange of cryptocurrencies and blockchain-based/tokenized assets.

Regulation and Ownership

The crypto wallet and exchange services offered by eToroX (a company incorporated in Gibraltar and owned and operated by the eToro Group) are regulated by the Gibraltar Financial Services Commission. eToro X is a regulated DLT provider with licence number FSC1333B.

Fees

Two types of fees are incurred by eToroX users: exchange fees and wallet fees. Exchange fees relate to deposit/withdrawal transactions and charges on trading activity. eToroX does not charge for deposits. Trading fees are either maker (limit orders) or taker fees (market orders). Maker/taker fees are tiered and are adjusted by trading volume.

Monthly Volume

Maker fees

Taker fees

Tier-1
<$100,000

0.10%

0.24%

Tier-2
<$500,000

0.09%

0.22%

Tier-3
<$1,000,000

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