Connect with us

Featured news

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

Published

on

Ripple

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.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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

Featured news

Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

Published

on

The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

Continue Reading

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

Published

on

Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

Continue Reading

Featured news

Partnership Between Bridge Mutual & AllianceBlock Announced

Published

on

Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

Continue Reading

Press Release