Hello, in this lesson I am going to cover the advantages and disadvantages of ripple compared to Bitcoin. So let's write ripple appear now before rip pool. So we've covered what it is how it differs to bitcoins and let's cover the disadvantages and the advantages. So the first thing we'll do is cover the advantages. So, first of all, it was designed, it was designed after seeing the strengths and weaknesses, of Bitcoin. So the developers that created it, were able to See what Bitcoin did really well how we did it really well, it's philosophy, they're there to see the shortcomings of Bitcoin, whether that was the philosophy or the technology of Bitcoin and what they've been up to now i'm not saying it's the ultimate system now.

Far from it, but they've been able to see that. Another thing I want to mention in this video is we'll be covering report the currency and the network. So, the advantages and disadvantages will be generally for both, never great advantage, if any, sort of, let me just do the tea a little bit, any sort of asset can be transferred, which is great. So any sort of asset can be transferred. It is beyond Currency applications whereas Bitcoin is solely current currency based, but if you're talking about transfer of assets essentially, other applications then there are other cryptocurrencies, based on similar technologies such as blockchain, compared to like in similar to Bitcoin such as inferior. So, there are alternatives out there based on the blockchain foundation.

So, it's not, blockchain has certain application and then report that they have others. There are some blockchain implementations that can do what ripple can do as well. Another major advantage is it uses less computing power and much faster to process transactions much faster to process transactions, few seconds usually, which is obviously a big deal. So those are the advantages of repo. So what about the disadvantages? So the first thing is, it's the newcomer compared to Bitcoin and what I mean by that is just not literally worth it because it's the new combat.

People always compare it to the original cryptocurrency Bitcoin that will they will always say, Why do I want to use this over Bitcoin? whether or not there are advantages, they will always be saying that until they say, ripple become really big if it does, or Bitcoin is no longer around. So the fact that it doesn't have the first mover advantage is quite a big door especially at the moment because It's the early days of cryptocurrencies and the future of the world economists essentially Bitcoin. Bitcoin as a tech nology is now well proven, and also well trusted by many people as well because he was the original, even though he had flaws, because they've been showing that they're working on it the community to be inactive. For that reason. It's been well proven.

So I think another thing that sort of links in with the new combat aspect or the newcomer disadvantage, the proof of work for transactions is not path dependent, which is what Bitcoin is. So in theory, and this is quite a scary disadvantage in theory, someone or some organization with enough computing power could re write, right. The path, I don't mean they're gonna go back in time and no dinosaurs and do this, but we rewrite the past of the ledger system within reports. So that's quite a crazy thing to think about, that something like that could happen, whereas with Bitcoin, that really would not happen. You would have to hack it whereas with this is less hacking, and more just a system that they've got. So chance of this happening is unlikely, but it could.

So for that reason, that's quite a big disadvantage. Nothing is Bitcoin and other cryptocurrencies could pretty easily adopt ripples can consensus scheme, which is what he uses for transaction verification so he could pretty easily adopt it. So if that was the only less a major advantage or the major thing that people want to use ripple for they could implement it, you would have made a ridiculous amount of effort and as a result, they would have That feature there without the well proven ethos philosophy of Bitcoin would have a lot of users. So that's how we see a disadvantage to ripple as well. And the fact the advantage to Bitcoin in general, because it is a first mover and because it is so large now, if there are certain aspects of the coins that are doing really well that still fit with the ethos of Bitcoin, actually, even if it doesn't, they could still implement them and almost wipe out the competition.

It is not demo cratic as it is not completely distributed. So we've got obviously all of these now, so we're about some gray areas, and I'm gonna scroll down to here. There are some gray areas that I really want to discuss is also gray. areas. So Wow, the gray area is one I've just mentioned this is not distributed. And a lot of people will probably watch this video if they know anything about cryptocurrency and say, That's definitely a disadvantage.

But I want you to think about this for a second, yes, a disadvantage from the conventional thorough philosophy of cryptocurrencies, but because it isn't fully distributed, it has a lot of similarities to the conventional. So it's like the conventional fear banking system. And again, you might think, Oh, that's a disadvantage, but again, from a certain point of view from the general cryptocurrency point of view, it is, but for liquidity average person, they may be willing to adopt a service like this a lot easier. And without resistance, if they think it's very similar to what I've already been using, it's not a revolution. It's just sort of a step forward from more of us using. So it depends on how you look at it.

So from a core point of view, most likely disadvantage from a user protection point of view, or for mass adoption, it could be an advantage. And at the end of the day, my head would the services or people aren't using them. People aren't adopting the service, it will not survive or it will be pretty insignificant in the long run. That's a big thing to consider. So this has just been a video uncovering the advantages and disadvantages of ripple currency and the ripple network compared to Bitcoin. If you have any questions, feel free to reach out I look forward to seeing you in my next lesson.