- WHAT IS RIPPLE (XRP)?
Ripple is a transaction network and crypto token XRP that was launched in the year 2012. Most people that often speak or talk about Ripple (XRP) overlook at the product that caused it to exist: the Ripple network. It is also quite sad that even though it has been accepted by banks as a money transfer system, the platform is more complex than cryptocurrency.
The main objective of Ripple is to allow people to send or transfer money from any currency to another in the shortest time possible. With such a system in place, it is easier now to face out older systems such as Western Union that have been in existence.
Ripple uses XRP as a common currency that all money transfers can be compatible with but the US dollar is the most common currency that is used. The transfer fees to convert from one currency to another are also lower.
HOW IS RIPPLE DIFFERENT FROM BITCOIN?
Ripple network and Ripple coin have many advantages over Bitcoin since they are built having some purpose in mind.
Cheap and fast
Ripple transactions are noted to be fast and take between 2 to 4 seconds and this has made it to be more favorable when compared to Bitcoin whose price has been on the rise.
The process is legitimate since it has been accepted and backed by banks and this can be more assuring to the investors that are new in the crypto economy. The case is different with Bitcoin and other cryptocurrencies since they are seen as competition by the other banks.
WHERE CAN ONE USE RIPPLE?
Even though Ripple (XRP) is set to disrupt the cryptocurrency market, it still has a long way to go to be accepted the same way other coins have been accepted such as Ethereum, Bitcoin and Litecoin.
That said, there are merchants that have accepted Ripple and are really moving forward with it like hosting providers.
HOW DOES ONE INVEST IN RIPPLE?
If there was a time that one could have invested in Ripple, then that would have been around September, 2017 where it was selling at $0.0218 per XRP. With the involvement of many banks, there is a big growth that should be expected.
Using Ripple to transfer money
What you should know about Ripple is that transferring money with Ripple works the same way as other cryptocurrencies:-
1. You must have XRP available in your wallet. XRP wallets are the same as Bitcoin wallets and what you have to do is to buy XRP on exchange and then transfer to your wallet.
2. Enter the recipient’s address. Follow the simple instruction on your wallet and you will be done in the shortest time possible. You could either be provided with a hashed wallet address or a QR code.
3. Enter the amount and the send. Immediately after sending, the transaction should be verified in a few seconds and you are done.
INVESTING IN RIPPLE
Ripple platform may not be accessible to most investors, the best thing to do is to buy XRP and wait. The currency is showing signs of growing even though it is still in its infant stages and as more banks and merchants adopt the platform, the price will instantly increase.
The future of Ripple depends on the adoption of its platform by banks and merchants and this will be the driving force. The fact of the matter is that as banks will be joining the network, the price of XRP will rise and this will drive many people to the platform and the coin.
- Date of publication:
- Wed, 02/14/2018 - 03:03
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