Ripple is a separate digital currency characterized by high speed within the payment system. However, what makes it stand out is that Ripple is not considered to be a usual cryptocurrency like Bitcoin.
Ripple real-time settlement system saw the light of day in San Francisco in 2012. Even though Ripple is a blockchain-based payment system, it doesn’t use it. The Ripple payment protocol operates as a network for money transfer, as well as an exchange of currencies, including cryptocurrencies and goods. Ripple has its own currency called XRP. There is a total of 100 billion XRP in existence. However, the larger number of these coins is prohibited by the protocol.
The idea behind Ripple is not new and dates back to 2004 when Ryan Fugger started working on RipplePay payment protocol. The key idea was to enable separate groups of people to create their own money. In 2005, the operation commenced for the members of the online community for the purpose of making secure online money transfers.
In 2011, an electronic payment system was created. It was much different from regular mining and was based on the consensus algorithm established between parties of the transaction.
Ripple is a cryptocurrency that does not depend on online exchange services and stands out among others due to its speed and electricity savings.
Ripple was the first to create a Bitcoin Bridge, enabling the users in the Ripple network to send payments in any currency to any Bitcoin address. This has further improved the transfer speed. In 2016, Ripple created the first interbank group for global payments based on distributed financial technologies.
Ripple ranks third in the cryptocurrency market in terms of market capitalization, being outperformed by Bitcoin and Ethereum only.
Cryptocurrency unlocks new opportunities; however, it has its strengths and weaknesses.
The entire system is controlled by developers who have the final say on the circulation of coins;
As previously mentioned, there is no way you can mine Ripple coins. Plus, Ripple Labs has announced its intention to freeze 88% of its XRP assets. However, the sales will continue with one billion XRP being sold each month. Ripple is a cryptocurrency that allows traders and investors to calculate the Ripple XRP exchange rate pretty accurately and make certain predictions regarding further course of events.
1. Cooperation with Ripple. This is possible if you decide to get involved in research and development, or calculations. Remuneration is received in XRP, which makes it very similar to mining, but essentially it is not.
2. Purchasing Ripple through a cryptocurrency exchange, like any other digital coin. The key is to keep track of cryptocurrency charts to spot the most favorable Ripple exchange rate and buy it when the time is right.
3. Trading Ripple. You can do so at Gerchik & Co where the XRP/USD pair is traded. This way, you can profit from the price difference of this cryptocurrency. Since it goes up in value fast thanks to integration into the banking system, you can earn good money on the difference in Ripple prices in the long term. Aside from that, this cryptocurrency is partnered with Google and Microsoft (by the way, they CFDs on stock are also available for trading at Gerchik & Co), which, in turn, evidences its prospects and reliability.
Ripple is not your typical cryptocurrency, so there is also a peculiar way of storing it. In the past, it was possible to store XRP in the official Ripple wallet only which was not ideal for the users who had several cryptocurrencies in their arsenal. So, the company addressed that issue, having offered several alternatives:
1. Using a hardware wallet. Many different digital coins can be stored in it. Plus, it is reliable.
2. Creating a wallet on GateHub. The account must be authenticated and fully verified which ensures that it cannot be hacked. Users who decide to buy and store Ripple using this platform receive a sweet little bonus of 20 XRP to their account.
Ripple is a promising cryptocurrency, notable for its reliability, security, speed, and acceptance in the financial world. It makes sense to trade Ripple coins rather than simply store them.