What is Ripple?
If you arrange all cryptocurrencies according to their market capitalization, Ripple quickly catches your eye. But what is the currency with the three blue circles all about? What is the difference between Ripple and other cryptocoins tradable online? We take a look at all the details about the XRP Coin in this post.
What is Ripple all about?
Although there are already some systems in place today that enable global transfers of digital assets, there are still problems. For example, many systems are still not 100% forgery-proof, and transfers from one bank to another can take a very long time.
Ripple wants to change that. Ripple's blockchain not only stores transactions, but also the equivalent value. It is therefore a global database that anyone can view.
In addition, transactions are completed in seconds. For comparison: With Bitcoin, you usually wait more than 30 minutes until a payment is completed. In addition to the faster transfers, Ripple's fees are also extremely low. Less than 1 cent is charged for a transaction.
Thus, microtransactions are also possible. Compared to that, the Bitcoin network is money-hungry: Sending Bitcoins currently costs more than 15? Thus, buying a coffee or cheap goods with Bitcoin does not pay off at all. And also the Earn money with bitcoin is becoming increasingly difficult due to the high costs.
To sum up, the Ripple network has been designed mainly for banks that want to do quick and easy worldwide money transfers.
The Ripple Coin (XRP)
Ripples cannot be mined. So no more new Ripples will come on the market, everything is premined.
There are about 100 billion XRP in existence. However, only 38 billion of these are in circulation. A large part of the Ripples is owned by the Ripple Foundation. Since there is a lot of criticism that most of the Ripples are still in the hands of the Ripple Foundation, they are trying to counteract this. The money has been spent in stages since the beginning of 2018.
Many investors are interested in Ripple because XRP is not a pure currency compared to many other cryptocurrencies, rather it is a system that may revolutionize the banking sector in the near future. So, if you invest in XRP, you are also investing in one of the most exciting value transfer technologies of the coming years.
Where can I trade Ripple?
Since Ripple is an altcoin (alternative cryptocurrency), the XRP is not yet present on all trading platforms.
However, trading with Ripple is already possible on these platforms:
- Binance
- Plus 500 (CFD trading)
72% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. - Etoro
(Social Trading)
