The digital currency Ripple (XRP) is one of the most famous of the current digital currencies in the world. A company called “Open Coin,” headed by co-founder Chris Larsen produced this digital currency in 2013 and has collected many funds from some major investors and some international companies.
Today we will talk in detail about this cryptocurrency, its importance, how to benefit from it and its mining, as well as extract its portfolio, and how you can buy it?
What is Ripple?
The Ripple cryptocurrency (XRP) is an open-source payment system that enables people to break free from the constraints of financial networks, namely credit cards, banks, PayPal, and other institutions restrict access to funds by paying fees, in addition to currency exchange fees and delays.
What does the Ripple network offer?
According to the company based on the XRP currency, this digital currency aims to keep money flowing freely, build a decentralized digital currency on the approach laid down by Bitcoin, and do so for money as the Internet’s advent has done with all forms of information before.
Ripple’s chief analyst, David Schwartz, said:
Today’s payment systems are what e-mail was like in the early 1980s; each provider built their system for their customers because if people use different methods, they will easily interact with each other. This is why the coin network is designed to link the various payment systems together.
Schwartz also predicts the possibility of seeing “large companies lose their control over the flow of money from other people just as they lost control over the flow of information after the advent of the Internet.”
Is XRP the same as Bitcoin?
In many ways, yes. Ripple cryptocurrency “XRP” is similar to Bitcoin in terms of the currency’s digital form based on mathematical formulas. It has a limited number of coins, making it ultimately subject to mining. Both of them can be transferred from account to account (peer-to-peer, or P2P) without the need for any third-party intervention. Also, both currencies provide digital security to protect against potential counterfeiting.
The rivalry between XRP and Bitcoin
The Ripple is a complement to Bitcoin, rather than a competitor to it. The company website contains a page dedicated to Bitcoin owners. The Ripple network is designed to allow seamless transfer of any form of currency, be it the dollar, the euro, the pound sterling, the yen, or bitcoin.
In addition to giving Bitcoin more ways to communicate with those who use other forms of currency, Ripple promises to speed up transactions and increase stability. As a distributed network, Ripple does not depend on a single company to manage and secure a database of transactions. As a result, there is no waiting on block confirmations, so transaction confirmations can quickly pass through the network. Another advantage of using peer-to-peer is that there is no “central target or point of failure in the system.”
How many XRP will be?
Ultimately, the company plans to create 100 billion ripple coins. Half of it is set to be released for trading, while the company plans to keep the other half.
Ripple does not collect transaction fees in the same way PayPal, bank, and credit cards do. However, a tiny fraction of each Ripple coin (equivalent to ~ 1 / 1,000 of a cent) is deducted from each transaction. This truncation aims to protect the system from any individual attempting to place millions of transactions simultaneously.
The San Francisco-based company did not have the best start in 2018. Its currency (XRP) has suffered a downward slide since the first week in January and lost nearly 70% of its value. However, things could improve for the company as Western Union has now tested its transfer technology for Ripple.
The list of banks and financial institutions that use and test Ripple products increases every week.
According to the coin market cap, the Ripple price reached $0.2923 when writing the article, and for its market value, it amounted to $ $29.94 Billion.