Ripple is a well known cryptocoin with a long history. The Ripple XRP story begins in 2012. Ripple’s XRP is today a fast and reliable cryptocurrency with a clear function and advantage.
Ripple is valuable for offering a smooth system to send money globally. However, in the beginning, Ripple took time to grow and develop to what it is today. From its founding in 2012, it took Ripple around 5 years to increase in value from $0.10 to $3+.
In essence, Ripple is unique because its blockchain technology is not secured by a decentralized network of miners. The value of Ripple is always a big question as it is for any cryptocurrency and clearly Bitcoin’s development affected Ripple.
The Origins of Ripple start with several people in 2005
Despite the slow growth, Ripple started way back in 2005. The biggest advantage for this company in cryptocurrency was its tight network and digital currency. The start of the journey for this pioneering cryptocoin began in 2005.
Jed Mccaleb and Arthur Britto along with David Schwartz built Ripple in 2005 with the help of Ryan
Fugger. It was the main input from Fugger that helped catapult the original system, OpenCoin, to develop and transform into Ripple. The impetus or motive of building and starting Ripple was to make it as a financial service offering secure payment alternatives
The original concept was to give people and members within an online community security and privacy. Ripple was meant to protect and build a global network. But, today it has grown beyond the original community to become more intertwined with banks for their payment system.
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Ripple is officially known as XRP because it refers to the crypto-coin
The name Ripple, for the digital cryptocurrency, is also synonymous with coins and tokens. However, this token is officially known as XRP instead of Ripple. But, at the same time, the entities of Ripple and XRP and at once related or linked.
In general, the name Ripple is catchy but the token reference is easier to remember for some.In terms of the background, Ripple Labs came up with the XRP token, so they wanted to use it initially. In terms of the cryptocurrency background history, the XRP token is utilized and part of Ripple’s network of financial institutions. The Ripple digital network is processing customer payments.
The Ripple network permits financial institutions to utilize the digital XRP currency. But, what should be known is that the XRP token is not needed to process crypto transactions.
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Ripple is part of the payment system but it is not a payment currency
A Payment Currency is what most of the cryptocurrencies provide overall. However, Ripple works differently and this is something that should not be overlooked. Ripple can not be used to make payments for any or all internet/online purchases of any kind.
Ripple is best utilized to be a transfer system for transactions overall. So, what you can do is move money from one account to another. As well, more importantly Ripple’s coin functionality is affordable.
All in all, Ripple’s primary function is to be a payment settlement system. Or to work as an asset exchange. As well, you can use the Ripple network as a remittance system that would be most like the SWIFT system. This is all mainly used for international money and security transfers.
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Ripple Transactions are affordable and cost a lot less than most competitors
Ripple’s transaction cost is much less than other cryptocurrencies. Transaction costs can make investment and using crypto coins less desirable overall. The fees usually would be paid for any services to mine currencies. But, with Ripple as a transfer mechanism and transaction capacity is much easier.
The average transaction fee for Ripple is much less than anything found with Ethereum or Bitcoin. On average, the median cost of a typical transaction on the Ripple protocol is around 0.00001 XRP.
The cost of 1 XRP with Ripple is at the moment about $0.29. If you translate the costs of this overall, the transaction fee is so inexpensive means that Ripple can be viewed as free.
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Using the Ripple Network is much faster than any other Cryptocurrency
When you use the network for Ripple you should get faster results and service. As well, this ease of comfort is a big plus overall for anyone looking to get fast results for cryptocurrency.
Also, many people may not know that Ripple’s network is faster than bitcoin or Ethereum’s overall. The speed of access is important as Ripple aims for instantaneous transfers and transactions. Ripple’s network can manage about 1,500 transactions per second. Moreover, Ripple can handle 50,000 transactions per second!
The instantaneous action and speed of Ripple is very attractive overall. Speed is a very big advantage when it comes to making international transfers. Moreover, Ripple transactions can handle more volume and traffic as well, so this will create a lot of growth and opportunity.
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Ripple is different from other Cryptocurrencies because you can’t do Crypto mining
You can’t mine Ripple like you can with Bitcoin or any other cryptocurrency. As Bitcoin’s supply can increase and get larger, Ripple is more limited in general. While you can grow your investments with other cryptocoins, mining is not permitted for this purpose.
The biggest difference is that every Ripple coin is in circulation as of now. So, every single XRP coin is already out and can’t be expanded. The amount specified for Ripple is 100 billion so far as a target goal, but there can be more released.
When using Ripple, transactions are usually powered by utilizing a central blockchain technology. So, this is what makes it more trustworthy and faster overall. In comparison, mining is a primary aspect of a lot of other cryptocurrencies.
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The first bank to fully use Ripple was a German bank in Munich
Cryptocurrencies gain more validity when they are used by banks. The initial bank to use Ripple was a German based one in Munich. The Fidor bank was the first customer to utilize Ripple and this decision had serious consequences.
First and foremost, the rules and regulations of the banking institutions financially were evolving. Moreover, the growth of online banks started to mirror the rise of cryptocurrencies. This trend of online banking is a recent trend that helped Ripple a lot overall.
Overall innovation and growth began to increase with this partnership for Ripple. Because after the financial crisis of 2008 it was online banks that managed and evolved with the volatile markets. Online banks like Fidor gave legitimacy to Ripple to grow and develop thereafter.
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Ripple is the favorite of Banks and Institutions instead of celebrity influencers
All in all, notable support and enthusiasm about Ripple comes from major financial institutions and corporations. Ripple’s main goal is to be a primary process link to payment settlement asset exchange.
Ripple offers international money and security transfers, which may include more intermediaries between currencies and markets. As well, unknown to celebrity influencers or rappers, Ripple offers banking advantages. Moreover, it offers liquidity for banks for international transfers.
Ripple is different because its blockchain technology is not secured by a decentralized network of miners. This is the essential difference overall between Ripple and many other cryptocurrencies. Ripple gets support and security from a network of validating servers. These are guaranteed transactions based on consensus accordingly.
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Ripple XRP may be considered the third biggest Cryptocurrency in the world
Surprisingly, Ripple has amassed a wide and representative portion of the cryptocurrency marketplace. Basically, in terms of market capitalization, Ripple would be considered the third largest cryptocoin globally.
All in all, Ripple’s crypto coin or currency XRP, is valued with a market capitalization of around $13 billion dollars. This would be considered the third most successful globally for all cryptocurrencies.
Ripple has continually outperformed and been successful head to head with Bitcoin and Ethereum. However overall, in terms of the whole crypto scene, their large share is really only taking into account all of its coins in circulation. Basically, hypothetically, if all 100 billion XRP Ripple coins were to be added in the escrow account then it would be a different picture. Lastly, market capitalisation is to be estimated at a value of $31 million.
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Ripple XRP has created some wealthy people from anyone who owns a lot of coins
The rise of Ripple XRP was initially slow, but then it took off. Another factor that has created riches for anyone owning a lot of Ripple is the exploding price of the XRP coin.
If you do own a lot of Ripple coins then you are very happy. Basically, at first Ripple XRP coins were only worth pennies but today much more. For example, one of the CEOs of Ripple is now near being on the top of the Forbes 400 list of richest Americans in the world!
It is a wise investment that took to grow, but Ripple XRP has become a reliable payment and transaction leader.
