What is Ripple ?
Ripple is a blockchain technology that facilitates digital payments and operates as a digital currency. Ripple’s fundamental process is like the SWIFT system used by banks and financial intermediaries trading across currencies to settle transactions.
About Ripple Coin
The Ripple Network and Company are both called Ripple, and XRP is the cryptocurrency coin they use. Ripple’s XRP token was mined in advance and is associated with the ticker symbol “XRP”. The primary goal of XRP is to serve as an intermediary currency that facilitates the exchange between two currencies or networks.
In 2012, Chris Larsen and Jed McCaleb developed this blockchain technology.
Primary features of Ripple
- Ripple (XRP) is the cryptocurrency of this blockchain-based digital payment network and protocol.
- Ripple implements a consensus algorithm through a group of bank-owned servers that confirm the transactions.
- The Ripple is decentralised and open source. It lets users send money across any currency, including USD, Yen, euros, and even cryptocurrencies like bitcoin and litecoin.
- Gateway is a medium that Ripple uses as a link in the trust chain that connects two parties desiring to conduct a transaction.
Is Ripple a promising cryptocurrency?
Whether a Ripple is a promising cryptocurrency will depend on your expectations.
Currently, Ripple is tangled in a legal battle with the SEC. It will be an excellent investment if you believe Ripple will emerge as a winner and eventually replace the U.S. payment system.
How to use Ripple coins?
Transactions: Pay for goods and services at international shops and internet retailers using XRP coin.
Exchange: Exchange your existing currency to other currencies through Ripple Coin.
Investment: If everything goes well, the price of the Ripple coin may increase, resulting in gains.
Pros & Cons of Ripple coin
Settlement is fast:
Confirmations of transactions are quicker than the traditional settlement processes.
A transaction on the Ripple network costs just 0.0001 XRP.
Process transactions in other fiat currencies:
It may also process transactions in fiat currencies, cryptocurrencies, and commodities.
Use by large financial institutions:
Large financial institutions can use Ripple Network to process transactions.
Centralised in certain ways:
Ripple system is relatively centralised as the default list of validators comprises centralised institutions.
Possible erosion of XRP’s value:
There is a possibility that the company might introduce vast amounts of Ripple coin at inopportune moments, eroding XRP’s value.
The legal battle with SEC: SEC filed a lawsuit against Ripple alleging that the business could determine when to disburse XRP.
Trade Ripple coin on CoinSwitch kuber
CoinSwitch Kuber is one of the best sites to trade Ripple cryptocurrency.
- You can start trading in Ripple coins with just Rs.100.
- Instantly withdraw your investments and get the credit deposited directly to your bank accounts.
- No transaction fees.
- Easy to navigate and invest.
- Track the value of your investments and manage it from the dashboard.
FAQ's on Ripple
Is Ripple (XRP) a good investment?
It depends on your outlook. If you think Ripple will win the legal battle against the SEC, the coin has a lot of room for growth.
Who accepts Ripple Coins?
Several international companies accept Ripple Coin.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.