For those who are new to the world of cryptocurrency, Ripple is an entity that’s actually turning heads unlike Bitcoin and Ethereum. While in terms of market capital, Bitcoin continues to rule the roost, Ripple is something that offers substance to the individuals and comes across as the 4th largest global cryptocurrency.
To be exact, Ripple takes multiple forms depending upon its usage. While it can work as an authorized payment network, it started off as a cryptocurrency, way back in 2012. The Ripple XRP or the existing cryptocurrency readily works in the form of a decentralized ledger while the payment network i.e. RippleNet, readily connects big institutions and the concerned banking organizations.
However, we would limit our conversations to the XRP as it eliminates the technicalities associated with cross-border transactions. As compared to Ethereum that takes around two minutes to materialize payments, Ripple is way more efficient and processes the same in only four seconds or less. In comparison to the same, the likes of Bitcoin take at least an hour whereas certain traditional systems process payments even after three days.
Tracking Ripple’s Development
This digital asset started off at a low tick of $0.006, way back in January 2017 and since then it has been escalating rather rapidly. At present, we can witness an exchange rate in excess of $3.60 which is a sizeable development as compared to the older rates. However, there are many speculations regarding this asset and in the subsequent sections we shall clear the same, taking each one at a time.
XRP helps Financial Institutions and even the Payment Providers
When it comes to enlisting the properties of the digital assets, there aren’t many entities that clearly mention the feature sets. Moreover, majority of them weren’t created with targeted applications in mind unlike XRP that comes with an exceptional transfer value. Ripple, therefore, is a perfect option when it comes to catering to specific enterprises and the financial transactions.
Ripple is probably the most scalable digital asset with the ledger capable of handling around 1500 transactions each second. This makes XRP a great asset for initiating payments. Additionally, XRP functions as a pretty reliable bridge between the fiat currencies where the same can be used by multiple companies for the purpose of settlement. The scalability quotient of XRP also involves the flexibility of reliable cross-border transactions courtesy the exceptional liquidity quotient.
The Associated Ambiguities
While Ripple is quite a popular cryptocurrency when it comes to the functionalities on offer, there are certain individuals that are criticizing it’s associations with the banking institutions. Moreover, unlike some of the other cryptocurrencies on offer, Ripple didn’t release all the coins in the market; thereby justifying the steady price point.
Buying and Storing Ripples
Certain exchanges like Bitstamp allows individuals to buy XRPs while converting them with the local currencies. Online wallets like Gatehub are also present for storing the concerned transactions. While the ledger is still a potent option for the individuals, these wallets and exchanges can do a lot when it comes to housing the XRPs for the investors.
What else we Need to Know?
XRP easily scales higher than the Bitcoin and it can also be considered as a highly secured entity. When it comes to mining the same, XRPs are highly sustainable and do not require massive proportions of electric power. Moreover, one cannot continually mine newer coins and the ones existing in real time are the most probable entities on offer. For those who are skeptical about the future of Bitcoin and other types of cryptocurrencies, Ripple is the most expected answer. This entity is something that the economy can rely on, courtesy it’s security, scalability and reliability.
Elli Alder is a seasoned journalist with 12 years experience as a reporter and investigative journalist. While studying journalism at Ryerson, Elli channeled her inter journalist and worked as a beat reporter for the Ryerson Rams. As a contributor to County Telegram, Elli covers municipal and provincial politics.