There is no denying the fact that cryptocurrencies are becoming popular with the passage of time. This is because these have revolutionized the overall concepts of trading. Almost, all the cryptocurrencies offer a high degree of security, reliability, and scalability. The increasing values of the cryptocurrencies have made these a lot popular among the masses. Nowadays, governmental institutions, banks, and payment transfer companies are adopting these for cross border transactions. All the cryptocurrencies are based on blockchain technology. It is the technology in which each block is connected with the next block and represents a particular transaction.
Ripple is one of the top five cryptocurrencies across the globe. One of the interesting features of Ripple is that it also works as a payment platform for quick processing of cross border transactions. It has revolutionized the global money transfer systems by reducing the cost and time. In traditional money transfer systems, it takes five to eight days for a transaction to complete. Bitcoin is the first and the top cryptocurrency that have reduced this time to almost an hour. Ripple is using the latest blockchain technology and have reduced the timing to only four seconds. This means that global transactions are completed in just four seconds with Ripple.
Ripple XRP and RippleNet were created in 2012 to facilitate the transfer of money and other assets in no time. Ripple XRP is also scalable that it can handle 1500 transactions per second. Due to its lightening fast speed and scalability, more than 100 companies have joined its platform. One of the touting features of Ripple is that you can use its platform without owning XRP currency.
Another very fascinating feature of Ripple is that it showed an increase of about 35000% in value in 2017. This is the largest growth of all the cryptocurrencies in the world. The currency has broken an all time high record by attaining the value of $ 3.60 in the first week of January. Most of the crypto experts are of the view that Ripple would achieve much value in 2018. Some are even saying that 2018 will prove a Ripple year. This seems true to some extent because more and more companies are joining its blockchain network with every passing day.
Ripple is also becoming popular because the company has escrowed 55 billion XRP. Earlier, the investors were worried about the future of the currency. But, this escrowing of funds has satisfied the investors and more and more people are investing in it. It is pertinent to mention that the company has signed 55 contracts. This means that 1 billion of escrowed XRP would get expired after each month. In other words, the supply of XRP is increasing every month.
One of the major differences between Ripple and other cryptocurrencies is the blockchain that these currencies are using. Ripple is actually using a protocol instead of blockchain for money transfer. Also, Ripple is based on a public database connected with different validating servers.
Read also: XRP: How Much Will it be Worth?
The Main Purpose behind Ripple & XRP:
The official sources of the company say that the main purpose behind Ripple is to take over the market with the help of innovative technologies. In simple words, they want to dominate the cryptocurrency market by facilitating the cross border payments. This is why many of the money transfer firms have joined Ripple for this purpose. Hashtree protocol Ripple is using makes these money transfers possible. The joining of increasing number of banks and financial institutions to the Ripple has compelled the creators to increase the number of transactions per second to 50000.
Ripple is also planning to use XRP as the mainstream currency for further facilitating the cross border transactions in minimum possible time. The crypto experts are of the view that the value of Ripple would not decrease if it discontinues the XRP currency. This is because most of the global payment firms and banks are using its protocol for cross border transactions.
Ripple XRP can also be stored in wallet, either hardware of software. In the beginning, the company had provided the investors a website platform to buy, sell, and store coins. It had introduced its own XRP wallet. But after 2016, the company discontinued the wallet and contracted with Gatehub for storing XRP coins.
Note: Many Users Report Problems in Gatehub for storing XRP .. you can read more about Best Ripple XRP wallet 2018
Ripple is also attractive cryptocurrency as it is quite easy to buy, sell, and trade. Almost all the big crypto exchanges of the world have listed Ripple in their trading activities. You can buy Ripple from any of these exchanges after creating account and providing a proper wallet address. Here, it is advisory that you should always contact with Ripple directly if you are an independent financial institution. But, for individual investors Ripple XRP is available through many digital currency exchanges across the world.
One of the benefits of using Ripple XRP is that it is a lot secure than many other cryptocurrencies. All the transactions taking place in Ripple’s platform are recorded in an open source decentralized ledger. The 24 hours support of engineers and blockchain experts are making it further secure by updating it continuously.
XRP is also working with many fiat currencies on plenty of crypto exchanges. This makes it possible to exchange Ripple XRP with any other digital currency. The increasing number of banks, financial institutions, and money transfer firms show that Ripple is the top cryptocurrency of the future. This is why more and more digital currency exchanges are listing it on their platform for facilitating the customers.
In conclusion, we can easily say that Ripple XRP will further revolutionize the cross border payments through its innovative technology. It is eliminating the role of intermediaries in the cross border transactions that takes much time and cost for processing cross border payments. Now, the financial institutions can process their transactions within seconds and this is proving a lot helpful in growing the businesses. The CEO of the Ripple Brad Garlinghouse is hopeful that with the passage of time Ripple will take over all other cryptocurrencies due to its fast, reliable, and secure cross border transactions.