Ripple and XRP: Game Changers in Crypto-Trading and Global Business
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If you consult Coinmarketcap.com as of August 2020, you will find XRP on the third spot, just trailing behind Bitcoin and Ethereum, two of the most popular cryptocurrencies. If you have been using the latter for trading and in your transactions, you may want to try Ripple’s native cryptocurrency next.
You will feel impressed with XRP and its developers’ intent because they aim to revolutionise the international payments system. If you have already decided that you want to engage with trading Ripple’s digital currency, then read further to get more enlightened!
Beginnings of Ripple’s Cryptocurrency and Key Terminologies
In 2004, Ryan Fugger initially shared his notion behind the Ripple payment platform. Then, the brainchild of the founder of the original Ripple Project got picked up by computer programmer Jed McCaleb and now Ripple Labs executive chairman Chris Larsen. In 2012, the duo took over the Ripple Project, building the company which was first called OpenCoin.
You certainly have to understand the terms “Ripple,” “XRP,” “RippleNet,” and “XRP Ledger” before utilising Ripple’s cryptocurrency in your transactions or when trading. Ripple Labs, Incorporated is a technology company headquartered in San Francisco, California in the United States. It created Ripple, which is a real-time gross settlement system, remittance network, and currency exchange. Ripple Labs’ payment system concentrates on building technology and unleashing new use for XRP. Also, Ripple aims to change the international payments system.
XRP is the virtual asset that runs on RippleNet, the digital payment platform. Ripple Labs, Incorporated designed this cryptocurrency as an affordable, fast, and more scalable alternative to existing financial payment platforms such as SWIFT. Also, XRP serves as an option to other cryptocurrencies like Ether and Bitcoin.
Ripple runs RippleNet, which is a real-time gross settlement or RTGS system. This online payment platform targets users to perform instant financial transactions internationally. Besides, RippleNet has payout capabilities in over 40 currencies and on-demand liquidity as an option to pre-funding. With a single connection, users can access operational consistency via a common rulebook as well. RippleNet serves as the optimal blockchain technology for international payments.
Meanwhile, the XRP Ledger pertains to a permissionless, open-source, and decentralised blockchain technology from which XRP is the native virtual currency. It facilitates speedy transactions, getting completed in as quick as three to five seconds. Understanding these concepts will now allow you to utilise Ripple’s virtual currency effortlessly.
How You Can Benefit from Using Ripple’s Cryptocurrency
If you are a customer of RippleNet, you can relish various advantages when using XRP. The digital payments platform and the cryptocurrency deliver the following benefits:
- Expansion of your business establishment’s reach: XRP and RippleNet facilitate more efficient utilisation of working capital. They offer more locations and methods to transfer funds. Also, they enable your business to access new markets fast.
- Facilitate your company’s building of its trustworthy reputation: RippleNet and Ripple’s cryptocurrency can assist you in delivering the best customer experience. They work in the international payments realm by keeping your firm dependable, eliminating payments failure, and increasing company visibility.
- Affordable and lower exchange cost: You can capitalise on operational and cost efficiencies using XRP. The lower exchange fees help in expanding your business further.
- Instant payments: RippleNet and XRP are valuable for facilitating instant settlements. Funds can arrive as soon as when your clients need them.
XRP is, indeed, a convenient financial technology instrument. Today, plenty of business organisations are pursuing use cases related to it. Also, RippleNet has received a commendation. After all, it has made it effortless for its diverse network of more than 300 financial institutions globally to achieve faster and more affordable payments around the globe.
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FREQUENTLY ASKED QUESTIONS
You can feel assured that investing in XRP is not a mistake. After all, banks utilise it as a safe and secure technique to transfer funds. These financial institutions include Cambridge Global Payments, MUFG Bank, Axis Bank, and Star One Credit Union. Also, Ripple employs consensus ledgers in performing transactions. Furthermore, XRP is affordable, featuring low transaction fees, and it has the potential to be recession-proof. These properties of the cryptocurrency translate into less work for processors, fewer dilemmas with the design, and relatively steady transaction time.
You can store your XRP in a hot or cold wallet. Plus, you have the option to keep it on digital currency exchange, in which the latter is responsible for your virtual asset’s safety.
Cryptocurrency exchanges today offer diverse kinds of virtual currencies. You can avail of XRP from one of these platforms.