If you have an interest in cryptocurrency then there is no doubt that you have NOT already heard about Ripple (XPR) or What is Ripplee (XPR). Ripple is not just a cryptocurrency, it is also a platform.Ripple is an open source platform which allows doing cheap and fast transactions.I have put together this complete beginner guide for you. I am going to discuss everything you need to know about Ripple (XPR).Ripple is one of the top five cryptocurrencies and on the top of the list is as usual bitcoin and Ethereum is holding a second position. Ripple is in the third position.We are going to cover every aspect of ripple for you, so have patience and read it till the end. You are going to learn so many new things about Ripple in this article you may have not heard before.For deeper information about Ripple keep reading. The topic I am going to cover are:
- what is Ripple (XPR) ?
- What is RippleNet - How does Ripple Work?
- What is the Ripple protocol Consensus algorithm RPCA?
- Uses of the Ripple.
- Banks Support Ripple.
- Benefits Of Ripple.
- Is it safe to invest in Ripple?
- How is it different from Bitcoin?
- Where can you buy XRP?
- Which wallet to save XRP?
What is RippleNet - How does Ripple Work?RippleNet is a network that provides payment to different organisations like banks and other money service business. They all use solutions what Ripple has provided them to send money globally with a smooth experience.Might be you have not understood what actually Ripplenet network does and how it helps individuals. Here is an example for you.Justin lives in Newyork and has a cookie box he does not need. He is just interested in watching a football match. But he does not have a ticket.Adam who lives in a California has a rare book which he would like to giveaway for a cookie box.Annie who lives in Los Angles has a ticket for a football game and has not any interest in a football game. But want to read an interesting or a rare book.We are living in a system where we don’t have sources to find each other and make our not valuable things valuable.But in the Ripple platform, you could by saying “Hey, I have a cookie box but I want a football game ticket”. Then Ripple network will look for a shortest and efficient way to make it happen.Besides it, it allows making payment in any currency including bitcoin. The minimal transactional fee is $0.00001. It is only because of preventing the system from DDOS attack.
What is the Ripple protocol Consensus algorithm RPCA?As I told you before that Ripple has a distinctive way of working than Bitcoin and Ethereum. It does not have a blockchain but uses its own technology RPCA to verify transition and make sure everything is ok.Word ‘Consensus’ means that if every node agrees with the rest then it means there is no issue.Here is an example: Suppose there is a place where ten wise man lives and a city need all of them agreed on one thing to make a decision. The decision could be anything like about the release of prisoner or rises of tax etc. But if one of them disagree then nothing will happen until we figure out what is his problem.
Pros of Ripple
- Low commission currency exchange
- Fast Worldwide Transactions
- Payment ecosystem
Banks Support for Ripple
- Yes Bank
- Axis Bank
- Union Credit
Benefits Of RippleThere are so many benefits of Ripple that can amaze you. Here are a few important ones I am going to highlight in this post.
- More powerful than bitcoin because it is a day to the day payment system. Moreover, it is the fattest and efficient platform in a transaction.
- An official organization started Ripple. So their main goal is to be used by a bank.
- Ripple has an ability to change in any currency including gold etc with a minimal commission.
Is it safe to invest in Ripple?As I told before in 8 Best Cryptocurrency To Invest In 2019 article that what are the best cryptocurrencies for you to invest in.As you all know that there is not a single place in this world where investment is 100% safe. There is always risk include in your any decision. Regardless of all the fact following are some advantage and disadvantages for you.
- As I mentioned above that Ripple is the most trusted digital currencies by many banks. Because it is not a company with no name but there is an organization behind it.
- All the tokens have already existed, and there is no doubt of inflation.
- Ripple currency is climbing the currency chart and now is on 3rd position.
- The XRP value will be increased if banks start to use it as their transaction platform.
- It is centralized, but the cryptocurrencies are recognised for decentralization. Ripples developer can control its number of releasing or not releasing. It is like a bank.
- There is also on another drawback that ripples lab has owned it 61 percent of coins.
- There are chances of being hacked despite its open source and very smart built.
Difference between Ripple & BitcoinThe main contrast between Ripple and Bitcoin is that:
- Ripple is centralised but Bitcoin is decentralised.
- Bitcoin is blockchain based technology but Ripple is not.
- Ripple uses HashTree to compile the data.
- The main focus of Ripple is to move money across the world fast.
- Token of Ripple is not mined like Bitcoin or other cryptocurrencies.
Where can you buy XRP?There are different platforms available where you can buy XRP. You can buy it from these exchanges.