What is a Ripple coin?
The global trade changes rapidly. The businesses go global in an ever increasing rate.The payments on the other hand, become insufficient to meet the needs of the current infrastructure. The ripple, which comes into the picture right at this point, with its distributed financial technology, appears as a kind of payment protocol that allows real time international payments made and received between the banking networks.
It ranks 3rd in terms of market size
The ripple, which appeared in the market in 2012 for the first time, was developed by Arthur Britto, David Scwartz ve Ryan Fugger. XRP, the currency of the Ripple, comes third behind Bitcoin (BTC) and Ethereum’un (ETH) and has a market volume of 8 Billon USD. It is claimed that in the future, Ripple may dethrone Bitcoin with its currency that is XRP.
Large international institutions use Ripple.
Many large banks and institutions have began working with the Ripple Protocol. Some of such institutions are başında UniCredit, UBS, SHRB, ATB Financial and Santander
Less transaction costs, swift transactions and easy tracking
- Banks in the Ripple network can perform money transfers between them with very low costs. A transaction in the ripple network cost around 0,0011 USD in average. This amount is 0,0015 BTC for a Bitcoin transaction, which is translated into 3,5 USD with today’s value. In other words, a bitcoin transaction is 3.000 times more expensive compared to a ripple transaction.
- He funds, transferred in Ripple, is received by the other party only within 5-10 seconds. While the same transaction usually takes about 1 hour for Bitcoin, this period sometimes extends as well. On the other hand, international transfers, commenced between the banks and institutions may take up to 2-4 days in traditional financial systems. With the receivers involving, this requires a quite expensive and long transfer process. The ripple network, by meeting the ever increase demand for wire transfers, solves this problem completely.
- The transfers, made through ripple network can be traced by the senders and receivers instantly. The funds, transferred as the result of the fast transaction, are first registered into the book, and then to the accounts of the relevant parties. Ability to trace the moves of the funds finalizes the transaction for both parties and thus ensures the security of the process.
Is Ripple Mining Possible?
Since the entirety of the coins (100 Billon XP’s) were produced by the developer, the mining is not possible. The amount of coin, corresponding to the low commission cost obtained during the transaction, is erased from the markets.
Bitcoin mining, which is getting harder by day, and which is one of the reasons that fuel the value of the Bitcoin, is a factor that is not valid for the Ripple. However, the amount of XRP in circulation decreases by every transaction and this contributes the value gain of the ripple as the total amount decreases.
RIPPLE CEO EXPLAINES WHY XRP WILL BEAT BITCOIN
How is the ripple coin obtained from the market?
How is the Ripple, which has an increasing market volume and an ever-increasing value obtained? Purchasing it from main markets such as Poloniex.com and Binance.com would be wise in terms of the security. By becoming a member of both sites, you can purchase Ripple with the bitcoins that you deposited to your account.