RIPPLE (XRP) – A BRIEF INTRO FOR INVESTORS
Ripple is a currency exchange, remittance network and real-time gross settlement system (RTGS) currency exchange. Since it's pre-mined, transactions on the Ripple (XRP) network are fast and cheap, making it a good choice for conducting transactions.
- Built on top of a distributed ledger network that requires multiple parties to participate in order to validate transactions
- Facilitates transactions internationally
- Prides itself on having the lowest transfer fees
- XRP transfers are fast (3-4 seconds) and do not require any additional confirmation like other cryptocurrencies
- No mining (Distributes tokens to new clients)
- Functions as a bridge currency — this is necessary if there is no direct exchange between different currencies or a transaction occurs between rare currency pairings.
- Primary function of XRP is to protect against denial-of-service (DoS) attacks. It does this through abuse protection by protecting the ledger.
- Ledger is a distributed database continually updated through the Ripple Transaction Protocol (RTXP) and runs continuously on thousands of servers worldwide.
Ripple has a static amount of currency on the market. While some currencies have a fluctuating amount of coins circulating – Bitcoin being a prime example, Ripple is limited to 100 billion XRP tokens. Ripple Labs controls 60 billion of these coins.
Ryan Fugger founded the company in 2012 under the original name of OpenCoin. It was then renamed Ripple Labs in 2015. The company has full centralized control over XRP currency.
Investors should consider Ripple’s potential as a 'bridge currency'. It’s used to settle international payments faster and cheaper than any global payment network currently in existence. Bitcoin’s initial use was for this very reason. Price is tied to the value of this function. Simply put, wider adoption equals higher value per coin.
Ripple is the name for both the cryptocurrency platform and its transactional protocol (or coin), called XRP.
Ripple’s goal is to connect banks, payment providers, corporations, and digital asset exchanges through one connected experience under their RippleNet technology. Three different enterprise solutions are offered under RippleNet: xCurrent (instant transfers), Rapid (liquidity), and xVia (payment interfaces).
Ripple has strong institutional investor support. In one of their first funding rounds, they took in more than $55 million from venture capitalists. This has only continued as more and more companies invest in the company. One early investor to take of note of is Google. Ripple is one of the only digital currencies to be on Google’s radar. Both Apple and Alphabet are keen on transferring payments to the blockchain rather than through the existing credit card network.
Since it’s tied to so many established institutions, it’s generally assumed that there’s less risk investing in Ripple compared to other altcoins.
HOW TO BUY RIPPLE COIN
There are a number of different exchanges that offer Ripple (XRP). All you need is to sign up on one of these exchanges, get verified, and deposit fiat currency to fund your account. Once the money has cleared, you can then purchase XRP by selecting a currency pair. For each exchange, follow the directions and supply your funds with the designated currency pair that trades with XRP.
EXCHANGES WHERE YOU CAN BUY RIPPLE (XRP)
|EXCHANGE||COIN PAIRS TRADED|
|HitBTC||USD, BTC, ETH|
|Bitsane||XRP/USD, EUR, BTC|
|Bitstamp||XRP/USD, EUR, BTC|
|BTC Markets||XRP/AUD, BTC|
|Gatehub||XRP/USD, JPY, CNY, EUR, BTC, ETH|
|Kraken||XRP/BTC, EUR, USD|
|Poloniex||XMR, USDT, BTC, ETC|
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