However, with so many currencies to choose from, it’s easy to get confused about which one(s) to invest in or use at all.
Ripple XRP has become the third biggest cryptocurrency by market capitalization, so you may wonder why it has become so popular and what makes it different from other cryptos.
Let’s dig into the details of this currency and understand its potential better!
Everything you need to know about XRP
The Ripple cryptocurrency, also known as the XRP currency is one of the most popular digital currencies in the world.
It is a blockchain-based project that has managed to acquire an important market share in recent years.
Many factors have contributed to this success, including its speed and ease of use.
Nevertheless, it is always important to remember that there are many cryptocurrencies on the market, and not all can be trusted.
One of the main benefits of using Ripple is how fast transactions take place.
Transactions take only four seconds and confirmations only require six confirmations from other nodes.
In addition, unlike Bitcoin's Proof-of-Work algorithm which requires expensive mining rigs, Ripple's consensus process doesn't rely on computational power.
Instead, it relies on peer approval or agreement (i.e., nodes agree).
There are 100 billion XRP tokens available for trading but the company plans to release 99% of them over time at a 1% rate each month until no new coins remain in circulation.
The story behind its creation Ripple XRP
Ripple was created in 2012 to solve the problem of international transfers.
The company uses blockchain technology and cryptography to make transactions more transparent, faster, and cheaper than traditional methods.
The currency is called XRP and is traded on many exchanges around the world.
It is not only a cryptocurrency that can be used as a means of payment, but also as a store of value.
It has the third largest market capitalization in this sector at 11 billion dollars after Bitcoin and Ethereum.
The project provides its users with an interface (called Rippex) that allows them to trade without having technical knowledge about cryptocurrencies or blockchains.
At present, it is one of the best projects when it comes to investments due to its high liquidity and low transaction costs.
Although some people believe it's overvalued for now, according to most forecasts it will rise substantially in 2019 because other cryptocurrencies are starting from a lower base.
How it works and how can it be used Ripple XRP
The company's vision is to enable the world to move money as easily as information moves today.
It uses Blockchain technology and transactions are processed through a cryptocurrency called XRP.
The network is designed in such a way that it can handle 1,500 transactions per second.
Compared with Visa, which can process 24,000 transactions per second.
However, Visa does not use blockchain for processing payments and does not require mining (for more on mining read here).
In addition to this Ripple has its protocol-agnostic token standard known as Interledger Protocol or ILP for short.
Where can you buy Ripple XRP?
Ripple is one of the most popular cryptocurrencies. This currency can be purchased on the following exchanges Bitstamp, Kraken, Binance, and Gatehub.
To trade, you need a Bitcoin or Ethereum wallet. For purchases in euros or US dollars, it is best to open an account at Coinbase or Gemini.
The process for opening a Ripple account varies depending on the exchange platform chosen for trading. It usually requires verification with your email address and phone number.
It takes up to 24 hours before you can start buying cryptocurrency on the selected exchange site.
It offers good investment opportunities In Ripple XRP
Ripple is one of the best cryptocurrencies for investors. It has had a positive performance in the last few months and its worth increases day by day.
Moreover, it offers good investment opportunities as it is not only a digital currency but also a company that is providing financial services all around the world.
However, if you want to buy this cryptocurrency you will have to go through a registration process that requires some KYC documents from your side.
These documents are necessary for every country where XRP is available.