Currencies > Ripple (XRP)
What is Ripple?
Ripple (XRP) is a payment network (RippleNET) with its own cryptocurrency, XRP that was launched in 2013. Ripple token is used in the network to make simple and quick transactions. The difference between other cryptocurrencies and Ripple is that the latter is based on HashTree that summarises blockchain data that is later brought to consensus. Ripple is not mined but issued by the company in a limited number of 100 billion tokens. When it comes to using, XRP functions as a mediator for crypto and fiat exchanges.
What are the advantages of Ripple?
Stability. As you might know, investing in cryptocurrencies is a high-risk deal. Ripple, however, is a much safer way to go. XRP is connected to the baking system that ensures its stability – banks do not usually pick up anything that has a chance of disappearing in the next couple of years.
Low entry barrier. Newcomers to the world of crypto tend to pay more attention to cheaper altcoins rather than such expensive currencies like Bitcoin. Due to this, Ripple is an attractive alternative for the late-adopters.
Purpose. Ripple is created to be used by financial institutions and banks. The main purpose is in making various transactions fast and simple, not competing with other cryptocurrencies on the market. So, the technology Ripple uses can actually be helpful in building a bridge between “big” cryptos and the world of finance.
How to store Ripple?
Word of caution – Ripple wallets require having 20 tokens to book the wallet address. There is nothing tragic about it, but if you put 500XRP to your wallet of choice, 20XRP will be used for booking. Because of this fee, it is inadvisable to have multiple wallets to store Ripple – you will have to pay the commission every time. Ledger Nano S (a hardware wallet) also supports Ripple.
How to buy Ripple?
Besides Ripple mining, XRP can be purchased through all major cryptocurrency exchanges. Buying XRP is possible both with fiat and with other cryptocurrencies. You may always check the most relevant Bitcoin price on CoinMarketCap.
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