The technology is taking over the world, and indeed the statement stays up to the mark from the perspective of dependency people have on it. From shelter to food to education, our basic needs revolve around the click of our fingers. And now the medium to obtain all these services has become digital. Yes, the medium!!! Its money, no one can get anything without it.
In this technically evolved world, the medium, what we call money has now become virtual. But how? So the technology which takes all the credit is blockchain. The blockchain technology has been able to create such digital currencies that could be exchanged just like money, although their approach is beyond the limits of a single currency. They are quick, safer and holds the capacity to reach billions. Now there is not just one digital currency, there are plenty of them in the market, and as most of us know that human is not meant to get satisfied, here is a currency, a platform and yes a payment system which possesses the skills of everyone. Yes, it is Ripple, but exactly what is Ripple? So here’s a deep insight into Ripple.
Ripple “A Payment System or a Currency?”
So basically Ripple is a venture of Ripple Lab Inc. Beyond a digital currency, its a remittance network, real-time gross settlement system and yes, of course, a currency exchange to facilitate crypto world in a single frame. The functions of the Ripple network is to compare transactions through a network that allows independent nodes to validate transactions. Ripple system allows the user to not only utilize the ledger for validating transactions but also allows to prepare independent nodes. Ripple systems have a UNL which is the Unique Nodes List so that users imply secured nodes for validating transactions.
What is XRP
XRP is a currency or token made by Ripple to provide a real-time substitute for payments that take place in global exchanges. 100 billion tokens were released by Ripple at the beginning of the project. As of now, 66% is held by the company. Also, the possibilities of misuse have forced the company to forbid the issue of any further XRPs in the market.
The design of Ripple’s XRP was meant to suitably interchange with any of the currencies no matter digital or physical. Ripple’s speed of transaction is just 3.5 seconds. In this time the amount gets transferred and is certainly available for use. There is no control of Ripple on the usage of XRP which means the application of XRP is optional for banks.
While talking about XRP one cannot stay away from RippleNet. It is the payment gateway which allows the smooth transactions of Ripple and XRP. It is a network that brings other institutional payment providers together for the purpose.
The Ripple network allows the institutions to check for what they want and who is ready to provide it in a fastest and affordable manner. With RippleNet, one has access to hundreds of currencies that can get transferred on a commission of $0.00001. This commission is set for overcoming the attack of Denial of Service.
The Usage of Ripple
After knowing about what is Ripple and its related systems and token, now its time to know where you can use it. The platforms where it can be used are moreover the exchanges, financial institutions and banks for which it is exactly designed, although here is a brief list of where and in what ways it is used.
1. Now being a cheap mediator, Ripple makes it easier for currency exchanges with the low commission to convert those currencies that requires a medium to get converted, along with implying a little cost as compared to the cost for $US using as a mediator.
2. Ripple is mostly used in international payment exchanges as it allows speedy transactions, especially if compared to Bitcoin that take hours to transfer and the latter banking process to make the money available.
3. Ripple is used for creating one’s own payment ecosystem that has its own rules on speed and cost of a transaction. It’s just like developing your currency to buy anything.
The Advantages of Ripple?
Nothing in the world is feasible if do not benefit the purpose in a sense. Ripple also possesses some major benefits that can provide a new dimension to digital currencies Here are they:
1. The design of Ripple was made for daily transactions, hence it can comparatively save more power than bitcoin. The robust design makes it possible to have affordable and speedy transactions.
2. The regulatory verification of Ripple is not done by multiple organizations as the banks are it’s main attention group and certainly, they only hold the major applicability.
3. The lowest amount of commission for transactions would always remain the foremost advantage of Ripple.
How To Buy Ripple?
After learning much about Ripple, you might get a feeling of buying it out, so buying a Ripple is not at all a rocket science, it is available at many crypto exchanges like Bitsane, Exmo, Bitfinex, Bitstamp and so on. Here’s how to buy Ripple in a few basic steps:
1. Firstly, it is important to create an account at the chosen crypto-exchange site. You have to fill in the registration form that will ask you some basic details. Later you would get a user-id and password for your account at your email.
2. Now you can use the user-id and password for logging into the account. You must change the password. You have to choose the verification criteria and then add further personal information along with documents to it.
3. On completing the verification, the account will allow you to deposit funds, you can choose your preferred payment method. On depositing, your exchange account would show a balance that could be used for buying XRP (Ripple).
4. Once your transaction is been completed, you can see the XRP transferred to your exchange account. It was that simple. Buying and using XRP is way beneficial for your financial status and payment efficiencies.
Ripple is a token along with a ledger that maintains, verifies and performs financial transactions with multiple currencies. It is considered the safest network for dealing in digital currencies. If you are starting in the world of cryptocurrencies, then Ripple is a great option, to begin with. Maybe it doesn’t look as attractive as Bitcoin, although it is quite protected from the fluctuations faced by Bitcoin.