Unlike Bitcoin and Litecoin: What is Ripple?

uzay (52) in bitcoin • 7 years ago

Leaving Ethereum and Litecoin behind, Ripple has become a new look in the crypto money market. What is it, Ripple?

Managed by a private company, Ripple can not be used for shopping. On the one hand, this crypto can not be mined on the money.

Although the value of Ripple is still less than Bitcoin, this crypto money has had a remarkable year. According to Coin Market Cap's data, crypto money has risen over 40,000 per cent over the last 12 months, bringing its value above $ 140 billion. In the face of this, Bitcoin's market value was over 252 billion dollars.

Again, according to the Coin Market Cap, Ripple went down $ 2.38 to $ 9.21 on Tuesday, January 9, and the total market value is above $ 92 billion. Virtual money, Ethereum is still under reconstruction, still more valuable than Litecoin.

What is Ripple?
Ripple, which is different from the virtual circles like Bitcoin and Litecoin, can be seen as a "coin". While coins like Bitcoin are traded at their value, "tokens" tend to be tied to something else.

Who created Ripple?
Technically, the so-called "XRP token" is created and managed by Ripple Labs, a global money transfer company.

This rigorous distinction between Ripple and other digital currencies like Bitcoin and Litecoin makes Ripple more central than other virtual parallels. This does not apply to Ripple, although it may be the owner of the other virtual money in question, in the process.

Is there a similarity between Ripple tacken and other virtual money?
No. While Bitcoin is the main currency traded and used, XRP is supported by traditional currencies such as tokens, dollars and yen.

Bitcoin and most other virtual money, serve a single purpose: to be digital money. Ripple was born as a solution to the problem of transferring money from one country to another. Global money transfer can be done in seconds with Ripple.

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7 years ago by uzay (52)

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perrybarrow (32) · 7 years ago

Great nice explanation.

Ripple XRP unlike many cryptocurrencies is centralized and to a certain extent controlled by the existing banking/ financial system, where Bitcoin etal seeks to be decentralized taking monetary control away from banks and in the hands of the people.

It is a utility tech for transferring money and a replacement solution to the long established SWIFT (where money is transferred overseas but takes a few days) and Ripple does these transactions within seconds, enabling money to flow between corporations and countries with ease as and when it is needed without delay, thereby dramatically improving the operation costs of corporations all over the world - banks and companies transferring money to subsidiaries for whatever business reasons and thereby improving economies of countries and companies that adopt it and hopefully leading to greater economic growth and prosperity.

Ripple has an existing global client base and usage of trillions of existing legitimate dollars of transactions, and everytime it its used to make a transaction a tiny fraction of the token is "burned" thereby reducing the availability of the coin and in theory increasing its value overtime by its mere use which will equate to billions of daily transactions.

Its a long term hold and most of the major Investment/ trading growth gains by investing in XRP will have been realized over the past year but it should still grow in value over the longer term.