There is no denying that digital currencies are becoming more and more popular, but it is very important to know what to invest in. The riyal is set to grow more and more this year, and is now the world's third-largest digital currency, but there are some things to know before investing.
1 - This digital currency was not called the Rifle in the first place:
The name of the Ripple is very attractive, but this currency was not called by that name. The company that produced the Ripple is called "Ripple Labs", which is the name it settled on after it changed its name from "OpenCoin" in 2013. The actual digital currency associated with the company is actually called "XRP", but the company holds the name Ripple in light of Speak easier.
2. You do not have to have an XRP to use its network:
Unlike other digital currencies, you do not have to own a digital rectangle to use the company's network. Ripple Labs says that the use of digital currency can help enterprises reduce their costs while allowing them access to new markets as well.
3. The Company owns more than half of the total supply of the "XRP"
The company had 60 billion riyals ("XRP") at the beginning of the year. Where the total potential supply of the currency is 100 billion pieces. Hence, the fact that the company owns a large share of its own product does not appeal to some. However, Ripple Labs believes that the dominant version of its digital currency gives it preference in real terms.
4. The supply becomes larger each month:
The company placed 55 billion riyals "XRP" in the guarantee at the end of last year. Where they set up 55 different security contracts, which are scheduled to expire at a rate of one each month over the next 55 months, which will free nearly one billion "XRP" in the market. Any unused RIB coins will be returned to the warranty again.
5 - The company offers its own RIBAL portfolio:
When Ripple launched its first shot in the arena, the company actually provided a website that allows individuals to buy, sell, trade and store the XRP, which acts as a digital portfolio for all currency transactions. However, in 2016, the company separated the service and instead began working closely with the third-party provider - GateHub.