Investing in cryptocurrency is risk-worthy. But if you are aware of what you must do, you can reap appreciable profit. However, there are a number of cryptocurrencies you can choose from but the most popular ones always seem to entice investors. In this article, we’ll talk about the third most sought-after cryptocurrency, Ripple.
What is Ripple?
Ripple is a decentralized technology platform that offers both the cryptocurrency and digital payment network for seamless transfer of cross-border payments. Ripple’s cryptocurrency XRP operates on RippleNet blockchain software and aims to facilitate an efficient, affordable, and faster global payment system.
As per the latest price predictions, the exchange rate for Ripple price in INR is Rs. 57.29.
Here are the important things that you need to know about Ripple.
- Faster transaction at minimal transaction fee:
The biggest advantage of investing in XRP is its lightning-speed transactions at a minimal cost. Ripple can process around 2, 000 transactions per second with each transaction requiring a settlement period of merely 4 seconds. Moreover, the standard transaction fee for a transaction is around 0.000001 XRP which is almost negligible.
- Ripple has partnered with more than 300 financial institutions
Unlike other digital currencies which are focused on consumers, Ripple aims to revolutionize the global financial payment system. Using XRP, banks and financial companies can transfer funds without paying exorbitant exchange fees. Currently, Ripple claims to have partnered with more than 300 financial companies in more than 40 countries for XRP backed money transfers.
Here are some examples of Ripple partner institutions:
- Banco Santander
- American Express
- Bank of America
- XRP is a more convenient option than mined digital assets.
Mining other cryptocurrencies like bitcoin, ethereum, etc. require solving complex mathematical equations or proof of work. While this is not required in Ripple.
- XRP is one of the most secured cryptocurrencies.
XRP transactions are executed through the XRP ledger which ensures safe data recording and storage. The XRP ledger is based on a distributed network which eliminates central points of failure while expediting recovery. This open-source code base is supported by a strong community of engineers who work 24/7 to maintain the XRP ledger.
- XRP operates as a bridge between fiat currencies.
Most of the digital assets aim to substitute the existing government-backed currencies. While XRP, on the other hand works on fiat currencies to facilitate their fast and efficient transfers across the borders.
- Buying Ripple via startups and companies.
In addition to buying Ripple directly through exchanges, you can also buy them via companies or startups. In the last few years, a lot of startup projects have been launched in the crypto space to develop new ideas for app development. Thus, you can also buy from a company that utilizes this investment method.
Conclusion
Speculations say that Ripple will eventually supersede Bitcoin in coming years. Furthermore, LTC to INR soaring exchange value is also going to make a mark in near future. Considering litecoin's higher speed and extremely lower transaction fee, its popularity is increasing day by day.
All-in-all, the whole cryptocurrency world is set to reform. So, just wait and see what the crypto future holds for investors.