What is Cryptocurrency?

What is Ripple? – The Basics & More Complicated Aspects

There are more than 60 different financial institutions which currently apply the Ripple distributing consensus ledger. It is exactly the technology foundation which manages to set Ripple apart from all of the other Altcoins in the list of cryptocurrencies by market cap where it currently holds the bronze but honorable third position.

Its origins stretch back to the now distant 2004 when Ryan Fugger decided to write the first version called Ripplepay – a payment system protocol. An interesting fact is that a number of different people would work on its coding throughout the years until its official launch in 2012.

The average Ripple price is low in comparison to crypto market giants Bitcoin and Ethereum. This makes it easily accessible by everyone. It is exactly this factor which works in great favor for the cryptocurrency exchange platform. There were nearly 40,000,000,000 XRPs in circulation supply at the time this article was compiled, making it the most widely distributed Altcoin.

Did You Know?

There are many different theories as to the exact meaning of Ripple’s name. Some experts suggest that it was derived from the verb ‘to reap’ as in the accumulation of good and stable daily results. Others speculate that it comes from ‘ripe’ and ‘apple’, hence Ripple. A third theory is of the opinion that the term was derived from the 1932 book ‘The Dow Theory’ by financial guru Robert Rhea. There, the man pays specific attention to daily price fluctuations. These asset price shifts can be seen as respective waves, tides, and ripples. He further clarifies that it is best to capitalize on big and medium asset price differences and not small ones.

One of the more unique characteristics that the digital payment and remittance system possesses is the fact that it does not make a difference between fiat and real-life currencies. This enables users to carry out international transfers from one public account to the other in a matter of seconds.

Provided safety of personal and financial data is also at a very high level. The applied Gateway platform and the recently-adopted smart contract system Escrow enable people to become the intermediary of their own transactions.

The Ripple coin is not generated via mining, users acquire it via the proof-of stake method or via the means of crypto trading with a legit and authentic cryptocurrency exchange app. As we already mentioned, the Average Ripple price in USD is not very high so it is easy to obtain in the cryptocurrency market. This platform is entirely open-source, peer-2-peer, and is basically a digital payment system.

Fun Fact:

The proof-of-stake algorithm type was enhanced by Ripple. It basically revolves around the fact that the computer codes identify when a user has the power to mine for and validate transactions within the block based on how many he or she has mined for and owns currently. The creator of the brand new block is chosen via a random combination of his/her age, how many Altcoins of the given cryptocurrency is he/she currently in possession of, and the average mining potential.

Ripple Coin – The XRP Token Characteristics

XRP is the name of the Ripple token. One of the things that most users would like to learn about the cryptocurrency coin is that there are frequent free dispersions of it, called crypto airdrops. The said are one of the best ways to get a hold of costless amounts of the given Altcoin.

Another good way to get a hold of the Ripple cryptocurrency is via one of the many legit cryptocurrency exchange apps. Users can register for one of them and choose from a variety of account tiers. The only thing that they should stay alert of is the scam status of the given crypto trading platform.

This can be done via the reading of an extensive amount of cryptocurrency exchange reviews. There are some really reliable sources on the Internet. If the user is not certain of the current coin price then the best way is to check up the Ripple XRP news on the web or one of the many pages dedicated to the value of different Altcoins.

Check Out the Best Solutions for Ripple Automated Trading in This List.

Main Differences Between Ripple & Bitcoin

The bare truth is that if it weren’t for Bitcoin, humanity would not have bore witness to the rapid expansion of the cryptocurrency exchange sphere. The first coin ever set the standards straight for those that were to come after it and still does. This is the main reason why it is the undisputed market leader.

But Altcoins have come a long way since their humble beginnings. Many digital currencies have managed to favorably build on what was done before them. The same is valid for the Ripple cryptocurrency.

Even if the average user does not follow Ripple XRP news closely, he or she should have at least of the iterative consensus ledger. There is no question that this is one of the most innovative pieces of technology to get introduced from a cryptocurrency exchange platform. It is a genuine alternative to the blockchain.

Here follow the three main differences between Ripple and Bitcoin:

  1. Bitcoin is a Cryptocurrency, Ripple – a Stand-Alone Digital Payment-Processing & Remittance System;
  2. Bitcoin Does Not Offer Transactions With Other Cryptocurrencies, Ripple Handles Every One of Them;
  3. Bitcoins are Obtained Via Crypto Mining & Trading, XRPs are Mainly Dispersed Digitally;

Ripple Price Predictions – How Easy It Is to Make Them?

According to the most recent Ripple XRP news, Ripple price predictions can be made by examining three distinct factors – speculative trading rates, regulatory impositions, and the value of the underlying technology. The general tendency for the coin is to remain stable.

Speculative trading can affect the price of almost every Altcoin in a negative way. The same goes for any type of asset. There is not even a single one for which we can say that it can remain protected from it. This is something normal in the volatile world of financial investments.

As far as official regulatory restrictions are concerned, cryptocurrencies have become a part of the daily life of half of the globe. People either crypto mining, scrypt mining or crypto trading. A compromise between the governments and creators of crypto exchanges is bound to happen soon.

Ripple’s general consensus ledger technology is valued extremely lively. It has been applied by over 60 financial companies in the world have adopted its real-time gross settlement, currency exchange, and remittance system protocol. The cryptocurrency exchange platform is truly revolutionary.

Where to Purchase & Store Ripple Tokens?

Altcoins and the Ripple coin, in particular, are stored in e-Wallets which are also referred to as crypto wallets. There are a lot of legit and authentic platforms which can serve as a reliable virtual spot for the monetary safekeeping. Their main task is to actually store the public and private keys of a given user.

They interact directly with the blockchain platform which gives digital traders the freedom to send and receive all types of monetary payments. Users can also monitor the transactions that are going to and from their e-Wallet.

Unlike the traditional real-life wallets, the digital ones do not store the fiat or virtual currency. They keep the public or private key of the users where the financial data is stored. It is up to the investor to think of a password that is strong enough.

The digital world recognizes online, mobile, hardware, and desktop wallets. Each and every one of them has their attributed specifics. Crypto traders can enforce their e-Wallets even further via regular backup, software updates, and additional security layers.

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Altcoins are most easily purchased via a cryptocurrency exchange platform. The only condition is that the user carries out preliminary research in order to determine whether the app is a legit or a scam one. The reading of an extensive amount of crypto trading reviews should help get the job done.

Ripple – A Cryptocurrency of the Future!

Many things have already been said about the Ripple cryptocurrency. Its refusal to strictly follow in the steps of giants have made it an easily-recognizable brand among the other Altcoins. There are many truly unique characteristics that it introduced the digital financial sphere to.

Some of them include the smart contract system, the general consensus ledger, and the extremely short transaction approval-and-completion time frames. These are not its only accomplishments in terms of technological advancements. But they are a good enough reason for both newcomers and sophisticated investors to start trading with the Altcoin.

The Ripple coin is sophisticated in so many aspects that it sometimes looks like a cryptocurrency which came straight from the future. Anyone who is smart enough knows that this is a very promising indication as to the liquidity and stable supple-and-demand ratios of a given asset.

It would be crazy not to invest in it because Ripple is a cryptocurrency both from and of the future.

Find the BEST Crypto Tool

Investment solutions get released every day. But that does not mean each is good for your trading ambitions. You need secure and proven to work platforms if you want good returns on your investments. We have found the best among the best and we strongly recommend them. Visit the industry leader if you are eager to start trading.

 

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Jamie Portiss

My name is Jamie Portiss. Let me tell a little bit more about myself. I am a Financial Analyst by profession. Having worked my entire life in the financial services sector, I have managed to build a solid investment portfolio. It all began with a Bachelor’s Degree in Finance and right after graduating from university, I began working as a Junior Financial Analyst at a startup company, dealing with financial solutions. I want to bestow our know-how and understanding of the virtual markets (the cryptocurrency exchange, Bitcoin trading, and Altcoin investment spheres, in particular) with users. All that it takes is to do it the right way!

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