Ripple is a cryptocurrency of the Ripple network. It is a separate digital currency, characterized by high speed inside the payment system. Ripple is not considered the usual cryptocurrency with which it is customary to associate Bitcoin.
Ripple is cryptocurrency … or not really?
Ripple payment system was developed in 2012 in San Francisco. Ripple cannot be called simply cryptocurrency, because it represents a whole payment system based on the blockchain, but not being it.
The Ripple payment protocol works as a money transfer network, as well as a currency exchange, including cryptocurrencies and goods.
Ripple has its own currency called XRP, its total number is 100 billion (a larger amount of currency is prohibited by the protocol).
History of Ripple
The idea of creating Ripple is not new and dates back to 2004, when Rain Fugger began developing the Ripplepay payment protocol. The main idea of this service was to create your own money by separate groups of people. In 2005, the service started for members of the online community in order to make secure money transfers via the Internet.
Later, in 2011, an electronic payment system was created, which was significantly different from the usual mining and was based on the consensus established between the participants in the transaction.
Ripple is a cryptocurrency that does not depend on online exchange services, is distinguished by its speed and energy saving.
The Ripple service was the first to create a “bitcoin bridge”, which allows users of its network to make payments in any currency specifically to the bitcoin address, which further increased the transmission speed. And already in 2016, Ripple created the first interbank group of international payments, based on distributed financial technologies.
Ripple is the third cryptocurrency on the market, if you evaluate digital money in terms of capitalization, only Bitcoin and Ether outperform it.
The distinctive features of Ripple are:
- Mining of this cryptocurrency is not provided. But what kind of cryptocurrency is it, how to make money on it – we will consider further.
The minimum transaction fee, which is only 0.0001 rips.
2. Refusal of blockchain and creation of own, more secure system.
3. Integration into the banking system. Collaboration with financial institutions allows Ripple to constantly raise its value.
Ripple: advantages and disadvantages
Cryptocurrency is a new opportunity, but it has its advantages and disadvantages.
The advantages of Ripple include:
- lightning fast transaction speed;
enhanced security system, protection against hacking and hackers;
the impossibility of inflation, due to the fact that the entire volume of coins is already in the system;
2. barter opportunity: Ripple coins are exchangeable for precious metals, stocks or other cryptocurrency;
the ability to correct errors and undo incorrect transactions.
The cons of Ripple cryptocurrency include:
- full control of the system by developers. It is they who decide on the circulation of coins;
2. The bulk of the coins (65%) are held by Ripple Labs, which makes it a monopoly owner. Because of this, the cryptocurrency exchange rate 3. Ripple may decline and depreciate.
How to make money on Ripple
As we noted earlier, it is impossible to mine Ripple. In addition, Ripple Labs announced that it intends to freeze 88% of its XRP assets, but the sale will continue, and one billion XRP will be sold every month.
Ripple is a cryptocurrency that allows traders and investors to accurately calculate the Ripple XRP rate and make certain forecasts.
3 ways to make money on Ripple
- Partnership with an official representative of Ripple. This is possible if you decide to participate in scientific research, to do the calculation. Payment is provided in rips, which is very similar to mining, but it is not.
2. Purchase through a cryptocurrency exchange, like any other cryptocurrency. The main thing is to track cryptocurrency charts in order to know the most profitable ripple rate.
3. Trade Ripple. This can be done at Gerchik & Co, where a ripple – dollar pair is traded. Rip trading allows you to earn on the price difference of this cryptocurrency.
Since its value is growing dynamically, thanks to integration into the banking system, in the future, at the ripple price difference, you can get good money.
Also, this cryptocurrency received support and partnership from Google and Microsoft (CFDs on shares of these companies are also traded in Gerchik & Co), which indicates the promising and reliable Ripple.
Where to store Ripple
Ripple is a special cryptocurrency, therefore, its storage method is unusual. For a long time, it could only be stored on the official wallet of the Ripple system, which created inconvenience to users who have several cryptocurrencies in their arsenal.
The company took this into account and proposed two alternative options:
- Hardware wallet. On such a device, you can store many cryptocurrencies, and it is reliable.
2. Generating a wallet on GateHub. The account created on this platform must be authenticated, verified, which ensures its security. Users who decide to buy and store Ripple on this platform receive a small bonus of 20 XRP to their account.
Ripple is a promising cryptocurrency that is distinguished by its reliability, security, speed and acceptance in the financial world. It is better not to store it, but to trade.