Ripple price (XRP)
About Ripple (XRP)
Ripple is one of the most popular digital currencies occupying the seventh position in terms of market cap. If you’re a newbie to cryptocurrencies, you are probably wondering what is Ripple and why is it generating so much stir. You don’t need to look further as this guide we will cover the basics of everything you need to know about Ripple (XRP.)
What is Ripple (XRP)?
Ripple is a for-profit technology platform created by Ripple Labs Inc., a US-based technology company. It is essentially a cryptocurrency built on the XRP ledger, which is open-source blockchain technology. XRP adopts a decentralized system of governance and has over 150 validators spread across the world, allowing for fast transaction settlement. Compared to Bitcoin’s transaction settlement which stands at 3,600 seconds, XRP transaction settlement takes place under four seconds.
Ripple was created in 2012 and was designed to complement rather than compete with cryptocurrencies and fiat currencies. Let’s proceed into the details of how Ripple actually works.
How does Ripple work?
Ripple might seem like it’s just another cryptocurrency out there but it works in a unique way. The idea behind Ripple is older than the cryptocurrency ecosystem in that it is a reimagination of a system that dates back to medieval times where there were no banks.
Let’s give an example. Imagine someone lives in New York and has a can of soda that he doesn’t need but wants to go to the movies. However, he can’t because he doesn’t have a ticket. Secondly, imagine a certain woman in California who has a bracelet to sell to get a box of chocolates. Thirdly, imagine another guy in Texas has a ticket for a movie in New York but needs to get a bracelet for his wife.
In our world today, it’d be almost impossible for these three people to meet to exchange what they have for what they need. This is the purpose for which Ripple was created. Anyone can easily say, ‘Hey, I have a bracelet, but I need a ticket to see the movies’ and the system will look for the shortest and cheapest combination to make it happen.
The good part is that Ripple allows for payment in any currency including Bitcoin.
Where can you buy Ripple (XRP)?
There are different ways to buy Ripple but here are the best places to buy Ripple.
This is by far the best place to buy Ripple due to support for a number of other popular digital currencies, a strong track record, and reasonable fees. The site boasts more than 43 million verified users, making it the largest crypto site globally.
If you want a site that’s most suitable for beginners, eToro is the site to visit. The platform is easy-to-use and also provides an opportunity for new users to have a practice trading account that you can try before you use real funds.
BlockFi is another great site where you can buy Ripple and you can even deposit it into an interest-paying account that pays up to 9 percent APY. Additionally, there are no added fees for buy or sell Cryptocurrencies like Ripple.
Binance is another popular name in the world of digital currencies. It is not easy to use for most beginners like other platforms on the list, but it has a decent app through which you can buy Ripple.
Ripple (XRP) is a cryptocurrency that’s making waves at the moment, having defied all odds and grown over 18,000 percent since January 2017. If you’re looking to invest in Ripple and would like to know where you can buy Ripple, visit any of the platforms above.