The Ripple coin (XRP) is fundamentally different from other cryptocurrencies. Today, Ripple is considered a "white crow" in the field of cryptocurrencies, but despite this fact, it is very stable and has every chance of rapid growth in price and popularity, since it already occupies the third place in the rating of well-known pools.
The total issue of this promising cryptocurrency today is about 100 billion coins. The volume of capitalization is $ 44 billion.
The essence of XRP (Ripple)
XRP, unlike other cryptocurrencies (altcoins), is not much like Bitcoin. If other cryptocurrencies are characterized by greater security and anonymity or the use of smart contracts, then Ripple is something completely new.
XRP (Ripple) is a decentralized interbank network that allows you to conduct transactions using most fiat currencies (public money from different countries), as well as precious metals (platinum, gold and silver). In this case, the transfer is instantaneous.
The history of the foundation of XRP
The founder of the coin is a man named McCaleb, who in early 2000 created a file sharing service called eDonkey.
6 years later, the MtGox project was developed, which the developer liked, and he took it as the basis for creating an exchange for Bitcoin sales.
In 2013, the OpenCoin project was completed, which was considered the best cryptocurrency exchange, but the creator gave it into the hands of Ripple, which began to actively develop this direction in the right direction.
It was after this event that miners and exchange users were able to get acquainted with a completely new Ripple coin, which shocked users with its practicality and dynamic growth in relation to other coins.
Initially, it was planned to simply create a certain store where you can pay with cryptocurrency, but after much thought, the owners came to the conclusion that it was time to create their own digital coin, which should literally blow up the Internet, which happened.
Ripple or RXP? What is the difference?
XRP (formerly Ripple) is the name of the entire system, and XRP is its unit of account (token), a cryptocurrency. Now the name and token are: XRP / xrp.
As in the case of Ethereum, the Ripple system itself is becoming more and more popular, which means that its internal currency, RXP, is valuable in itself.
Advantages of XRP
This currency has a whole lot of positive features:
- there is no physical transportation of money;
- the possibility of financial loss or theft from third parties is completely excluded;
- complete anonymity, which significantly helps out during the payment of taxes and filling out accounting declarations;
- for this coin, you can buy almost any goods or services, which will be an excellent investment.
All XRP transactions and transfers are displayed in the wallets of their owners, but the system does not charge any commissions, which, of course, attracts a new audience every day. Each participant who has passed the registration procedure has the opportunity to access any recorded data and invest in XRP.
Where to store coins? Wallets
You can store the XRP on:
- A cold wallet
- Hardware Wallet
- Online wallet
- On the stock exchange
The first option is the most reliable, but requires installing a special program on your computer that will store your coins.
The second point is not very convenient, since for this you will have to buy a special flash drive, the reliability of which is unknown. But at the same time, all the coins will always be at your fingertips: all you need to do to buy or sell coins is insert a USB flash drive into the computer and transfer the coins to the exchange.
The third and fourth options are the easiest options. But do not forget that online wallets can be hacked and all coins will be stolen. The same is true with exchanges: for the entire existence of the cryptocurrency, many exchanges have been closed and robbed. In both cases, coin holders lost all their cryptocurrency assets.
How to mine XRP?
The XRP cryptocurrency cannot be mined. It can only be bought on the stock exchange.
You can mine other coins with the help of video cards or Asics and exchange them on the exchange in exchange for XRP!
- The system works with large financial institutions (conclusion of smart contracts) and with ordinary users (purchase of RXP cryptocurrency).
- Transactions are carried out instantly. The latest test showed that the system can withstand 50,000 transactions per second – in these indicators, it is equal to Visa.
- Decentralization by combining traditional banking methods and innovative blockchain methods.
- The cost of the RXP coin is small (May 2018 $ 0.70), and the transaction fee is 0.00001 RXP, which is negligible.
- Lack of mining. The issue of coins (issue into circulation) occurred once when creating RXP – 100 billion were issued. coins'. Transactions are protected using commissions. The possibility of transactions with almost any currency and even precious metals.
- The deflation of the RXP coin. The fact is that the commissions charged in RXP after transactions are not stored anywhere – they are destroyed. Thus, there are fewer and fewer coins, which means that their rate will automatically increase.
- Ripple Labs is a legal entity, a company, unlike many cryptocurrencies. This allows her to gain a lot of trust and cooperate with the largest companies. The legislative regulation concerns Rapla not as a cryptocurrency, but as a legal entity.