Mostly known for its digital money protocol, the Ripple system, and its XRP currency are famous for allowing the seamless exchanges between users using yen, dollars, euros, and others. In 2012, it was made for payments and remittance. They also have their own tokens and a decentralized currency by this time.
However, they soon found out that Ripple would actually be able to send out waves that will rock the world of cryptos.
As the third crypto, in terms of market cap, Ripple maintains a good position in the crypto community. Despite price fluctuations, it remains a good investment for crypto enthusiasts and entrepreneurs.
Check out these ten random facts that you should know about Ripple and XRP!
Fact 1: Better than BTC, ETH, LTC and more
As a good introduction to Ripple, we’ll start with how XRP beats Bitcoin, Ethereum, Bitcoin Cash, Dash and Litecoin in a bunch of important features for cryptos— speed, cost, and scalability. These factors are important to keep the software in optimal shape.
Based on research in 2019, here is how the cryptos fare among each other.
(transactions per second)
|XRP||3.6 secs||$0.0004||1500 TPS|
|BTC||2,912 secs||$1.65||32 TPS|
|ETH||93 secs||$0.17||16 TPS|
|BCH||3,794 secs||$0.04||64 TPS|
|LTC||914 secs||$0.06||56 TPS|
With these three features, XRP performs more transactions in a single second for lower fees. It also charges super cheap transaction fees for anything you might need.
Fact 2: Ecofriendly
One of the toughest concerns of people on cryptos is how it uses loads of equipment and, of course, electricity during mining. In return, it also costs tons of money to mine single crypto especially the Bitcoin. Miners can mine a single Bitcoin for about $600 as the cheapest rate and about $30,000 as the most expensive.
Regardless of this, the pioneers of the crypto community are continually looking for solutions to remove or even lessen this environmental concern. They are also trying to give back in many ways to the environment, in terms of funds and lots of other ways allowed by technology.
However, all 100 billion XRP coins are already live. Although they are not in circulation just yet, this makes mining impossible. While becoming efficient crypto, it does not contribute to ecological concerns.
Fact 3: Security
Having an open-source code and a public ledger, Ripple uses a big population of validators and engineers to ensure that our transactions, data, and exchanges are safe in the system.
The constant development of the system makes them immune from small to large problems and leads them closer to a complete decentralization.
Fact 4: Affordability
In terms of seeing the features and benefits of Ripple, you may think that it may be as expensive as ETH. However, you can easily afford Ripple. This allows more investors into the Ripple community.
You can easily get XRP from both fiat and cryptos and send them straight to your secure Ripple wallets.
Fact 5: 3 in 1 Ripple Suite
The Ripple network has three products under its belt. The suite includes xCurrent, xRapid, and xVia. Each of these has its own purpose with only xRapid focused on XRP sourcing.
The main product is xCurrent which services the processing of payments. The other one, xVia, handles the delivery of payments.
Fact 6: Pioneer Crypto
Ripple is not like those new altcoins that are just new to this community. With years of continuous development and proven service, Ripple has been consistent in successfully leading the crypto race along with Bitcoin and Ethereum.
Fact 7: Not Just a Currency
Like all crypto enthusiasts, our dream is to spend cryptos in daily trades. But, that is far from today’s reality.
Ripple doesn’t budge at that fact since it wasn’t made to be a mode of payment. Instead, it is a network that is designed for the actual process and transfers. This enables XRP to become a very good and cheap alternative than current means. This is not only for the crypto community but also for other groups.
Fact 8: American Express and Ripple
Ripple is partnered with the American Express (AMEX). This partnership had started in 2017. Last 2019, they had officially announced the use of xCurrent, a financial solution based on blockchain.
The vice-president and general manager of the most famous credit card company stated his best remarks as the system allowed ‘instantaneous, point-to-point conversation’ for the exchange of funds of their users.
Fact 9: Ripple and Banks
Because of its digital money protocol, this system is not only used by crypto enthusiasts but also by big banks. Ripple is used across 40 countries for its cross-border and real-time transactions.
Although not directly applicable to other cryptos, Ripple shows the crypto community to the rest of financial institutions as a viable solution to big societal problems.
Fact 10: XRP vs Ripple
As a fun fact, XRP is the name of the currency of Ripple.
It is not an abbreviation like BTC is to Bitcoin or ETH for Ether. Therefore, there is no such thing as buying 10 Ripple (system) as you are really buying 10 XRP (crypto).
Undoubtedly, Ripple is a finance and crypto network that is sure to stay for a very long time.
Read more at https://globalcoinreport.com/10-facts-on-ripple-you-should-not-miss/
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