We are sure that there is no person who has not heard of cryptocurrencies or has not wanted to invest in them. Bitcoin is the first digital currency to appear in 2008. For all these years, Bitcoin has remained persistent and the most valuable, but other cryptocurrencies such as Ethereum, Ripple, Litecoin, and many others have fought for their place. Their main feature is that they are decentralized, which means that there is no central authority (bank or Government), which leads to the fact that their status is not regulated in most countries. However, guided by the examples of successful businessmen, people are increasingly interested in this way of investing and potential earnings.
We have already mentioned that Bitcoin is without a doubt the strongest and most popular cryptocurrency. Although it has variable values and, like other currencies, has had its ups and downs, you will admit that its current value of $ 29,000 does not sound bad at all. But, as we have already mentioned, there are many other currencies that are much less valuable but there will be great interest in investing. We already mentioned that Ripple is one of those.
It was designed in 2012 and was issued at a price of $ 0.005. Today it broke into the big third place of all cryptocurrencies. It was designed as a protocol for international payments between banks, so it can be said that it is not really a cryptocurrency, but a protocol for the transfer of money.
Ripple is a real-time gross settlement system or RTGS created by the company of the same name. There is also a Ripple protocol used for transactions. It is built on a distributed open-source internet protocol, a cryptocurrency abbreviated as XRP.
It is better known as a payment protocol than as a cryptocurrency. It operates on an open decentralized platform that allows seamless transfer of money in any form, dollars, yen, bitcoins, and the like. What sets Ripple apart from Bitcoin is that its work is not based on blockchain technology but uses distributed book technology to support the transfer of cryptocurrency tokens. Their goal is to send money globally with a minimum commission of 0.00001 XRP. This unique platform offers low fees and faster transactions and allows payment in any cryptocurrency.
Given its good features, XRP is considered the fastest currency and predictions are such that things will not change in the future, at least not for the worse. Ripple has a stockpile of 100 billion tokens and cannot be mined. It currently consists of 75 computers owned by private companies. Confirmation of transactions is based on the Proof of Work principle and takes place very quickly (on average 4s). And of course, one of the most important items is that the commission is extremely low – 0.00001 XRP. These are just some of the main features that Ripple supports. Because Ripple can also serve as a mediator, which is much cheaper, users prefer to use it rather than USD and banks as intermediaries. Visit www.widgetbox.com to learn more about it.
The fact is that when it comes to money, we are always afraid of inflation. At Ripple, we don’t have to worry about that. We would say that this currency has a bright future because more and more banks are using its platform, and the more users, the greater the value of XRP. Of course, it can be said that like any other cryptocurrency, this one has some drawbacks, and that is that it is a monopoly because Ripple Labs owns 61% of the tokens. Ripple tokens have already been mined, and their developers can decide when and how many tokens to allow or not to allow into the system.
What stocks were in the last century are cryptocurrencies today. Unlike stocks that rise and fall depending on the company’s business, cryptocurrencies oscillate much more often and depend solely on market demand. Today it may be low demand, tomorrow high. It is difficult to predict the movement of cryptocurrencies, but the available examples show that many of these currencies grow over time. Interestingly, many governments ignored the emergence of cryptocurrencies, until the moment individuals became multi-millionaires in a short period of growth in their value. Many people argue that cryptocurrencies are an ideal way to trade that could bring down the classic monetary system.
In any case, anyone who decides on this type of investment should know a few basic things, of which the choice of a digital wallet is hardly one of the first and most important. It can be hot and cold, and the main difference is insecurity because a hot wallet requires internet access and is therefore exposed to hacker attacks. If we ignore that risk, access is very easy because it is enough to have a smartphone. A cold wallet is hardware, but also much more expensive, but you will agree that it is a smart investment.
The next important thing is to choose a reliable platform because, as we said, there are many scams. Choosing a currency is the next thing you need to think about. If you are new to the world of digital money, it would not be bad to enter smaller amounts and allocate them to several different currencies.
Cryptocurrencies must be complex because they must be well protected from possible hacker attacks since there is no central institution to provide support if certain problems arise. Time we return to the circle, that cryptocurrencies will remain complexes and the current (majority) population can’t understand.
But the benefits of using cryptocurrencies would not be limited to payments. Decentralized applications could be created, and maybe even one day the Internet. What is predicted is that Ripple will one day become a globally used, centralized currency. Such companies have their own resources, which puts them in a better position to try to better position their cryptocurrency on the market.