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Ripple is a so-called RTGS or a real-time gross settlement system. The same company also operates a remittance network and a currency exchange. It was first founded back in 2012 and since then it has continuously managed to improve and solidify its position not only on the cryptocurrency market but on the trading market as a whole. That is because Ripple is more than just a cryptocurrency company. It is a payment protocol which supports not just cryptocurrency, but also commodity, fiat currency and many other things that have a value, including frequent flier miles. Namely, that makes Ripple a unique player in the cryptocurrency world. Therefore, it can be said that it does not revolve solely around a digital currency. The Ripple network and technology are the main things that sit in the heart of this project.
Ripple can also be viewed as a global exchange. It is open to everyone and it allows people from all over the world to send, receive and keep ripples on a decentralised network. It also enables consumers to do the same thing with all other currencies. The distributed exchange is built-into the platform and it relies on a shared public database.
One thing that Ripple is widely known for is that it is recognised by many of financial institutions which is rather uncommon for a cryptocurrency company. It is estimated that presently there are more than 100 such institutions among which are also commercial banks.
Original developer: Arthur Britto, David Schwartz, Ryan Fugger
Top Wallets: Toast Wallet, Ledger Nano S, CoinPayments, Binance, GateHub, Rippex
Release date: 2012
Ripples or XRP
Ripple has its own digital currency which is called ripples (XRP). According to the company itself, this cryptocurrency is the fastest and most scalable digital asset. It provides consumers with the chance to do cross-border payments that can be settled in just 4 seconds. In comparison, similar bitcoin payments require more than an hour to settle. XRP is said to do more than 1,500 transactions every second. Given that for BTC and ETH this number amounts to up to 6 or 15 transactions per second respectively, this is rather impressive.
Advantages of Ripple
One of the biggest advantages of Ripple is the backing and the recognition that it receives. It is used by some of the largest banks in the world. More and more financial institutions have started to test the network of the company which means that Ripple’s influence on the global financial market is likely to continue to increase. Possibly thanks to that, XRP has now become the third biggest altcoin in terms of market capitalisation. As the Ripple transaction network continues to gain a greater recognition from financial institutions, its volatility is likely to decrease. That can make it a much safer investment option in the future, especially when compared to other similar cryptocurrency projects.
The near-instant transaction time is also another great thing about Ripple. It offers more convenience to users. In addition to that, it makes it a strong rival of the other big players on the cryptocurrency market, including Bitcoin and Ethereum.
As a company, Ripple has a remarkably large staff which makes sure that the technology that it provides is always on point. But that does not mean that the firm controls the Ripple network. As it was already noted, anyone can get access to it.
Disadvantages of Ripple
For some, the positive attention that Ripple gets from financial institutions is a good sign. But for those who do not approve of the traditional financial system on which the world is relying on the moment, Ripple is not as attractive as Bitcoin or Ethereum.
How can you get Ripple?
Buying or selling ripples is very easy. You can do that through various cryptocurrency exchanges and brokerage platforms. You can also buy ripples as CfD or a Contract of Difference. This can be done through a regular online broker and it will take you just a short amount of time.
If you choose to get Ripple through a broker, make sure you use the services of one that is well-regulated. Also, seek for a broker that offers a non-stop live customer support.