Ripple was one of the highest performing digital buys of 2017. Although Ripple is a big competitor to Bitcoin , it has not been well understood by many people. In this direction, the definition of Ripple will be helpful, we have listed 8 facts that you do not know about Ripple.
Table of Contents
Ripple Price Today
Please enter CoinGecko Free Api Key to get this plugin works.1- Ripple is not the official name of a cryptocurrency
As a crypto money, when Ripple is atIF, XRP is actually meant. Technically, there is no such thing as ” Ripple purchase”. Ripple Labs is the name of the company that created the XRP token.
2- Ripple offers three different products and only one uses XRP
Many Ripple owners, perhaps not aware of this, but the company’s flagship product xCurrrent, XRP does not use. xCurrent is designed to allow banks to trade with each other and to accommodate any currency, not just crypto currencies. The product that uses XRP through the xCurrent system is known as xRapid and is not yet widely used.
3- Ripple can not be obtained by mining
Bitcoin’s roaming name is increasing due to the so-called “mining” process. But Ripple is different. The total supply limit of 100 billion XRP has already been established. But many will not be in circulation, but will be in the coming period.
4- 40% of XRPs are circulating
Although there are 100 billion XRPs, most of them are not yet in circulation. Ripple Labs has 60 billion XRPs as of this writing. Owns 6.25 billion and has the remaining 55 billion in its accounts for future distribution. Over the next few years, 1 billion XRP usage will be offered monthly for distribution.
5- Ripple does not have to be a payment instrument
There is a common misconception among people who are not fully familiar with the crypto paralara yet: the idea of being designed to pay for all digital money. If this were the case, only Bitcoin or a few cryptos could cover our money needs and we would not need more.
However, many crypto money, including Ripple , was not designed for payment. In other words, your favorite dealer is not able to accept XRP tokens soon, and Ripple Labs is not happy with that. Instead, Ripple is a crypto paradise designed as a payment method. In other words, it is a technology that aims to change existing money transfer methods.
6- Ripple’s network is faster than Bitcoin or Ethereum’s network
The average bitcoin process takes 10 to 30 minutes to complete. Ripple intends to make a money transfer instantly. Ripple has a processing time of less than 4 seconds compared to the official internet sites.
In Ethereum, the processing time is much faster than Bitcoin and usually takes about two minutes. In addition to speed, the Ripple network can perform larger volume operations than other leading digital parallels. Bitcoin and Ethereum can perform about 3 to 15 operations at a time, which creates a scalability problem. That’s why many major finance companies like American Express, Santander and MoneyGram are testing Ripple’s technology.
7- Ripple transaction fee is very low
One of the biggest problems that other digital currencies face is the transaction cost.Transaction fees at Bitcoin are more than $ 20 at the end of 2017 and $ 1.15 at the beginning of 2018. The average transaction fee for Ripple is now less than 0.01 cents.
8- Centrifugal problem related to Ripple
Bitcoin, the father of digital money , emerged with the emphasis not to be tied to authority. XRP, on the other hand, does not promise decentralization. On the contrary, XRP has a central structure which is directly controlled by Ripple.
