Cryptocurrencies are now a common occurrence in our daily lives. Not a day goes by without seeing new shop signs popping up reading “We accept cryptocurrency as payment.” This is, of course, a good thing. Cryptocurrencies bring a lot of features to the table both for individuals looking to make private purchases and businesses that want to ensure fast transaction speeds.
One such coin is XRP. This coin is a product of well-known developers that go by the name of Ripple Labs. Ripple Labs was established in 2012, but the team went by another name at first: Opencoin.
This team of talented developers has a clear vision and they stick by it. That vision is to replace the SWIFT method of transactions. And given that Ripple Labs’s products have a lot of features, their vision might come to fruition quite soon.
As things stand, Ripple’s coin is currently priced at $0.35, making it relatively easy for investors to safely enter the world of Ripple Labs’s vision. And, as they perfect their products and optimize their network for use, you can expect the price to increase.
In this article, we outline everything you need to know about Ripple and its native cryptocurrency XRP, as well as how it can benefit businesses.
The Coin
Just like many other cryptocurrencies, XRP is powered by a blockchain. XRP’s blockchain can process more than 1.500 transactions per second, making it one of the fastest in the market.
But those are not it’s only remarkable feats. The development team report that the blockchain has the capacity to scale and even reach VISA speeds. If that’s the case, investors can expect to make huge profits if they show trust in the developers by investing.
If you are looking to buy XRP, you should first look for reputable crypto exchanges. XRP is extremely popular, and since that’s the case, it’s listened to on all major exchanges. However, you should only invest and trade on exchanges that add additional value to your crypto experience. Some crypto exchanges provide users with demo accounts that they can use to hone their skills in trading simulations and interact with other crypto enthusiasts.
The Network
The development team at Ripple designed a network that aims to solve all problems that come with international transactions. In most cases, if you want to send someone funds across the globe, they will have to wait for three days before receiving them. With RippleNetwork, you can expect all transactions to be completed in less than 10 seconds. This network uses a consensus model known as Unique Node List, and with all its captivating features, the network is set up in a way to detect fraudulent activities.
RippleNetwork operates with the help of the XRP coin. All transactions on this network are facilitated with the help of Ripple’s coin, and the more institutions adopt RippleNet, we can expect the price of XRP to go up.
There are many big-name financial institutions that are already using RippleNet and XRP, and a lot more are on the cusp of adopting it in the following years.
How It Helps Businesses
We live in a world where convenience is paramount to everything. Businesses always seek ways to deliver better customer journeys for their paying customers, and this is most evident as we kick off an era where eCommerce stores are leading retail.
While conducting business with people around the globe was impossible in the past, nowadays, it’s not. Still, the process is very slow, and RippleNet and XRP aim to change that. Businesses of all sizes can expect to complete transactions in seconds and be sure that the money is going to the right place.
As the biggest names in the finance sector put trust in Ripple to help them with operations, we can expect even small businesses to adopt this safe and effective method of making transactions locally and globally.
Bottom Line
Ripple Labs are set to change how transactions are carried out for the better. They offer solutions for businesses and individuals, which enable them to make fast and secure transactions across the whole globe.
If you need another reason to trust Ripple Labs, a quick browser search will reveal to you that some of the biggest banks in the world have adopted their services and are now reaping the benefits. Having said that, if you are looking to invest, make sure that you go over the coin’s whitepaper to uncover just what new it offers to the game.
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