Things You Didn’t Know About Ripple
Many traders’ portfolios enjoy the benefits of Ripple’s glitz and glam. But not everyone can afford to buy cryptos these days. As the interest grew, so did the demand and the price.
Online brokers, like us at AvaTrade, offer the chance to invest in cryptocurrencies without actually buying them, which makes this market opportunity accessible to everyone. Ripple is one of the most popular cryptocurrencies available on AvaTrade. Read on as we break down 5 things you didn’t know about the majestic Ripple.
So why trade XRP?
- And I don’t Want to Waste a Thing
Back in 2012, Ripple was created with an eye towards creating a crypto currency that was less wasteful in terms of electricity. It actually takes substantially less energy to process transactions than Bitcoin. Now that’s what we call an environment-friendly crypto!
- Who Are You Ripple Users?
Ripple is used for transferring money and not as a payment currency. The reason behind this unusual feature is that it allows people to break free from unnecessary delays caused by banks, credit cards etc. as they say, time is money.
- To Mine or Not to Mine
Unlike other cryptos, Ripple is not mined, as every coin has already been calculated. To avoid confusion, the network is referred to as Ripple, and the Ripple coin as XRP – Ripples. The total number of Ripple coins is 100 billion XRPs, and Ripple Labs owns about 60% of them.
- The Fastest Crypto on The Block
Ripple transactions take less than 4 seconds. Ripple’s creators take pride in the fact that they provide faster transaction times than Bitcoin. Since there’s no waiting for block confirmation, transactions can go through the network quickly and efficiently.
- My Crypto Brings All the Coins to The Yard
Major foundations already see its value – The Bill and Melinda Gates Foundation signed a major partnership with Ripple Labs. Ripple is constantly investing in its network and growing partnerships with global firms and financial institutions. Some of the banks that have signed on to use Ripple include BBVA, SEB, Start One Credit Union, and Cambridge Global Payments.
“Banking now is like sending a letter: you send it, you don’t know if it reached there. Ripple is more like sending an iMessage: you send it, and you immediately know.” – Chris Larsen, Executive Chairman of Ripple Labs.