Points You Should Know About Ripple
If you are planning to use ripple, then there are some main things that you should know before investing your time in it. Despite being so useful and popular, most people don’t have the basic information about it. In this article, you will get all the fundamental details regarding Ripple. So to know more, keep reading.
What is Ripple?
Ripple is a cryptocurrency that is specially made for the banking sector. Along with being a cryptocurrency, it is also a platform and its main goal is to transfer a lot of money all over the world as fast as possible. In Ripple, cross border transactions are used to transfer all the money. The good thing about ripple is that they have a very low internal transaction commission that makes it one of the cheapest options available in the market.
Now some of you might think that why isn’t free, then the simple answer is to prevent distributed denial of service attacks. Ripple also has a token, called XRP. Though most other big cryptocurrencies run on blockchain but that’s not the case with its . It has its own called XRP ledger. Another great thing about its is that all the transactions are validated by a list of trusted nodes authorized by Ripple. Due to this, there is no need for any kind of proof work.
Origin Of Ripple
its was invented by Jab McCaleb in 2013. To create it, he took the help of world investors as he invited them to invest their money in this project (Ripple Labs) and due to their support and Jab’s dedication, its was made.
Reasons For Growing Popularity Of Ripple
If you check the stats of ripple’s growth and popularity in recent years, then you will only see positive results. Ripple offers many advantages over other cryptocurrencies and due to that, millions of people use this platform to carry their trades. Here are some of the main benefits of using ripple:
- It is very fast- One of the best things about its that it is very fast. It confirms any transaction within 4 seconds and the interesting thing is it manages more than 10000 transactions per second. This makes it more superior than bitcoin as it can only manage around 7 transactions per second
- Stability- Ripple is one of those cryptocurrencies that provide excellent stability. It also has a five-year track record of stable governance and technology. The main reason behind its constant stability is that it is maintained by a dedicated group of world-class engineers.
- It is cheaper- Unlike other options, its has very minimal transaction charges and it is accepted by most banks and institutions. Another benefit of its that you can transfer any type of asset you want
Is Ripple Anonymous?
Well, this depends on how you use it. For example- if you are buying directly in exchange for something or with the help of your credit or debit card, then it will very be easy for LA (law enforcement) to trace it.
Written By : YOUSSEF J A ALMEER
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