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Ripple (XRP) Can Be Forefront for Cryptocurrency Transactions

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Ripple

Ripple (XRP) is one of the newest cryptocurrency assets. Although it not as famous as the big players like Bitcoin or Ehereum are, but with its aims and efforts, this digital asset is edging to be the future of the cryptocurrency market.

Even though the crypto-market is still facing a significant decline in its value this year, lots of investors and analysts are hoping for more prospects to place their interests in the market fully.

Notwithstanding, with a digital asset like Ripple, lots of investors can still have faith in the cryptocurrency market; this is because Ripple has proven itself to be a significant currency in the first part of the year.

Most of the statements released on the cryptocurrency has been linked to its acceptance from financial institutions. On this note, Ripple has gained lots of sponsorships from big financial companies like SBI Holdings and the Western Union, which is a big boost for the cryptocurrency.

But one question that comes to the mind is, why has Ripple not done much to lead the cryptocurrency market today? Well, it is essential to know that this crypto-coin has all it takes to be leading; it is about that time they become serious!

The Advantages of Ripple over other Crypto-coins

Ripple is emerging as one of the biggest cryptocurrency; it has achieved this feat by collaborating with big financial giants at the beginning of this year, and also boosting its exchange and the implementation of XRP. Subsequently, here are reasons why XRP is taking the lead in the cryptocurrency industry right now.

  • XRP is cost- effective

For every Ripple transaction done, the price is 0.00001 XRP; this implies that an XRP crypto-coin bought at 0.50 USD is almost equivalent to 100,000 XRP related transactions, which means that you can make use of it for long. The charges made by Ripple is an effective way to boost the security of the blockchain. This, however, ensures that other miners do not have the platform to be paid and increase their own fees.

  • XRP is fast

The transactions with XRP are fast and can be done in four seconds when comparing it to the amount of time that is wasted when using a debit card and completed with normal fiat.

  • XRP can be scaled

It is important to know that other cryptocurrencies are finding it hard even to handle ten transactions per seconds. But with XRP, 1500 transactions can be processed within seconds. Although, Ripple still have the ability to make more innovations and if that is done, the current network can still handle a large volume of transactions within few seconds.

Reasons Why Ripple is Still Steering towards Financial Institutions

Although, it is not a good thing if XRP and other cryptocurrencies do not target vital commercial institutions. But rather than spreading their tentacles on these institutions, Ripple should be involved with top markets on the usage of XRP as a good medium of exchange for business and customer transactions. It is a good idea if XRP is used on the Wall Street and Main Street.

We do recognize the need to target big financial institutions and change the way money is being transferred all over the world: when it comes to producing a product that obeys Peter Thiel’s 10x Rule, Ripple can lead other cryptocurrency assets in the industry.

There are also pressures that Ripple faces, and this has to do with playing nicely in order to create a customer base network. Establishments like Wall Street and Main Street may be astonished by the success of XRP, but they may be put-off by the anti-banking bombast.

But if Ripple gets lots of fan base and wide acceptance, it may give it a boost and become a renowned currency. Let’s take an instance where a financial institution is interested in using Ripple’s technology, but not the XRP. Ripple can take a stand of making use of the crypto-coin XRP as a medium of transaction and as part of their money transfer project.

Ripple is a big advocate of the cryptocurrency XRP, and we have all seen cases where collaboration with XRP where absent in last year’s statements (take a look at American Express.) It is evident that Ripple has plans to be accepted big financial companies.

XRP is Prepared

XRP hasn’t yet attained its peak regarding scalability, even though it can be able to perform 1500TPS (Transactions per Seconds). This is since if we were to compare it with Visa’s 50,000+ TPS, it is still below par. Although Ripple has 1500TPS (Which takes the lead in the cryptocurrency industry). There is no reason why this cryptocurrency shouldn’t lead and become the best when it comes to transactions.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Vicki via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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