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.
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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
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
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