As a cryptocurrency and a blockchain technology, Ripple (XRP) seems to have a distinct cutting edge over other virtual currencies that include Bitcoin, the widely known and leading digital asset. The space of virtual currencies is essentially a wild and fast-paced market that is responsible for over one thousand different virtual coins that are all competing for market-share and trying to become the preferred and relevant digital coin in the future of virtual currency trade.
Among the reasons that make Ripple (XRP) standout from the crypto crowd is its superior design and development that makes it a big winner at the end of the day. Going by the speculations and calculations of crypto enthusiasts, Ripple (XRP) might surpass Ethereum in regards to market capitalization, if it manages to sustain its growth and adoption momentum around the globe.
Thanks to Ripple’s Default Currency, XRP, different financial institutions in the world can quickly process transactions regardless of the geographical area difference at inexpensive costs.
Why Ripple (XRP) as a Digital Asset Might Be a Big Winner
Ripple is the official company name that is responsible for the development and control of XRP virtual currency. Unlike many other digital currencies, Ripple’s default currency, XRP, is designed to be distributed by Ripple Labs to market contributors, rather than being mined and created by individuals who are also referred to as miners.
Ripple has taken a very dissimilar approach with its default currency in comparison to most cryptocurrencies. For instance, Ripple did not create XRP as a way for individuals to circumvent the financial and banking sector.
Instead, XRP has been developed and designed in such a way it integrates with current banking systems with the idea to serve its clients in a fast and inexpensive manner in processing commercial payments and currency exchanges regardless of geographical topography.
While the Ripple approach might be heavily criticized by some quarters of cryptocurrency faithful’s, who would like to use virtual currencies as an alternative to fiat and traditional banking systems, it is this very reason that makes XRP stand out and potentially become a big winner in the crypto space.
Now with the increasing demand for instant international money transfer services on the rise, Ripple (XRP) is continuously proving to the world that all hope is not lost. Money transfer services using the Ripple technology have significantly reduced the transaction cost they used to incur by over 70% in a process that has been simplified to take minutes instead of the traditional days or weeks timeline.
Ripple and Cryptocurrency as the Answer to Global Debt
According to a recent report that was released by International Monetary Fund, the global debt has risen to high levels of more than $170 trillion US dollars opening the door to a potentially catastrophic financial recession if nations fail to repay their debts due to the current hard financial conditions.
In April, IMF warned in their semi-annual fiscal report, that the global public debt had ballooned to over 220% of the global gross domestic product. All the reports on the state of global public debt are alarming and shocking at the very least, but thanks to Ripple’s XRP and other cryptocurrencies, the world can rest safe knowing there is an answer to the debt problem that might lead to a great recession like the one witnessed in 2007.
Due to Ripple’s and cryptocurrency’s nature of being genuinely peer-to-peer, decentralized, and not controlled by any central government or body, cryptocurrencies cannot be artificially inflated or taxed. Given that the value of cryptocurrencies is derived from the participation of its users and the laws of demand and supply, their currency supply’s are not intentionally influenced, so errant traditional currency policies can devalue services that are compensated in Ripple.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Freddie Collins on Unsplash
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
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