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Why Ripple (XRP) cannot be Mined like Other Cryptos

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Ripple

Ever since cryptos officially become big, a lot of people have started seeing their potential, which has inspired a lot more investors, users, miners, and others to join the crypto sphere. However, some of the new participants in this trend are starting to wonder why some cryptos, and especially Ripple (XRP) cannot be mined like Bitcoin (BTC) or Ethereum (ETH).

Is it possible to mine Ripple (XRP)?

Mining cryptocurrencies is a long process that requires a lot of resources. It will leave the biggest mark on your electric bill, but it is worth doing it if you can become a part of a mining pool.

However, even if you try to do so, you will soon discover that Ripple (XRP) mining pools are nowhere to be found. This is because mining Ripple is not an option, you simply cannot do it. You can’t even find any type of mining software or a tool that can get you XRP coins. If you ask the right questions on Google, you will soon find your way around the crypto-mining topic, but even then, you will most likely be pointed towards BTC or ETH, and not XRP.

Let us explore why.

XRP is a central crypto and it is controlled by Ripple

Ever since the cryptocurrencies first appeared, nearly all the banks in the world were attacking them and trying to make them go away. Bitcoin has especially made a lot of banks its enemies in the early days since it started a trend that has completely changed the future of many businesses. However, this has not happened to Ripple, which first appeared in 2012.

The reason for this is the fact that ripple was created, owned, and controlled by the US company called – Ripple. This means that the Ripple company controls the creation and distribution of XRP coins, unlike BTC which is not owned by anyone, and even its creator is unknown.

The company has been holding Ripple under firm control ever since it first released it. They have created around 100 billion XRP coins, and they have released 39 billion of them, which is the total amount of XRP that can be found for now.

How to get XRP coins?

If you are a Ripple enthusiast and you wish to obtain some of this currency’s tokens, the only way to do that is to buy them from various trading platforms that are offering them. This is the only way to get XRP, since mining machines, platforms, or even software simply doesn’t exist.

It is important to remember this, and if you see anyone who is offering a software or some kind of Ripple-mining tool, you should know that it is probably a scam.

Ripple has become the banks’ favorite

Ripple’s goal has been to use its technology and tokens in order to improve financial transactions. The company has created various products for this purpose, and it is even working on perfecting quick and cheap cross-border transactions.

Because of this, Ripple has mostly targeted various banks and financial institutions with which it entered partnerships. Since it is mostly stable and controlled by one company, the banks have agreed to enter these partnerships and make use of Ripple’s technology to improve their own businesses.

However, this doesn’t mean that the banks will allow XRP to replace the dollar and other currencies. Still, they see Ripple’s potential for practical use, which is why they are ready to adopt its technology, which is something that more than 100 banks are doing right now.

Because of all this, we can say with certainty that mining  XRP is impossible. The only thing you can do is perhaps mine BTC or some other crypto that does allow this option and then trade it for Ripple. Other than that, there are no other options.

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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 CryptoCurrency 360 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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