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Why Ripple (XRP) cannot be Mined like Other Cryptos

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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

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Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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