FREE BITCOIN

Gamble as you want,

your wife will never find out!

First p2p bitcoin betting platform!

Guess Bitcoin’s trend and win!

Clever enough to guess

Bitcoin price?

Why Ripple (XRP) cannot be Mined like Other Cryptos - Global Coin Report
Connect with us

Blogs

Why Ripple (XRP) cannot be Mined like Other Cryptos

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Blogs

Top 3 Crypto Trends That Might Go Big in Q2 2019

Published

on

crypto trends
READ LATER - DOWNLOAD THIS POST AS PDF

So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

Continue Reading

Blogs

The Crypto Space Once Again Divided Over Bitcoin SV

Published

on

Bitcoin SV
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

Continue Reading

Blogs

Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

Continue Reading

Elite