Is Ripple XRP the Crypto Coin of 2018?
Introduction to Ripple
Cryptocurrencies are taking over our transactions; with one of the latest one being Ripple. This is a cryptocurrency that is that allows for infrastructures such as digital payment b=networks to support financial transactions. It is a cryptocurrency and a digital transactions network that has been in the cryptocurrency network since 2012, with the pioneers of this amazing invention being Chris Larsena and Jeb McCaleb. As a currency, the transactions that Ripple can support are based on Ripple’s XRP. This can be argued to be Ripple’s currency coin in the cryptocurrency world. As a cryptocurrency, it is worth knowing that ripple exists as a private, open source, peer-to-peer and centralized platform, allowing transfers in any user preferred denomination. It supports transactions using our normal currencies such as the USD and Yen. Besides its capabilities to support other normal currencies in our economies, it has the functionality to also support interact and transact with other cryptocurrencies in the market such as Bitcoin.
Ripple’s pros
Ripple is ranked third strongest cryptocurrency, lagging behind Bitcoin and Ethereum, based on the currency’s market capitalization. Having mentioned that, it is worth knowing Ripple is based on the blockchain technology to provide fast and secure transactions of thousands within a second. As a currency, Ripple is extending its operations and reaching out to banks. All thanks to its public blockchain, which allows Ripple to trade with such institutions. With its rich connection with banks, Ripples can sell directly to them as well as other institutions. With Ripple, it is now possible to bank across borders. As a cryptocurrency platform, Ripple is not limited in its operations. It allows one to trade and exchange into it or from it to Bitcoin and other permitted cryptocurrencies in the market. It can also support our normal currencies. It does not have to be in a digital form for one user to trade in the cryptocurrency world. With such a diverse approach, with inclusion of other currencies in the market, Ripple has become user friendly, allowing an interactive transaction base.
To win over the hearts of technology users, you must bring in a technology that appeals to each one of your users. Ripple understands this very well, and for this reason, it has created a transaction platform that is cheap to do business in. the fee to transact using Ripple is low, compared to service fees that other cryptocurrencies such as Bitcoin charge. For the simple reason of reduced charges and fees to transact, Ripple is growing at a fast rate and it likely that it will top the cryptocurrency markets in the near future.
Ripple’s cons
Ripple is a private and centralized cryptocurrency. Ripple controls almost sixty-three percent of the XRP platform. This means that Ripple itself has control over the prices. They can increase or decrease ripple prices without stakeholder’s consultations or without any market considerations. A decrease or increase in Ripple prices can be a blow to potential investors. Based on Ripple’s XRP, Ripple has been called a pre-Mined cryptocurrency. This is because the XRP platform that is the backbone of Ripple is based on its own Ripple protocol, that requires no mining by its users and up to date, most of Ripples shares are owned by Ripple, something the general public and other cryptocurrencies do not agree with. The Centralized nature of its existence is a limiting factor, as its network cannot grow globally while riding on such a centralized approach, there is therefore the need for Ripple to shift to a decentralized network.
Ripple’s future
As a cryptocurrency, Ripple has its eyes in the Banking sector. It is already doing business with some globally recognized institutions and it is with no doubt that, it will soon retake over the banking industry. The cheap transaction fees, secure and fast transactions are gradually attracting more users to this cryptocurrency. With such a rising trend, Ripple is likely to take over the cryptocurrency world, with the speculation of lower cost of investments. The cryptocurrency world is a target by smugglers and fraudsters. In the near future, with collaboration with federal institutions and the implementation of stronger authentication measures, money laundry and other cryptocurrency-based fraud activities will be a thing of the past.
Conclusion
Ripple is gradually taking over the cryptocurrency world. Its customer base is growing larger and larger each day. In addition, it is collaborating with banks to deliver services across borders. Transactions are fast, cheap and secure something users are finding attractive. It will come as no surprise when Ripple will top the cryptocurrency world, despite it being privately owned.
