Busha Lists XRP!
Hey Busha fam,
It’s also Christmas! Can you feel it in the air yet? We have a Christmas-time announcement! As you’ve probably guessed from the title, we’ve added XRP(Ripple) to the list of coins available on our platform! This means you can now buy, sell, send, and receive XRP on Busha! I agree that we’re on a roll recently as we just listed NGNT.
Here’s a little backstory on XRP:
XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger — an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3–5 seconds.
XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently. -https://ripple.com/xrp/
What this means is that XRP was created to reduce the time it would normally take for transfers between two different currencies to be settled. Currently, there are 100 Billion XRP, but not all of them are in circulation, Ripple placed 55 billion XRP in a cryptographically-secured escrow account. Since the goal of Ripple, ‘the company’ is to improve cross-border money transfers by reducing cost, transaction fees, and time, XRP is a useful coin to have.
A practical example is if you needed to send $7000 to someone in Germany who is receiving it as Euros, the usual process is to go to a bank, initiate a wire transfer and pay the exorbitant bank charges. In 3–7 days, the money is received in Germany as Euros and it has been reduced, not as a result of the difference in currencies but because of the charges incurred.
With XRP, the bank would convert $7000 to XRP and transfer that to the bank in Spain. XRP moves across the platform, literally in seconds. The recipient would see the Euro equivalent pop up almost immediately. As fast as a WhatsApp message!
A noteworthy fact about XRP is that unlike other cryptocurrencies, it does not have a blockchain and cannot be mined. It's a pre-mined cryptocurrency. Ripple is one of the few cryptocurrencies that doesn’t have its own wallet but can be stored in wallets that are easily available to purchase online.
We can’t wait for you to start using Ripple on Busha!
We wish you a Merry Christmas in advance!
-The Busha team.
