Ripple enables secure, instantly, and nearly free global transactions of any size with no chargebacks. The ledger employs the native cryptocurrency known as XRP. Ripple’s distributed open-source protocol enables secure, instant, and nearly free global financial transactions of any size with no chargebacks.
Unlike Bitcoin, Ripple can handle high volume transaction processing better because it has no blockchain download delay and can handle 1,000 transactions per second easily with lower latency than Bitcoin or other payment networks because of its simple design and lack of competing interests among stakeholders to resolve consensus issues.
Why are international transactions hard to execute?
International payments are costly for businesses, especially small-to-medium-sized enterprises (SMEs). According to the World Bank, businesses lose an average of $200 billion annually due to international transaction fees. The actual amount is certainly much higher because that’s just what they reported.
These costs aren’t sustainable in a globalized economy. Still, there’s no clear alternative without any disruption of how international payments are executed today. That is until now. Currency should be transparent – when you know where your money is going and who it’s being sent by, Ripple has built a distributed open-source protocol that establishes trust with its users through consensus.
How Does Ripple Work?
At its core, a transaction on Ripple is essentially a debt owed by one party that can be exchanged for credit at another party. The exchange happens via IOUs represented by physical currency or cryptocurrency.
For example, Bank A may owe money to Bank B. If Bank C owes money to Bank B, then it could pay off part of that debt by sending over XRP tokens representing fiat currency through an exchange process known as rippling. In essence, XRP serves as a bridge between otherwise disparate systems. Transactions occur nearly instantly (within 3-5 seconds), making payments faster than anything else out there today.
What’s more, they’re also very cheap: sometimes less than a penny per transaction in some cases. This makes them ideal for micropayments. Finally, Ripple has no chargebacks: once you send something, it’s gone forever unless someone voluntarily sends it back to you. This means that merchants don’t have to worry about fraud or customers reversing their purchases after receiving their goods-something common with credit cards.
Why Should You Use Ripple?
XRP is different from other cryptocurrencies because you don’t mine for it. It was all issued at once, in a single transaction, by its parent company, Ripple Labs. There’s no incentive (like mining) to run XRP servers or validate transactions on their ledger.
To store your XRP coins off an exchange wallet, you can use Ledger Nano S or any offline storage solution like MyEtherWallet. With Ledger Nano S, in order to be used as a wallet, you need to install the Ripple app on it.
Buy XRP Cryptocurrency Quickly and Easily
While there are a few ways you can buy XRP cryptocurrency, I would recommend using one of these two: Buy XRP with Bitcoin: If you already own BTC (or another cryptocurrency), then you can use that crypto to buy XRP. Buy XRP with USD:
If you don’t have any cryptocurrency, but you do have US dollars, then go ahead and buy some BTC or ETH on Coinbase (it only takes a few minutes), then send your new coins over to Binance so that you can exchange them for Ripple. Once you’ve exchanged your USD for XRP, store it in an offline wallet.
3 Ways to Store Your XRP Coin
XRP, short for ripples, is an open-source cryptocurrency released in 2012. One of its most popular uses is on a web platform called Ripple, which banks and other money transfer services use. If you plan on using your XRP to send money or trade it on an exchange, you must have somewhere safe to store it first. Here are three ways of doing just that
- Secure Your XRP With a Hardware Wallet: This is one of the most secure ways of storing your cryptocurrency since it uses advanced encryption methods to keep your coins safe from malicious parties. It also keeps them offline, which means they can’t be hacked or stolen from a digital wallet that’s connected to an online network. The most popular hardware wallets are Trezor and Ledger Nano S.
- Store Your XRP on a Paper Wallet: This is another safe way to store your cryptocurrency, as long as you don’t plan to spend it anytime soon. A paper wallet is simply a document that contains all of your public and private keys for your XRP wallet addresses. It’s like a physical version of an online wallet, but since it’s not connected to any network, it can’t be hacked or stolen from.
- Store Your XRP on an Online Wallet: This is a more convenient way of storing your cryptocurrency since you can access it from any device with an internet connection. The downside is that online wallets are much more vulnerable to being hacked or stolen from, so you must find a reputable company to do business with first.