After Bitcoin‘s (BTC) launch a decade before, lots of other cryptocurrencies called “altcoins” emerged too. Ripple (XRP) is one of the most prominent altcoins and differs from other altcoins with its payment specification. Every cryptocurrency has its use-case and XRP’s use case is its low cost and fast transaction advantages.
What is Ripple?
Ripple’s specifications which can be identified as a simultaneous global payment network, exactly match the needs of Bitcoin which has high commissions. Ripple focuses on solving problems of traditional payment networks which is used by banks and its customers currently. Ripple can better the global payment network with its XRP cryptocurrency and RippleNet network.
One of the most distinguished characteristics of Ripple is the network doesn’t have any mining structure. Ripple works by pre-minted token’s (100.000.000.000 XRP token) and doesn’t give customers any chance to mine. But the XRP amount from transactions is deleted, which means the total supply is always decreasing. Even though Ripple gives an alternative option for banks and financial corporations, it’s being central makes Ripple a hit-point for cryptocurrency enthusiasts.
How Does Ripple Work?
- According to the press time, there are more than 300 banks in the RippleNet network. Banks and corporations within the network can make financial transactions with low commission and high speed. When we compare the XRP transaction fee with the Bitcoin transaction fee, we can see that XRP is approximately 3.000 times cheaper than BTC.
- Funds transferred within the network directed into the receiver between 5-10 seconds. For Bitcoin, this period generally takes at least 1 hour. But for banks and cross-border settlements, this can take up to 4 or 5 working days.
- Transfers on Ripple Network can be tracked in real-time both by banks and by the customers. So, it gives full transparency for every party.
Even Akbank signed a partnership with Ripple and its one of the member companies within the network.
How can I purchase XRP?
The cryptocurrency exchange to buy Ripple with the lowest possible commission seems like Binance. Binance can be the ideal place to buy XRP with its high liquidity and lots of possible XRP pairs.
