Ripple could say he’s a child of Bitcoin: In December 2017 Bitcoin hit a record price in the cryptocurrency world. One Bitcoin was the equivalent of $20,000. Someone who had mined 20, for example, when they were low, would now have $400,000. It was a time of great frenzy around cryptocurrencies that month.
Ripple’s cryptocurrency rose as much as 35% in late September amid optimism that it will serve as an exchange currency for a new payment service developed by the parent company.
Cryptocurrencies then acquired a perspective that terrified the existing economic system. Banking mechanisms, governments were trying to predict how the situation might turn out. Not in as dramatic a way as the description shows. But in any case there was a mobilization. We’ve analyzed them here, too.
The question that everyone had and have in mind from the moment the cryptocurrencies emerged was how they would be able to secure control over something so uncontrollable. The idea certainly did not come from a government mechanism or a bank, but the solution that appeared was certainly convenient.
They say the revolution is only stopped in one way. Redirected. The solution – albeit temporary – to save time was to switch to an interim situation. A system, a cryptocurrency that has freedom on the one hand, but on the other becomes part of the system.
Ripple is a platform created to pan-ship transactions between businesses and banks. It essentially provides a great facilitation at the level of transactions with different currencies, giving banks the opportunity to transfer money from country to country, bypassing the “requirement” of the existing system, SWIFT, to create an account in the recipient country.
This platform was created in 2012 and its cryptocurrency is the XRP, a currency which in the course of things semi-autonomous.
Ripple currently serves 120 banks, including Spain’s Santander, American Express, and companies such as Western Union and Moneygram. One understands the dynamics of the “product” with customers of such giants.
Ripple is not used anymore only for big players to transact between them but for ripple casinos and a whole bunch of other services
The good thing about Ripple is that the transaction does not necessarily concern cryptocurrencies such as XRP. It can even be travel miles. It’s like a digital spare economy. For example, one can import euros and the other side can get 200 air miles.
The transaction process through Ripple takes a not more than 3.5 seconds and is based on the concept of liability. How reliable the gateway through which the transaction is made is.
This parameter does not depend only on both sides of the transaction. It also depends on the middlemen appointed by each side. This creates multiple relationship nodes. And if that applies to individualities, imagine how it spreads as a network between companies and banks.
Ripple has the potential for up to 1,500 transactions per second. Bitcoin allows from 3 to 6. It’s a chaotic difference.
The XRP is, in short, a cryptocurrency hybrid that shields its position for the next track. The next track is what in terminology is called Adopt & Acceptance. Adoption and acceptance. The moment when banks and shops accept their payment in cryptocurrency for the first time will have made XRP an emerging empire.
This moment may not be a hypothetical scenario. 2020 is a landmark year in every respect and at countless levels around the globe.