Ripple: What Makes It Different from Other Cryptocurrencies
There are hundreds of digital currencies on the market with unique features to offer you. Despite this, Ripple remains the fastest and most scalable digital asset. Released in 2012, this altcoin promises you safe and free global financial transactions.
Known for building a decentralized currency to help Bitcoin, Ripple offers cheap crypto exchange costs and quicker payment settlement compared with other crypto coins. Find out more perks that you will receive if you use this altcoin.
Ripple Differs from Bitcoin
Bitcoin, the first digital currency and payment system, is the basis for all altcoins. This is the reason you can see some similarities among the virtual currencies, such as allowing you to transact with anyone around the world. Even if there are resemblances between Ripple and Bitcoin, there are certain features that you should know before you start using this altcoin.
Instead of depending on the public ledger to validate transactions, this digital currency works with banks and financial institutions which means that Ripple does not follow the goal of Bitcoin in eliminating government intervention. Another unexpected difference is that Ripple cannot be mined. Since there is no such thing as Ripple mining, the only way you can earn free coins is through trading or faucet.
Perks of Using Ripple
Ripple does present advantages over other cryptocurrencies, and it is these factors that make it one of the widely supported altcoins by the crypto community. Here are two perks you will enjoy from using Ripple.
- Long-term Stability
The fact that banks and financial institutions are using this crypto coin makes it reliable for cross-border payments. This could mean that in the long run, you can expect that there will still be businessmen who are using this altcoin.
- Fast Payments
The best advantage of using this digital currency is that your payment can be done in four seconds; unlike Bitcoin wherein you have to wait for hours for your transaction to be completed. The reason is this coin does not need crypto mining just to validate transactions. This feature allows you to transact up to 1,500 times per second.
Ripple provides features that make it the better altcoin to use. Add to this fact the point that it offers a function different from Bitcoin.
Bankers’ Take on This Altcoin
By the end of 2017, there are more than a hundred banks that are in favor of Ripple for its quick transfers. This feature helps banks eliminate technical issues and avoid long hours of payment settlements, thereby letting you send money in just a snap.
In fact, banks and other finance sectors are in favor of Ripple because it helps them save and attract customers compared before. As a result, you should expect that this altcoin will continue to expand more in the future. This virtual currency is the key to changing the traditional banking systems. That is why before the Ripple price reaches its peak, you should get some ripples.
Ripple, an altcoin based on mathematical formula, was not created to be a rival of Bitcoin or other digital money unit. Rather, the crypto coin was made to work hand-in-hand with Bitcoin in transforming the economy. Buy Ripple and expect for it to help improve the financial sector.