6 Things You May Not Know About Ripple (XRP)
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Ripple has been the concern of many people in September. Ripple is undoubtedly one of the cryptocurrency that will hold people in the future. Why? Because Ripple provides cross-border transfer services with transaction costs that are cheaper than traditional banks and fast times. For business people time is money - time is money, I am very sure they will supply a lot of XRP for future use.
Ripple is not very well known because they are not as famous as Bitcoin or Ethereum.
See if you know 6 things about Ripple:
1. Ripple Has Three Products
There is no doubt that XRP is one of the most popular products by the Ripple Lab, but for companies based on financial services, xCurrent is more famous than XRP.
xCurrent is designed to allow banks to transact with each other, and provide compatibility between any fiat money. If you know American Express and Santander, they use xCurrent technology too. There is no doubt about the ability of the Ripple Lab in the financial world.
The product that trades XRP through the xCurrent system is xRapid. Because of this product, XRP has won 2nd place in the crypto market based on market cap.
2. Ripple Mining
It's a pity that at this soaring price, you can't mine Ripple. Yes, this is different from famous cryptocurrency like Bicoin and Ethereum. The number of Bitcoin coins has gradually increased because they have a lot of mining.
However, Ripple is different from the others. All coins that total 100 billion XRP that will come out in the future already exist but have not yet circulated.
3. 40% of coins have been circulating in the market
Even though there are 100 billion coins, not all coins have been issued. About 40% is in the market and 60% is owned by the Ripple Lab. Over the next few years, 1 billion XRP will be distributed every month. So, XRP supply will be seen to increase dramatically in the coming years.
4. Ripple is not an official name
XRP is the official name of the coin Ripple. Many people are misguided because they always say "buy 1000 Ripples." The correct saying is "buy 1000 XRP."
Ripple Labs is the name of the company that makes XRP coins, and ripple words are easier for people to remember. Even though it's wrong, many people say 1000 Ripples.
5. Ripple is not intended as a payment currency
One of the common misconceptions among people who have just entered the crypto world is that all cryptocurrency is designed to be a digital payment method. If all cryptocurrency wants to become an international payment system, we can be sure there are lots of coins that are eliminated because they are not famous. And people will choose to use Bitcoin instead of the coin that just came out.
However, many cryptocurrency, including Ripple, are not designed to be payment currencies. In other words, many retail stores will not receive XRP and Ripple Lab.
Actually, Ripple is more designed as a payment transfer method. The common language is, move money from point A to point B in a more efficient way than the bank. For now, only banks can be trusted to make large transactions to other countries.
6. Transaction Speed
Bitcoin transactions require 78 minutes per transaction. Transactions using Ethereum are faster than Bitcoin and take 7-10 minutes. Every minute is very valuable for people who are rich because of time is money.
Ripple intends to become an instant form of money transfer like BCA to fellow BCA. However, Ripple transactions are free cross services. At the time of writing, Ripple transactions only require 4 seconds per transaction. XRP is the fastest cryptocurrency today. Besides speed, ripple can also handle around 3 to 15 transactions per second. On the other hand, the Ripple network consistently handles around 1,500 transactions per second.