Ripple Coin And It's Advantages

mcgrady (59)in Steem Nations • 2 days ago

Happy Wednesday friends. As we all know we all of steemit platform and it's currency is a type of crypto currency and we know about soo many crypto currencies and in this post I'm going to share ripple coin in the crypto currency.Many of peoples knows about ripple coins and i will share all the explanation of ripple coins.

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Ripple Coins

Ripple coin is a crypto currency product and it use for payment and it was developed by the ripple lab and also used for assets exchange and money transfer like the swift method but it's very fast and very cheap.

It's a blockchain product and specialy international banks use this for transfering of money.It was developed in 2012 and grow alot in the world.Like bitcoin currency has btc as same ripple coin has xrp coin in the market.For example if we send money from pakistan to usa by using swift method it can take soo much time like one week and also it's cost is very high and this swif process is very slow.

For the solution of this problem ripple lab produced ripple coin currency with the name of xrp.It is very fast and very cheap in the cost.With the help of ripple we can transfer money to another bank account within three seconds its mean firstly purchase xrp here and send it to receiver after that receiver will receive this then he will transfer xrp into dollars and withdraw it in own bank account.

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Transaction In Ripple

First of all if a nod initiate a transaction and after initiating the transaction their are some nods of banks and the ripple select from one of them and these nodes validit and verify the transaction it mean they check that the sender who is sending any amount first of all the sender has the initial amount whose want to send if he has then they verified this transaction and among all nodes if 50% of these nodes verified the transaction then this transaction transferd and this is the process of how to transaction with ripple.

Advantages

• It is very fast and transaction has done within few seconds and that's the first advantage.

• It is very digital process and most of international banks ate using this ripple.

• It is very cheap in cost mean if we did any transaction it will not charge high fee.

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2 days ago in Steem Nations by mcgrady (59)

$1.59

4 votes