Due to its low transaction Fee & Transaction speed it’s a best way to transfer money in form of crypto currencies.Even lots of people who want to transfer their other coins from one exchange to other exchange usually using XRP due to fast transaction fee & fastest transaction among all specially against BITCOIN & ETH.
XRP is a token utilized which represents transferring the value ( in terms of coins/ money/ wealth) across its network.its totally different from Bitcoin where New coins are mined using High computing machines & according .
EvenRipple recently added feature whereby they have added a new smart contract system & its releases 1 billion of its XRP holding to themselves every month to help fund to their own business operations.Quite a few global banks have already started embracing Ripple as it saves them a lot of money in the long run by avoiding exchange fees.
How is Ripple different from bitcoin?
A) Fast and cheap
Ripple transaction usually takes four seconds which is relatively very very fast compared to bitcoin. This has the added bonus of cheaper transaction fees, whereas the price for bitcoin transactions has been on the rise lately as more people adopt the platform.
B.) Mining-free
All the 100 billion XRP that it’s possible to use on the platform already exist. While they’re not all on the market – a few are released into the market every month to avoid flooding – there is no use mining as there is nothing of value to be added, unlike in more traditional cryptocurrencies.
Security concerns
Cryptographic money has dependably been viewed as the ideal example of protection and obscurity. Ripple’s decision to market its platform exclusively to banks has been a cause of concern for some users who worry about big brother keeping an eye on their transactions.
C.) Centralisation
Ripple’s platform is totally centralised as compared to most cryptocurrencies which are mainly decentralised as possible. Bitcoin /Eth / Monero mostly are Mineable currencies & required lots of Computing power to solve the algorithms to earn these coins.
Prakash M
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