Cryptocurrency and easy payment methods have taken up quite a lot of attention. It is definitely a very new concept and has a way around it needs a little bit of understanding.
What is XRP? It is both a payment method and a currency. It is majorly used for cross border transfer of money. Ripple is an easy, fast and cheap way for such transactions. It was founded in San Francisco in the year 2012. They use a blockchain concept of transfer which helps cross border transfer of money in just a matter of three seconds. Most people think that Ripple is some kind of coin, like all the other cryptocurrencies. It is majorly a money transfer platform. It is just like it would have been in a bank. They put money into a place and then you can transfer it around. The god point about Ripple is that it can make really quick transactions. It does not use any third party to transfer the money which increases the reliability and safety of Ripple. Ripple has very specific verifying nodes. These nodes are chosen carefully keeping the safety of money transactions in mind. It controls all the transactions with a blockchain network of its own increasing the efficiency of the working very vividly.
The advantages of Ripple The advantages of having this money transferring platform is: · The speed of transfer of money · The decentralization in the entire concept. This helps the buyers and sellers to do so through the company and not through a central exchange which can crash at any time. · The security that comes with the exclusion of third-party involvement. · The transaction fee for such a fast transaction would be skyrocketing if it was not decentralized in this fashion. The transaction fee is very less and logical.
Sum it up: It is a good way to move your money around. So, keep a lookout for XRP price.