What is Ripple?
When it comes to Cryptocurrency people think that every currency is decentralized and most of them masked Ripple in the same way.
Ripple is a centralized virtual currency which is operated by one single company it is not centralized its Source is taken from the Bitcoin Which is Decentralized Virtual Currency but Ripples are centralized and controlled by the company which means they can decide how many tokens can be generated and how transactions can happen even accounts can also be frozen. There are only 100 billion XRP has been created any new Ripples coins won’t be further created Ripples Labs Says. Ripple Labs owns 60 billion of the 100 billion Ripple (XRP) in existence.
How can ripple Help?
Ripple which is also called as (Xrp) in short and it is released in the year of 2012 and main Goal of Ripple is to provide a one single network payment, network for banks and financial institutions to send and receive currency everywhere in the world with less fees and transaction within seconds anywhere in the world. As banks use different architecture and which is not similar and making a payment via banks from one point of world to another point of world charges high fee and takes days to make it happen which makes money lot of delay due to money has to be flow between different ways but this is taking lot of time but by using Ripple network it hardly takes min 2 seconds to 10 seconds with less fee.
How to Use Ripple Wallet?
There are certain number of open sources free wallet for both pc and mobiles and where you can store your Ripple but you need to activate to the wallet to activate the Ripple wallet you need to min send the Ripple of 20 to activate so that wallet can be activated
Ripple network added 20 Ripple so that can act as stable Deposit so that network and account can run smoothly as the Banking account works and the 20 Ripple can be used any form until certain time until Ripple network update about it so you can’t use up it in any form but soon that could be removed by the Ripple.
How does transaction work In Ripple Network?
When a transaction is started from one ripples wallet to any Ripples address there is certain low fee is taken and when this happens the fee taken is a miniscule amount of XRP is taken and destroyed to send every single transaction. This cost scales with load on the network is to protect the peer-to-peer network from the spam
Can I Mine Ripple?
Mining operation is not available for the ripples as other Currencies like Bitcoin, Ether, and Doge has mining operation instead the transactions are processed through centralized blockchain to make it fast so there is no such mining operation available as Bitcoin which uses the Proof of work but there is Proof of the importance and proof of stake in their main net where all the transactions happen
Why Ripple got so rapid Growth?
This is all because ripples are made for banks to use and due there contracts and deals with the banks to try there Ripples block chain technology helped bank to understand that Ripples are more reliable source to make things happen so Some of the banks Like SBI Asia and institutes like Money Gram are stated that their willingness to use the ripples had made more banks and investors to use ripples and invest in ripples which boomed the market and more sales increased the price and now it has reached to the highs in the shades of the bitcoin dominating other crypto coins.
Why isn’t Ripple a Cryptocurrency?
Most of the debt that Ripples are not even real Cryptocurrency because it’s not decentralized there are many cryptocurrencies which come from the Godfather which is bitcoin and the main objective of cryptocurrency is to make the keep the user identity safe and which has to run by no central authority which doesn’t happen in the Ripples and also most of the communities refused to accept ripple as a cryptocurrency due to its so different when it’s compared to All other Cryptocurrency