Is Ripple XRP A Sure Winner? | Why Is Ripple Different? | A Bitcoin Alternative?
The world of cryptocurrencies is growing at a very fast pace with over a thousand coins competing with each other and each trying to get the most attention. In this crowded market, Ripple XRP seems to be making a mark and doing quite well with some clear advantages of others even the big daddy of all Bitcoin. There are many who are optimistic that it will do better than Bitcoin in the long run if it continues to become popular all over the world.
Why Is Ripple Different?
Ripple is different to other cryptos. It is actually the name of a company which has tasked itself with the distribution of XRP unlike others which are mined. While others were planned as alternatives to the present fiat system, Ripple wishes to integrate with the current banking system to speed up transactions.
This aspect has not been supported by cryptocurrency enthusiasts who were all in favor of an alternative system, even opposing the present banking system. But then an opposing alternative system was the very reason for doubts in the minds of many, who refused to accept cryptocurrencies. Therein lies the winning proposition that Ripple is offering to the world.
It also capitalizes on the biggest drawbacks of Bitcoin, which is the slow pace of transactions and the high expenses involved in the transfer of the coin. Ripple promises high speed and low or minimal expenses for its transactions. Anything that guarantees a smooth transaction at a low cost is bound to be a success.
A Bitcoin Alternative?
The community that supports Bitcoin has shown a fair bit of hostility to financial institutions which itself has been very counterproductive for the crypto world. In fact the CEO of JP Morgan Jamie Dimon made some very deprecatory comments about Bitcoin a few months ago.
"If you're stupid enough to buy it, you'll pay the price for it one day,"
"This is the last time I'm ever going to answer any questions about bitcoin, because I really don't care,"
The team behind Ripple have designed XRP to be friendly for banks and financial institutions to adopt and use. They want to bring Ripple into the mainstream and to that end they have started forming alliances and partnerships with the big companies in the financial world.
It obviously pays to partner with banks and financial institutions. Together they must be processing massive transactions to the tune of billions of dollars each day which adds up to a huge bulk of monetary profit for partners. Ripple as a partner will be the main beneficiary in the long run and will in turn boost its market capitalization and acceptance.
How Does It Work?
How Ripple works is very simple to understand. Suppose A would like to send money to b. A converts his currency to XRP and send it to B. B receives the XRP and converts the amount to his local currency. This has been happening earlier through a system called Swift, but at a very slow pace, sometimes in days. Ripple has the capability to complete the entire transaction within a few seconds.
This will make it a hot favorite not only with banks and financial institutions but the public at large, especially when they come to know the speed of the transactions and the low cost. With such popularity it can easily become the world's top cryptocurrency in a short period of time.
Backed by a strong management team which is committed to ensuring its success, Ripple has a lot going for it. It is one of the top cryptocurrencies to watch for this year, and maybe for some years to come.
Wish everyone a Happy New Year and have a great 2018!!
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Image sources: Pixabay, Ripple website
No, it's a banksters token with an almost infinite supply. I'm seeing some newbies claiming that it can reach Bitcoin's price. That would give it a higher market cap that the world's total GDP combined.
#Ripple is not a Decentralized Coin which means its price can be controlled by banks themselves. Suppose if Banks cash out at peak and #XRP can have a major fall. And all the traders who bought will be in loss so it is a profit taking coin not to hold it for months or years.
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This post has received a 11.84 % upvote from @aksdwi thanks to: @maxabit.
how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions
Can't say in the short term, but going up in the long term. By the way, you have posted the same question hundreds of time. It's a matter of time before you get flagged.