Steem cryptoacademy season 2 week 1:- home work post of professor yohan2on:- Altcoin part 1

Hey there this is @prakhar9675 and this post is against home work given by professor @yohan2on.

In this post I will post about ripple coin

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So let's get started.

As ripple coin or XRP is a Altcoin so let's understand it first in a brief.

What is Altcoin

Altcoin are all the coins other than bitcoin. As bitcoin is the first cryptocurrency ever and after this the trend of cryptocurrency increased. But this bitcoin had many weakness too like time taken by it to complete one transaction was high. So many other cryptocurrency were introduced.
So briefly we can say that group of all the cryptocurrency excluding bitcoin is called Altcoin.

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Many of these Altcoin are similar to bitcoin but some of them are very different from it.
Like some altcoin uses different mechanism than bitcoin to produce blocks that is the coin. And some altcoin used many other different and advanced technology than bitcoin to distinguish itself from it.
Like in some altcoin we can see features like smart contract and less time consume to complete transaction

A whole different type of coins were also introduced that are different from bitcoin and hence are Altcoin. These coins has low price volatility and hence more trusted by people to invest into. These coins are called stable coin and this is also a part of Altcoin.

For more information about these stable coin you can refer to my previous post about these.
Click on this to know more about stable coins

As per Google presently more than 9000 Altcoin are there and these account for approximately 40 percentage of total cryptocurrency market.

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what is ripple

Ripple is a digital payment processing system. And it's native coin is known as XRP. It was created by the ripple labs Inc in 2012. And it has the third largest market cap of any other cryptocurrency. And the main purpose behind its creation was to make payment system very easy and fast. And make it enable to send it globally.. As the payment done using XRP is very fast and convenient so it is used widely by a number of people including many institutions for payment.

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But unlike many other cryptocurrency, this is not a decentralised coin. And as the property of a centralised coin, it can't be mined a a individual. It can only be mined by the company that owns it.

Ripple blockchain has a system named RippleNet
And it offers many offers and facilities for institutions. As we have discussed that for payment purpose this coin is also used by high level institutions, so for their facilities and to make volatility minimum, RippleNet offers many programs and some of them are xCurrenr, xRapid, xVia but we don't get into these.

Properties of XRP

XRP is one Of the fastest coin available. The main purpose behind it creation was itself to increase the speed of transaction and increase of transaction per second.

So XRP simultaneously can handle 1500 transaction which is a very huge number. While other cryptocurrency like bitcoin and ethereum can handle only 16 transaction per second which is clearly very less than that of XRP.

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And another property of XRP is its speed to complete transaction. It takes only 3 to 5 second to complete transaction. While bitcoin takes upto 45 min to complete it's transaction so it's quite fast too.

Another property of XRP is its low fees for transaction. On the one hand where bitcoin and many other coins takes much transaction there it takes very less transaction fees.

Disadvantage of XRP

One of the biggest disadvantage of XRP is that it uses centralised blockchain system. This means that an individual can not mine crypto currency. As we have seen that one way to get cryptocurrency was to mine it. But it is not possible in the case of XRP.

Price, market cap , and 24 hours low/high of ripple coin

As per coin market cap:-

Current price of XRP is 128.78 INR.

24 hours low/high

101.35 - 130.73 INR
24 hours market volume:- ₹1,696,867,948,070.11

Price graph

Sources of these information. :- Source

Where to get XRP

As we have discussed that an individual can't mine it, so only way to get it is to buy it from exchange.
Now XRP is one of the biggest cryptocurrency and is available on many exchange.

Mainly it is available on binance. As per XRP chart, 55.34 percentage of total XRP are on binance platform. This means binance is one of the biggest market to buy this.

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Other than this, XRP is also available at huobi, bitstamp and many other exchange.

process to get it

So to get this coin, go to any exchange where XRP is available and then exchange it with your preferred coin like USDT, TUSD and many other available coins. And you can also use P2P method to buy this.

^{this is the screenshot of huobi}

^{this is the screenshot of binance exchange}

Thank you

Cc
@yohan2on