• Plus500

Ripple – The Bitcoin of Tomorrow

By Jessica Geraldo
In Ripple
Feb 3rd, 2014
0 Comments
842 Views

Apart from being an ordinary payment system that supports cross-currency transactions, it is also used for the transfer of Dollars, yen, Euros and Bitcoin. These foreign transactions can be brought into effect without having to pay for them. It is possible to pay and receive Bitcoin; it is similar and simple to fiat currency transactions.

Ripple works with a built-in currency exchange. Integration of virtual currencies with every payment systems available all over the world is the primary focus. It has become easier for the consumers who make use of virtual currencies. This helps them grow their virtual currency marketplace as a single entity. The Ripple Network has the currency exchange built into it. It allows people to pay as well as to receive money in their preferred currency. This is applicable even if it is transacted as Bitcoin. Bitcoin is generally used the same way dollars are spent, or saved.

Decentralized Global network:

Managing this distributed network does not mean relying just upon a single company to protect and to manage the vast database. The transaction confirmation occurs at first. It has to be confirmed initially throughout the entire network, because money is involved. This peer-to-peer network has no point of failure or central target, which stabilizes the BTC Community.

Ripple Currency (XRP) in the Ripple Network:

Decentralized transaction networks like Ripple contain a virtual currency. It is a global system which makes all kinds of transactions with all existing currency. Apart from that, it also has native ripple currency called ‘ripples’, abbreviated as XRP. XRP is a digital currency, hence can neither be duplicated nor falsified. It can only be sent from one account to another, sans the central authority. Similar to the Bitcoin, it also uses a finite number of ripples. It contains 100 billion XRP.
Quite a lot of this will be distributed without charging a penny, for free. A miniscule fraction of an XRP is destroyed per transaction as a security feature. Though it is not noticeable in most accounts, for those who use high-volume bulk transactions, the difference is quite significant. This prevents the overloading of the entire network with abusive and taxing transaction.

The idea of Tomorrow – today:

With just Ripple, a revolving line of credit between you and your circle exists, with peer-to-peer credit. Bitcoin has become easier to be traded, which has made it the ideal alternative to currency. The current trend is that though the Bitcoin are easier to transact, they are futuristic versions. The future for these Bitcoin is brighter than the current scenario, in which they are neither drowning, nor swimming; rather, they are treading on it.

Comments are closed.