The tremendous success of Bitcoin has made cryptocurrency a new form of monetary technology all over the world. Not only did it become a popular name but also spawned many cryptocurrencies which we know as altcoins. Now besides Bitcoin, the interest of people has also driven to know about NEO price prediction 2020 or of any other altcoin. But since the last few years, the value of cryptocurrencies has been to ups and downs. In the year 2017, Bitcoin became a well - known global currency. But in the year 2018, the combined value of digital currencies hit the target around 824 billion USD. After that, there was no looking back for cryptocurrencies, which sustained growth and acceptance among merchants and investors. Among these cryptocurrencies was Ripple. The market cap of Ripple and XRP, its coin, performed well during 2017 and 2018. Let us know some amazing facts about Ripple in this blog.
Bitcoin, being the first cryptocurrency has become familiar through its digitized technology and basics among the crypto lovers. It has almost completed a decade, ever since it was launched in 2009 by Satoshi Nakamoto. But on contrary to it, no one has much understood about Ripple, which made its debut in the year 2012.
Facts About Ripple
The name Ripple is much easy to pronounce and keep in mind. But the term is not merely limited to token alone but is also known for Ripple Labs that came into being along with XRP token. This token is supposed to be an essential part of the digital network of Ripple especially for payments to customers. The uses of services by financial institutions with no need of XRP indicates that there is no mandatory rule to consider XRP for crypto transactions. So this is one of the important facts about Ripple. Conducting financial transactions simply and accurately in comparison to traditional currencies is the main objective of the Ripple which allows enterprises. The open-source technology of Ripple stands on the principle of blockchain along with speedy validators. In comparison to a standard bank to bank transfer and other cryptocurrencies, XRP is much cheaper.
There are many other facts about Ripple, one such is its transaction speed which is much faster than the dominant Bitcoin and other digital currencies. It is hardly a matter of a few seconds for money transfer in comparison to these cryptocurrencies which takes minutes. To settle a transaction, Ripple performs much better than traditional payment systems. For minimizing the settlement time, most probably for cross - border transactions, it took initiative to partner with large banks.
During the period of the year 2017 and 2018, the price of the Ripple's coin, XRP was known to have increased four times. Ethereum which is popularly known to be the closest competitor to Bitcoin stood second with the highest market cap. However, in the next year 2018, Ripple emerged as a new competitor to Ethereum, thereby overtaking the position of the world's second - most popular cryptocurrency.
Other Notable Facts About Ripple
Coming on to some other noteworthy facts about Ripple, it reveals what it is not. Most of the people sometimes get into some confusion in the crypto world. As for an example, they consider Ripple to be a payment currency but actually, it is not. It is indeed a payment system . Ripple cannot be preferred for making purchases online. It is rather a provision for transferring money from one destination to another. There is another huge difference between Ripple with other cryptocurrencies. Take Bitcoin as an example. Now, being the most popular cryptocurrency, you must have read a lot about it, including Bitcoin mining. But do you know the same does not apply with Ripple? It is possible to mine Bitcoin but impossible in case of latter cryptocurrency (Ripple). Without any circulation, it is possible to calculate every existing Ripple coin.
Among many crypto exchanges, Coinbase is a popular name to mention. The trading activity of many cryptocurrencies is traded on this platform. But you might not have abreast with a fact about Ripple is that this cryptocurrency was also supposed to be added on this popular exchange. However, it did not come out true. There were also reports about Ripple to be added on Canada’s popular exchange platform, Coinsquare. But again, it did not happen as expected.
So these were some amazing facts about Ripple, which you might not be knowing. But today we let you getting abreast of such unknown facts. The most important fact which revealed about Ripple is its difference with other cryptocurrencies. A misconception which you had about Ripple about being a payment currency, which it is not. We all had this notion that is been read out about Ethereum being the closest competitor to Bitcoin and stands just second as the highest market cap. But no one expected that Ripple would emerge to be a new competitor for Ethereum and would overtake it to become the second most popular cryptocurrency in the world. Stay abreast with crypto news to know about Ripple or NEO price prediction 2025.