Investment in new financial concepts comes with a degree of skepticism. With cryptocurrency, in particular, it hits home harder because it’s an almost surreal concept that is set to change the world’s idea of legal tenders.
Although cryptocurrencies have been met with a high level of doubt in recent years, they have also attracted huge chunks of investments over the years. The current market cap for cryptocurrencies is over $300 million, with Bitcoin still the largest one by market cap.
Then, there is Ripple, which is designated the “Bitcoin Changer” by many cryptocurrency players primarily because it does have the ability to take on the Bitcoin. For one, Ripple is currently the third most valuable cryptocurrency and has, at some point, outdone Bitcoin and Ethereum in 2017.
Eager to know more about Ripple? This guide walks you through how to buy Ripple cryptocurrency. In this article, the reasons you should buy Ripple are discussed.
1. Ripple’s Creation Was Solution Oriented
Ripple is essentially a payment protocol created with a problem-solving capacity at the heart of it. It was targeted at making financial transactions a whole lot faster. Transaction problems have lingered on in the banking system for so long, with some stakeholders profiting off these problems, which include slow transaction completion time and high costs.
The de facto payment protocol has remained SWIFT, which often delayed payments for up to weeks before the eventual remittance of a transacted amount. Up until the emergence of Ripple, there had been no better protocol to conduct transactions. The time lag was not the only problem, but the vast charges were there, too.
The token for the Ripple platform is XRP and is rightly referred to as Ripple also. As a cryptocurrency from a payment protocol, Ripple aims to solve these problems at a go. Ripple transactions are completed at a lightning speed of about four seconds, and transaction charges are pegged at less than half a cent. This ability is entirely unfamiliar to the world of cryptocurrency and makes it one to buy.
2. Banks Are Adopting It
One of the reasons why many believe that Ripple can take on Bitcoin is that it is already getting huge backings from significant banks around the world. Due to its ability to facilitate super-fast transactions, more banks are adopting the Ripple protocol and its token into their system.
Ripple’s affiliation with banks sets it in a position to rally very soon. Currently, Ripple is partnered with multiple banks, including JP Morgan, Morgan Stanley, and Barclays. Ripple is fostering more banking partnerships with its introduction of newer technologies. As more banks adopt this cryptocurrency, the increased usage would effect a surge in its valuation.
3. Ripple’s Parent Company Continues To Introduce New Technologies
Ripple Inc., Ripple’s parent company, is deliberate about attracting new customers. Apart from partnering with more banks to use its payment protocol, Ripple Inc. is wooing more clients to use its technologies, such as Ripple Net and Xpring. You catch up on these 113 Ripple News stories over the last 7 days.
Ripple’s global payment network already has some big names on its network. These include Santander, Moneygram, and American Express. Such qualities of customers make the Ripple network stronger, making its currency a great investment.
Ripple’s Xpring is the company’s newly devised method to delve into other industries, such as gaming and education–a grand plan to expand the application of the XRP and its decentralized ledger. Xpring will provide developer tools, services, and programs to integrate money into new and existing applications.
4. Decentralised Blockchain And Information Tracking Systems
Ripple runs an open-source, public ledger that keeps a record of all the transactions that go on within its community. This means members of the community can maintain the ledger and transact within a distributed blockchain network.
Investors can perform XRP trades through the secure system of the network. Other cryptocurrencies trade through centralized exchanges that are subject to crashes that will likely make investors record huge losses.
Also, the security capabilities of Ripple allow it to track information down to the minutest details, such as account balances. Other cryptocurrencies can only track the inflow and outflow of coins in their blockchains.
Ripple is an excellent cryptocurrency to consider for investment. It is positioned to become a major gamechanger in the world of cryptocurrencies. Future adoption of the cryptocurrency by more banks is one of the many ways by which Ripple can take over the finance realm. Investing in Ripple is a no-brainer. It will only position you for higher profits if you invest today.