Ripple aims to increase bank efficiency
Ripple is a payment network that is used by banks around the world. The goal: to make cross-border payments as cheap and quick as possible. Ripple is also suitable for transactions between different currency areas. By working with banks, the company has already made a name for itself in business.
Ripple = | = XRP
Ripple was developed by Ryan Fugger, Chris Larsen and Jed McCaleb and is used not as a digital currency, but as a payment network. What is often confused by many crypto fans: Ripple and XRP describe two completely different things. While Ripple is the payment protocol, XRP is the cryptocurrency.
XRP - The Ripple Coin
Unlike Bitcoin, there are no miners because the 100 billion XRP were created in the beginning. The founders kept 20 billion of them. XRP is the network's currency, so to speak. A function of the coin, it must be prevented that the network is overloaded with spam.
This is achieved by using a fraction of an XRP in every transaction and then burning it. This would mean a very cost-intensive attack for "Spamer". The second function is the use as a digital asset - i.e. for the transfer of values within the network.
Why is Ripple particularly popular?
Ripple is particularly popular with banks. Transactions are completed in a matter of seconds through the network. This saves the banks a lot of money, especially in international transactions - and what do banks prefer than money? Due to investments by banks and other companies, XRP was able to establish itself in third place according to market capitalization.
Where can i buy XRP?
Because XRP is very well known, you can buy the cryptocurrency at almost all known exchanges. No matter whether Binance, Coinbase or Bitpanda. Make sure you only use reputable crypto exchanges. It was not uncommon on the crypto market for small exchanges to run away with investors' money.