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Crypto: BTC, XRP and Bitcoin price

Crypto: BTC, XRP and Bitcoin price MAS East Midlands

Banks such as Fidor Bank, Santander, Commonwealth Bank of Australia and a consortium of 61 Japanese banks have stated that they are testing or implementing applications using the Ripple Network payment system.
2021-09-23, by Frank Flegg, Director at BNI East Midlands

#Crypto || #Blockchain || #Prices ||

Table of contents:

There is so much noise and confusion in the world of Blockchain, distributed books and cryptocurrencies, one name that appears here is Ripple. I am often asked about the difference between Bitcoin (which is still the most popular cryptocurrency based on blockchain) and Ripple. So in this post, I try to explain exactly what Ripple is and how it differs from Bitcoin.

Before that, always keep in mind that investing in cryptocurrencies or chips is very speculative and the market is largely unregulated. Anyone who thinks so must be prepared to lose all investment (see link

Ripple to Bitcoin

While Bitcoin is a digital currency for paying for goods and services, Ripple is a system for processing payments, exchanging and transferring currencies for banks and payment networks. The idea is to have a system of direct funds transfer (for example the SWIFT payment system.

Bitcoin is based on blockchain technology, and Ripple does not use blockchain, but uses a distributed consensus book that uses a network of authentication servers and cryptographic tokens called XRP (sometimes called Ripples).

XRP password

XRP, a true cryptocurrency, is a token used in the Ripple network to facilitate the transfer of money between different currencies. Existing settlement systems typically use the U.S. dollar as a common currency to convert from other currencies. This results in currency exchange fees and time costs, so bank transfers between accounts in different countries often take up to three days.

When you first convert a transfer value to XRP instead of USD, there is no currency exchange fee and payment processing is shortened to seconds.

Banks such as Fidor Bank, Santander, the Commonwealth Bank of Australia and a consortium of 61 Japanese banks have said they are trying or implementing programs with the Ripple Network payment system.

XRP is the key to transferring values ​​over the Ripple network. Unlike Bitcoin, which generates new coins (entirely) as a reward for participants offering computing power to maintain a blockchain network, Ripple created 100 billion XRP coins at the time of its inception.

Ripple recently added a new feature that allows the company to issue 1 billion of its XRP shares each month through a smart contract (conditional deposit) system that helps fund business, motivate customers and sell to accredited investors. All unused chips will be returned to the deposit. According to internal sources, Ripple spent only about $ 100 million last month (the first month of the deposit). And returned 900 million.

Where can I release Ripple XRP?

Ripple was never designed as a currency or a means of payment. However, there is a small list of merchants who accept XRP token payments online. For example, you can buy honey, hot sauces and jewelry. You can find a list of providers who supposedly want to adopt Ripple XRP, but things are always changing and some of those listed can accept them. The main use of XRP should be the transfer of other currencies (or commodities such as gold or oil) via the Ripple network. “Each time a money (or asset) transfer company, such as a bank, uses a transfer and billing network, the costs are deducted from the XRP in the form of a small amount. This gives XRP values: in a sense, they can be considered as “fuel” for the machines that perform these transfers.

How can I invest in Ripple? And should I?

Ripple has really gained a lot of momentum and the list of organizations that use it shows that chips themselves are becoming a valuable commodity. In fact, the XRP token rating exceeded Bitcoin or any other cryptocurrency last year. 2017 Initially, the XRP value was $ 0.006. Earlier this year, they reached £ 3.87 and then fell rapidly to their current value of around $ 1 per XRP.

XRP is traded on cryptocurrency exchanges such as Binance and Poloniex. They cannot usually be obtained with existing fiat currencies; You must first buy Bitcoin or Ethereum and then list them to trade XRP.

Frank Flegg

Frank Flegg contributor to
Director at BNI East Midlands
Digital Marketing Agency