Ripple is not only a platform but also a currency. Nowadays people have to pay a hefty amount for each transaction. This platform has been designed to offer cheaper and faster transactions to the clients.
Why was Ripple developed?
Ripple came into existence so that our financial institutions can use it for global transactions. So it is not just a digital currency. The developers created it to serve it for financial institutions. Now people can make Global transactions by paying negligible fees.
Now let's find out how this cryptocurrency works.
The usage of Ripple
With the help of Ripple, you can exchange different currencies, enable RTGS or real-time gross settlement and remit payments. The best thing is it doesn’t discriminate fiat currencies. Instead of that, it uses a bridge currency which is Cryptocurrency XRP. Let’s understand this with an example. If someone sends you Bitcoin and you want to receive it in INR, you don’t have to change your preferences as that bridge currency will automatically do the required changes.
There are many more advantages of this digital currency and excellent platform. Let’s check out some of its significant benefits.
Here are some of the significant benefits of using Ripple.
Enjoy faster transactions
Nowadays people don’t have much time in their hand. So they need a platform that can work faster. In that case Ripple comes to your rescue.
Have you ever thought that you can do your transactions just within 4 seconds? Ripple has made it possible. In this platform over 10000 transactions can be processed in each second. On the other hand, Bitcoin can handle only 7 transactions in one second. So you can easily understand its reliability and efficiency.
Why people accepted it
Ripple has become famous among targeted audiences as well as different Financial Institutions like banks. These banks include some of the biggest names like Canadian Imperial Bank of Commerce, SBI Remit, Santander and so on. So you can definitely use this payment protocol as it is safe, faster and accepted by everyone.
No need to depend on computing equipment
The Ripple Company owns this platform, Ripple. It also holds different corporate entities. In short, it deals with real people. As it is not minded, you don’t have to depend on computing equipment like ASICs or GPUs. Sometimes people don’t consider it as an advantage, but it is one of the most significant benefits of Ripple.
Plans of Ripple in the future
Ripple has been snowballing. It has created its influence on everyone. Now it has set up its shop in Dubai and expanding in the market of Japan with the payment app of Ripple Blockchain, MoneyTap. It also handles different projects related to charity. It has reached unbanked populations to give facilities to them too.
So no need to explain that Ripple is ready to rule and capture the whole market with its Incredible features. If you are completely new in this Blockchain industry, you can definitely depend on this platform and currency. It will never disappoint you.
I have completed my Master's degree in English Literature. I have been working as a content writer for last 3 years. Now I can say that I am a successful entrepreneur and a responsible marketer. I have achieved everything with my hard work, honesty, and dedication. Though I can write about any topic, blockchain and crypto industry attract me the most. I have started my career as a blockchain writer. Gradually, I gained more experience in this field.