Explained: What is Ripple, Ripple XRP, its advantages, pros and cons? Read here
We have done the research for you to explain Ripple, Ripple XRP, and its advantages & disadvantages.
New Delhi: The rise of Bitcoin in the world of cryptocurrency gave birth to many new cryptocurrencies. With the rise of other cryptocurrencies, many new terms also surface online every day. On Sunday, the Ripple crypto platform started trending on google as people are trying to find more details about it.
However, we have done the research for you to explain — What is Ripple? What is Ripple XRP?
Furthermore, we will tell you its advantages, pros, and cons.
What is Ripple?
It is important to note that Ripple is not a cryptocurrency. Ripple is a digital payment network that is based on a decentralised peer-to-peer platform. Also, the ripple system does not work on the conventional method of blockchain mining. It uses a unique distributed consensus mechanism to validate transactions. Under the system, participating nodes conduct a poll to verify the transaction’s authenticity.
About Ripple XRP?
XRP is a cryptocurrency of Ripple, running on the XRP ledger. Ripple helps to instantly help move money to all corners of the world. One can purchase XRP just like other cryptocurrencies to make online or on-site transactions.
Ripple’s pros and cons
Ripple is considered a safe platform but like others, it also has pros and cons. However, the merchants who use it are in a better position to decide whether or not to accept Ripple as payment.
What are the advantages of Ripple?
-Ripple takes only 0.0001 XRP as fees for validating transactions.
-It takes only 4 or 5 seconds to complete transactions
-Ripple’s exchanges network also allows completing transactions from other cryptocurrencies.
-Large financial institutions also use Ripple, making it a reliable method for transactions.
Disadvantages of Ripple
-It is not easy to track XRP’s value as investors are not aware of when its large quantities could be issued into circurlation.
-It is less decentralised compared to other cryptocurrencies because it keeps a default list of transaction validators.