Ripple, the bridge to adoption of blockchain technology in the banking sector.

In the ever-changing modern world, even currency and methods-of-payment are being updated constantly. You’ve probably heard of Bitcoin, but what about Ripple? Let’s take a look at Ripple, and go over the main features, benefits and future.

What is Ripple?

Ripple is a digital currency which can be traded through the Ripple payment network. Ripple is the name of the currency itself, for example, I have 1000 Ripples. Ripple is also referred to as XRP – so if you here this term, don’t be confused, it just means Ripple. Ripple is also a trading platform that can deal with transactions of all different currencies, not just XRP,Ripple price is currently sitting at 0.2687USD per Ripple.

What problems does Ripple solve?

With other payment methods such as PayPal, credit cards, bank transfers etc. there are lots of fees, credit delays, currency-exchange charges and many more issues which make it difficult, costly, and time-consuming to make financial transactions online. Ripple has been designed to bypass these issues and offer a simple and almost cost-free payment solution.

Is ripple effective as a payment option?

Ripple is proving to be very effective, as users are reporting feedback of extremely fast settlement times, regardless of global location. Ripple is cost-effective as they only take a tiny amount out of each transaction as a small “fee”, but it is so small that it will go unnoticed. The recent developments in the ripple technology, such as PathShuffle,the unofficial Swiss  network aimed at anonymizing transactions, as seen a spike in the acceptance of the ripple technology. Compared to traditional payment methods, ripple is cheaper and more efficient.

Ripple well than Bitcoin and what are the competitive features?


Ripple and Bitcoin are put against each other constantly. Ripple is better than Bitcoin for these reasons:

Ripple offers much, much faster settlement speeds, allowing ripple transactions to be made and credit available at an extraordinary speed

Bitcoin is a digital currency  while Ripple is a currency as well as a trading network, therefore Ripple has more ability and resources in order to deliver better and faster service

Ripple can track and trade any currencies, without extra steps or time-consuming processes, whereas Bitcoin can’t at this stage

What to expect from Ripple in the future

Expect to see Ripple thriving in the future. Transactions through Ripple are already proving to be popular and increasing as a global transaction method. Huge global powers such as China are contributing to the growing awareness and utilization of digital currencies such as XRP; certain controls and restrictions placed on trading and capital are turning many international conversations towards the topic of Ripple. Ripple is  proving to be a better B2B payment channel compared to its competitors.

The success of Bitcoin only means good things for Ripple, as if more people start to be aware of Bitcoin, they will naturally be guided to Ripple and will see the competitive benefits for themselves. Keep an eye out for Ripple this year, as there are bound to be huge leaps and bounds in its reach, influence, and market capitalization since it gives banks a stepping stone or rather a bridge to adopting blockchain technology entirely. For more information. For more information about cryptocurrency, check out this new amazing token called BAT and a cryptocurrency called Digibyte.

 



Author: Victor Cosmus
Victor Cosmus is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms.

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