When you look from outside or when you are new to the crypto world, investing in cryptocurrency is just limited to Bitcoin. This is the top cryptocurrency in terms of value or market cap, this is the best and top option. But there are several other cryptocurrencies available at present. You can experiment with different coins as they have something different to offer you. So, if you are looking for another good option then Ripple can be a good choice and you can buy or sell Ripple through bitiq.
XRP is the token of Ripple and it was launched in the year 2012. The price of Ripple during its launch was $0.1 and the current price of this coin is $0.7. It has even reached an all-time high of $3.84. This cryptocurrency is one of the top cryptos concerning the market cap.
As Ripple is not as popular as Bitcoin or Ethereum, many people are not sure whether it is safe to invest in. If you are also in the same dilemma, then here we have discussed a few points.
Its Use
Ripple was a basic platform that was used for making payments. The payments are made to flow through XRP on a public ledger. This is a very simple but very effective idea. In more than 55 countries, hundreds of banks and other financial institutions are using this platform for transactions. American Express and Bank of America are the two biggest customers of Ripple.
SBI Remit, which is Japan’s largest money transfer service is partnered with Ripple to provide easy cross-border transactions. It takes just a few seconds to complete a transaction using PayPal, Credit Card, or any other money order. You will hardly find any competitor who can beat Ripple in terms of speed and lower transaction fees.
Ripple does not even consume a lot of energy. When compared to Bitcoin, the energy consumed by Ethereum is just nothing. That is one of the main reasons why its utility is high. Bitcoin consumes a lot of energy for mining and that is a threat to the environment as well.
The Downside of Ripple
When we have seen the positive side of Ripple, then why not take a look at the downside of Ripple. Just like any other cryptocurrency, even Ripple has downsides. One of the main concerns related to Ripple is its fixed supply. Yes, Ripple is limited and it is 100 billion. But for the price of any cryptocurrency to increase, there should be a constant capital flow. Ripple is unable to do this and hence can be a point of concern in the future.
SWIFT or Society of Worldwide Interbank Financial Telecommunication is the most popular option for many financial institutions. Across 212 countries and 11,000 banks and financial institutions, SWIFT is used for cross-border transfers. Almost more than four billion accounts operate on this platform.
With SWIFT, one can seamlessly send money across borders. It use to take around 30 minutes to 24 hours for processing 50 percent of the transactions. But now it takes just a few seconds for completing the same.
Should you invest in it?
Ripple protocol will ensure secured and safe transactions. The best part is, the transactions are instant and the fee is very low, mostly negligible. The process of mining Ripple is less complicated when compared to Bitcoin and that is one of the best things about this coin.
Investors will be able to convert their coins in a very easy manner with Ripple. So, you don’t have to worry much about the conversion if you have Ripple. You can easily send money.
Whether it is safe or not has to be decided by the person investing in it. None of the cryptocurrencies from the thousands of cryptos is safe. They are highly volatile and risky as they are not regulated by any government or central bank. Just try to invest as low as possible to lower your loss.
There are both downsides and advantages with Ripple and hence you need to weigh them before investing. Ripple is still one of the best and top cryptocurrencies and hence you can try investing in it. Since the crypto world is still developing, every coin is risky, and still, you can make profits with the right choice.
