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All about Ripple (XRP)

Most people have probably heard of Bitcoin and Ethereum, which are perhaps the two most popular forms of cryptocurrency. However, more and more people are also opening their eyes to Ripple , often abbreviated to “XRP”.

XRP became well known when the value jumped significantly from 0.4 to 3.2 US dollars, almost overnight. In this article you will get to know Ripple better. Find out if XRP is a cryptocurrency you should invest in.

What is Ripple?

RippleRipple is a company that develops financial products intended for banks and other financial institutions. Perhaps Ripple’s most famous product is RippleNet. This is a payment system that allows for lightning-fast transactions, also abroad.

Ripple focuses on the use of blockchain technology in its products, as this ensures very good speed and low transaction costs. The solution is also reliable. Ripple believes that much of today’s payment technology does not live up to users’ expectations.

Through Ripple, transactions can be processed in a few seconds, which is lightning fast compared to traditional transactions – which usually take three to four days.

Ripple’s vision is to utilize “the internet of value”, also known as IoV. They believe that financial values should be able to be transferred as quickly and cheaply as all other data is transferred online. Many customers use Ripple technology, including Santander.

The story behind Ripple

Initially, Ripple was just a payment company. Founder Ryan Fugger launched RipplePay in 2004 – several years before cryptocurrency such as Bitcoin even existed.

However, Ripple had the same goal as the founder of Bitcoin – to create tools for fast, international transfers. In 2011, Jed McCaleb developed a digitized currency system, with slightly different technology than Bitcoin.

Together with Chris Larsen, McCaleb chose to buy RipplePay. This was in 2012, and the duo changed the brand name to OpenCoin. They also launched a cryptocurrency called XRP.

The following year, the name OpenCoin was changed once again, this time to Ripple Labs Inc. The product also received open source code. Today, the name is just “Ripple”, while “RippleNet” is the network that consists of transmission services such as xVia, xCurrent and xRapid.

What is XRP?

XRP can be described as a form of cryptocurrency, and allows lightning-fast transfers of financial values via RippleNet. Although the company Ripple has founded XRP, they emphasize that the cryptocurrency XRP is completely independent of this company.

XRP can be considered as the original digital currency that uses XRP Ledger – a form of blockchain technology. When XRP first hit the market in 2012, the currency was marketed as cheaper and faster than Bitcoin.

XRP Ledger is a form of open source code, and the system is, like Bitcoin, decentralized. All transactions are thus carried out without any bank or third party controlling the transfers.

There is some disagreement about whether XRP is independent of Ripple or not, since it is Ripple that has launched the currency. Ripple is also listed as the main owner of all XRP tokens on the market.

XRP is a popular cryptocurrency today

Today, XRP is one of the most well-known and popular forms of cryptocurrency on the market. Based on market capitalization, XRP is in fact the sixth largest crypto on the market.

Many Norwegians have chosen to buy XRP rather than Bitcoin, for the simple reason that XRP should be both faster and cheaper.

Bitcoin vs. XRP – differences and similarities

Many people are unsure of what the differences are between Bitcoin and XRP. First of all, we can tell you that you can not engage in mining XRP, ie recovery, as you can with Bitcoin. Ripple issued all the coins (equivalent to 100 billion XRP) at launch in 2012.

Today, there are around 50 billion XRP on the market, and currency units are released through smart contracts on a regular basis. The number of XRPs is generally much higher than for Bitcoin, which has a maximum number of Bitcoin of 21 million.

It is also easier to validate transfers with XRP than with Bitcoin, which makes the transfers cheaper and faster. Where Bitcoin uses time-consuming processes such as Proof-of-Work to validate transfers, the XRP system uses the XRP LCP.

XRP is decentralized and secure, but not as much as the Proof-of-Work used by Bitcoin. On the other hand, transactions take place faster and at a lower price. Here it is important to find out what is most important to you – safety or speed / price.

How does XRP work?

Validation of transactions performed with XRP is performed by a few selected computers, often referred to as nodes. The various nodes are listed on a list called the Unique Node List, and this list is managed by Ripple.

The different nodes determine which transactions are correct, based on the number of “votes” the nodes give. This can be considered as an alternative solution to the various consensus algorithms commonly used for transaction verification.

The system is trust-based. XRP itself insists that the currency is a cryptocurrency, but the US Financial Supervisory Authority believes that XRP is a security. It will be exciting to see what the conclusion will be.

Where and how can I buy XRP?

You can buy XRP on crypto exchanges such as Binance, eToro and Firi. These crypto exchanges are registered in Finanstilsynet’s register. This means that the services offer the purchase and sale of cryptocurrency legally on the Norwegian market.

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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

To get started, you only need to create a user account with, for example, eToro. It only takes a few minutes to do this. Once you have registered and verified your user account via email, you can deposit money and purchase XRP.

Why buy XRP?

There are various reasons why Norwegians want to buy XRP. Some are looking for a fast and cheap means of payment that is suitable for international transfers. Others want to invest in XRP in the hope that the value will increase.

Remember that investing in cryptocurrencies always involves some risk. You can still look forward to an exciting process, and you can potentially go in plus.

Good luck with your purchase of XRP!

FAQ

Er det smart å investere i XRP?

Dersom du tror XRP vil stige i verdi, kan det absolutt være en smart investering. Husk likevel på at det er risikofylt å investere i krypto.

Er XRP lovlig?

Ja, nordmenn kan kjøpe XRP fullt lovlig hos kryptobørser som er registrert hos Finanstilsynet. I USA er Ripple saksøkt av det amerikanske finanstilsynet, så der er det vanskelig å få XRP.

Hva er best – XRP eller Bitcoin?

XRP er best om du ønsker raske og billige transaksjoner, mens Bitcoin er best om du er opptatt av sikkerhet og en pålitelig desentralisert løsning.

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
  • mastercard payment
  • paypal payment
  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.