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7 things you must know before investing in XRP
XRP is a currency issued by ripple labs which is a digital asset fabricated for transactions and payments and is one of the leading cryptocurrencies around. It is open-source which is a deconcentrated blockchain technology that facilitates faster wiring of money in not more than 3 to 5 seconds. Whenever a bank needs to transfer a large amount of money, instead of using numerous intermediary banks for money transfer, they simply convert the money to XRP which is later sent to the receiver bank. During the transaction process, a small amount of it is deducted by the network as the transaction fee.
XRP was launched in 2012 and co-invented by Chris Larsen and Jed McCaleb which is designed specifically for financial institutions and payments providers.
You can consider XRP as an investment, or as a coin to barter with other cryptocurrencies, or as a scheme to finance transactions on the ripple network. It is less costly and a better alternative for other digital assets and subsist financial payment platforms. While investing in crypto, one of the prime aspects to look at is the purpose of the coin. It is popular among investors and has a huge appeal in the financial investment market. The experts have predicted that XRP will have a strong couple of years with a steady increase in price because it has a purpose. The primary reasons for XRP being a good investment option is because it is fast and scalable, is an asset by itself and is easy to buy, scales faster than other digital assets, and is secure
Now, you might wonder “is XRP a good investment” for you.
So, here are seven important things to know before investing.
1. Speedy transactions with a minor transaction fee
The major advantage of investing in XRP is quick transactions at low cost, approximately 2,000 transactions happen per second and the standard settlement period is roughly 4 seconds. The minimum transaction fee needed for a normal transaction is prearranged as 0.000001 XRP which is negligible.
2. XRP has collaborated with more than 300 financial companies
Numerous financial organizations covering more than 40 counties have enrolled to use XRP for money transfers.
3. Risk factors concerning XRP investment
Adverse governmental restrictions or prohibition of cryptocurrencies in certain countries will challenge the existence of cryptocurrencies. In contrast to other cryptocurrencies, it cannot be mined. When the prices are under the dominance of founders, they can outpour the market with extra coins causing a market crash.
4. The primary target of XRP is to escalate international transactions of money
XRP is expected to execute and solve the mess and smooth the way for cross-border money transactions. They create an internet of value that enables the payments to function similar to information exchange. XRP ledger fabricates a common standard for settlements and assembles various disconnected ledgers and blockchains. By permitting financial establishments to fount liquidity as and when required, in real-time, omitting the need to pay overseas transaction fees, it will benefit them to expand towards new markets, bring down foreign barter prices and furnish faster payment settlement to the clients.
5. XRP is more feasible when compared to mined digital assets
Because of the factor that it is not mined, every solitary component of the currency that is found today was created way before. in order to mine cryptocurrencies, cracking complex mathematical problems or POW [short for proof of work] is necessary which is not required in XRP.
6. XRP is secure and the most preferred
Every XRP transaction occurs via the XRP ledger and the data is recorded and stored safely and can be retrieved whenever required. The XRP ledger is developed in such a way that it eliminates single points of failure, is quicker to recover, and is resistant. It is an open-source code base, a strong community of engineers who works around the clock are responsible for maintaining the ledger.
7. XRP operates as a bridge between fiat currencies.
The objective of several digital assets is to replace the existing currencies that are backed by the government. On the other hand, XRP toil with fiat currencies beyond ten digital exchanges to aid transfer worth across borders effectively and swiftly.