🧑💻To this day, Bitcoin remains the king of cryptocurrencies, especially when it comes to following the price changes and getting media attention. But it is not the only one, and one of the alternative currencies is Ripple, a very different to Bitcoin market player. Today, we are going to talk about how Ripple differs from Bitcoin, why many don’t recognize it as a cryptocurrency, how to buy ripple and whether XRP is a good investment.
To understand why we will need to dive into the basics of Ripple and how it was created. It originated back in 2004 when a young programmer from Canada called Ryan Fugger developed the RipplePay, a decentralized payment platform designed to enable anyone to create their currency and start using it as a means of payment in the platform system.
However, RipplePay wasn’t met with the excitement that he thought it would be, so in 2011 the idea was reconsidered. There were 2 key changes, one to the technology, and one to the team. After seeing the faults of the system, Fugger simply removed the mining component of the technology, which significantly increased its speed. At the same time, Chris Larsen joined RipplePay as an investor, so the team now had more room for improvement and managed to enhance the technology’s functionality.
In 2013 Fugger suddenly left the project and Larsen started thinking about the ways the company could put its product into use, and that’s what he decided. Since Bitcoin and Litecoin were created as an alternative to fiat money and the banking system, why not try to organize an alternative method of payment for the banks themselves. A year later, the same company now called Ripple Labs partnered up with a German bank Fidor, and sometime later Western Union became interested in it too.
Thus, Ripple can’t be referred to as cryptocurrency to its full extent, as it is an entire payment system rather than a separate currency. But the system has its currency known as XRP, and there are around 100 billion in total circulating in the crypto world.
➡️ If you don't own any cryptocurrency yet, there are two ways you can buy XRP:
First of all, you need to decide if XRP is a good investment for you. The trend shows that XRP has recently gone up in price, following the interest in other cryptocurrencies like Bitcoin and Ethereum. Due to its low transaction costs and fast transactions, XRP is well suited for paying for goods and services, especially considering that it is now accepted by many banks like Santander, Fidor Bank, and many others.
As such, it is up to you to decide whether investing in Ripple is a good idea, but there are a few benefits. It is no worse than other currencies and it is worth considering diversifying your trader portfolio. Make sure you invest carefully and study your ground beforehand to make informed trading decisions!
Best regards, The NAGA Team 🌶
Copyright © 2021 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is owned by The NAGA Group AG and operated by NAGA Global LLC which is incorporated under the laws of St. Vincent and the Grenadines as an Limited Liability Company (1189 LLC 2021) and is an operating subsidiary within The NAGA Group.
NAGA trademark is operated by NAGA Group subsidiaries, including:
Trade Responsibly: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing you money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on NAGA's social trading platform is generated by the members of its community and does not contain advice or recommendations by or on behalf of NAGA.
Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted regions: NAGA Global Limited does not provide services for the residents of certain countries, such as the United States of America, Canada, Vietnam, Israel and the Islamic Republic of Iran.