Ripple is not the most common deposit and withdrawal method but does deserve a place in the top 20. The market capitalization and high trading volume translate into an easy to buy and sell cryptocurrency with relatively less volatility. The speed and cost are also favorable.
Ripple was created in 2012 and works as a payment network (real-time gross settlement system) and currency exchange system. It uses the Ripple Transaction Protocol and has a native currency XRP. Ripple has been designed with the ability to assist banks in their large international transfers. Although widely used there are questions whether it can really be seen as a cryptocurrency like Bitcoin and Ethereum. Yet Ripple is the currency that brought the concepts of a distributed open source internet protocol and consensus ledger to the global financial industry. It has many international partners such as American Express, Deloitte, Santanter and UBS.
Average transaction speed is 4 seconds. The system currently supports up to 1 million transactions per day. (It can handle the same amount of transfers as VISA)
No Transaction Fee, however, some exchanges may add a fee. As it’s a very popular coin you are able to buy it on quite a few exchanges:
You are also able to convert it easily using a service such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
Ripple is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Ripple. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
Basically, Ripple is there to remove most of the red tape and bottlenecks for large fund transfers from one institution to another. It does so almost instantaneously with no fees. Effectively what Bitcoin was designed to do, but do so much quicker and much faster. As such it allows for peer-to-peer transfers without the need for an intervening third party.
Ripple is quickly expanding as the concept of a digital currency which Bitcoin was supposed to be. Already used by companies such as Moneygram to transfer money internationally, faster than before and also far cheaper than before. It’s also allowed for the payment of accounts with some providers such as in the Philippines. Effectively it replaces all currency as we know it and could be used easily to pay for any good and service, and that money can then be transferred from the shop to the supplier as well, even if the supplier is on the other side of the world. This is much cheaper and faster than interbank transfers, and in most cases, you can remove the middle-man from the transaction. This will become extremely convenient in some countries that do not have proper banking systems, or where their currencies can be subject to outside manipulation. With the speed at which Ripple keeps expanding in the world, it won’t be long till most payments can easily be made using the coin. Especially as it’s not prone to the slowness or volatility of Bitcoin.
Unfortunately, Ripple cannot be mined as it’s a central digital currency controlled by one company (Ripple). It has about 100 billion coins in total with 39 billion currently on the market. There will never be more than 100 billion coins. If someone tries to tell you that they are able to mine Ripple, it’s more likely a scam.
