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Since the introduction of Bitcoin in 2009 other altcoins been motivated by the bitcoin success have also emerged and one of them is Ripple (XRP). It is one of the alternate cryptocurrency the government should look for the future to improve our outdated and inefficient financial system. Compare to Bitcoin which is a decentralized peer to peer digital currency, ripple idea and how it operates and works is totally different.
Ripple is targeting a different market from the likes of Bitcoin, Ethereum, Litecoin and people misunderstand it as a typical crypyocurrency because it is been listed as an coinmarketcap.com
What Is Ripple
So if in the traditional sense ripple is not a cryptocurrency then what is it. Ripple is a distributed financial technology enables banks to send real-time international payments across networks.
Ripple aimed at utilizing the blockchain technology to provide efficient infrastructure to centralized financial institutions thereby simplifying the global banking system.
How Ripple Works
Ripple is a relatively closed blockchain its does not operated as a open blockchain and individuals can't access the ripple network fully.
Ripple make use of protocol structured to make payment system very simple, fast and effective since it introduction to the crypto world many banks and major financial institutions in the world have supported the ripple blockchain strategy and some gave even partner with them.
Recently it was reported that Spanish banking BBVA has now implemented the use of ripple blockchain service for money transfer. Few days ago South Korean base Bitcoin exchange Coinone officially launched ripple (XRP) launched ripple trading.
Why Nigeria Banks Should Partner With the Ripple Network
1. Ripple has consistently ranked in the top three cryptocurrency behind Bitcoin and Ethereum and it has maintained its market cap and client base for a long period of time.
2. Major banks and finance industry in the world are in agreement with the ripple blockchain idea and are implementing it due to what its offers Speed.
3. Ripple works with banks to transform how they send money around the world as it believes money can be move fast the information is move today.
4. With Ripple, banks can easily meet growing demands for faster, low-cost, on-demand global payment services for any payment size.
Don't Invest in Ripple on a Long Term
Even though Ripple is included in market cap it is not an altcoin that you should invest on a long term as the founders do not encourage people from investing in it.
Private exchanges and liquidity providers may choose to hold additional XRP for trading. Ripple (the company) does not promote XRP as a speculative investment.
Though you can still invest short term but if you are looking for a altcoin to invest in long term then it should not be ripple as its a blockchain for banks.
Unfortunately the present administration of Nigerian government are not in full support of cryptocurrency for a number of reasons but Ripple should be given a second thought as its a blockchain designed for Banks.
The world is going cryptish already.
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Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.
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ReplyDeleteA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
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