Information on Ripple (XRP) Digital Crypto Currency

Ripple or its acronym, XRP crypto currency is a communication protocol to send money via internet. Ripple is founded by Jed McCaleb and Chris Larsen and developed by Ripple Labs. Ripple’s software is built on C++.

Here are some info on Ripple crypto currency:
• Ripple is closed to mining. It has been produced by a single center (similar to the central bank), and thus other parties cannot conduct mining. Hence, banks and financial institutions choose Ripple.

• As explained above, due to Ripple’s production by a single center, Financial institutions and banks prefer Ripple. Also, Ripple’s low costs make it an alternative to PayPal and Swift on international money transfers.

• In the long term, Banks and individuals will choose Ripple over other methods of international wire transfer, due to Ripple’s low cost and speed.

• The banks that use Ripple infrastructure can be reached via googling as Partners of Ripples. Akbank is the first bank in Turkey, which enables Ripple transactions. The other Turkish Banks will also enable Blockchain technology soon.

• To prevent mining by the third parties, Ripple Labs produced 100.000.000.000 XRP token digital crypto currency. In each international transaction, the total amount of XRP decreases.

• Ripple’s developer, Ripple Labs is located in San Francisco, California, USA. Detailed information on Ripple Labs and Ripple can be found on the company’s official web site: www.ripple.com

• Ripple’s most important difference from the other crypto currencies is that, it has a center. Ripple currency is being produced by a single center. Whereas, Bitcoin and Litecoin are being produced by various parties.

• Ripple does not have high volatility on its price, as the other crypto currencies do. Ripple’s exchange rate to the US dollar was $3 at its peak. By 06/30/2019, Ripple exchange rate to the US dollar is $0.41.

• Ripple can be considered as a reliable, long term crypto currency investment. Since it does not have high volatility like Bitcoin and other crypto currencies, Ripple can be defined as a stable crypto currency.

• In order to experience a rise on Ripple’s prices and exchange rate, the use of Ripple protocol by the banks must be disseminated. Thus, Ripple should be considered as a long term investment, rather than a short term investment.

Serkan ÇİNAL & Burak AVCI