Things to Know About XRP

Have you ever bought cryptocurrency? Invested in Bitcoin or Ethereum? Even if you’ve not invested in cryptocurrency yourself, you must have heard it time and again mentioned in the news and in many online spaces dedicated to discussing modern developments in digital currency.

In August 2018, Bitcoin was only worth 6500 US dollars. Cryptocurrency was slowly losing its mark, with experts only hoping new players would jump to affect capital investment and saving. The pandemic proved to be a turning point for the cryptocurrency market. Bitcoin saw a sudden surge with a great investor influx into the market.

2020 could be regarded as a year when more and more companies experimented, with new cryptocurrencies like LuckyBlock, mushrooming left, right, and center.

If you’ve never invested in cryptocurrency before, now’s your chance to take the leap. At Urban Crypto, we offer a range of guides about getting started with crypto and understanding cryptocurrency trading.

XRP is a cryptocurrency designed specifically for remittance systems. Here’s all you need to know about XRP.

Parent Company

XRP is a cryptocurrency designed for products introduced by Ripple Labs. Most products that Ripple Labs design work towards facilitating international transactions like asset exchange and remittance transfer. Ripple Lab’s website claims that XRP is the coin that offers financial services “sourcing liquidity” on demand.

To understand the real function of XRP, you should know that when a certain transaction is made internationally, certain costs need to be covered. They include destination costs, logistic costs, etc. Using XRP, you can easily remove these extra charges using the globally transferable currency.

High-Speed Blockchain

You can’t have a cryptocurrency without proper digital ledgers or blockchains to store transaction data. The blockchain that XRP uses is called the XRP Ledger. Like most online blockchains, the XRP ledger is an open-source ledger capable of performing international transactions within seconds. It’s most recommended by the high-speed service the XRP ledger can provide.

Affordable

The XRP currency is perfect for payments and billing. It is quite affordable as compared to other cryptocurrencies in the market. A high-speed, high-performance transactional record would be the best to revolutionize finance hubs. XRP can be a great source for storing a large amount of data and facilitating speedier remittances without overcharging users for destination costs and international transactions.  

Crypto coins are generated through mining. To know more about mining and how to make money with cryptocurrency, read our posts.

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