Cryptocurrency Ripple (Ripple, XRP) - what is it and why is it needed in simple words

If you have heard about Bitcoin and Ethereum, you probably know very well that Ripple (XRP) is a cryptocurrency that ranks third in terms of capitalization (information is relevant as of mid-2019). We are sure that you are interested in it for its affordable price, popularity and excellent investment prospects. Therefore, we will consider in detail what Ripple is, its history, emission, pairs with popular fiat currencies and try to predict its future, based on the opinions of the worlds leading analysts.

What is Ripple (XRP)?

Ripple (XRP) is a global system for gross and international payments that appeared on the market in 2012. It is most appreciated by banks, as it allows instant transfers to anywhere in the world with minimal commissions. The decentralized platform was developed precisely in order to carry out operations for the exchange of different currencies.

One of the key features of Ripple is its consensus registry. Protocols support "tokens" that represent fiat money, exchange commodities, other cryptocurrencies, etc. (for example, cellular minutes, frequent flyer miles, etc.). The company of the same name that created XRP is officially licensed, and the cryptocurrency used for transactions is called XRP. The Ripple cryptocurrency works according to a unique algorithm and has good reasons for prosperity and a very secure future.

Ripple history

Every prudent investor and experienced trader, before investing in cryptocurrency, learns its detailed "biography" in order to understand for himself: is it worth trusting? So, the history of Ripple began back in 2004, when they talked about cryptocurrency only in a whisper in limited circles. It was then that Ryan Fugger developed the unique ability to make secure transfers over the Internet. His project was called Ripplepay and is rightfully considered the predecessor of Ripple. Ryan came up with the idea for such a project after he visited the center of the local exchange trading system in Vancouver. He thought: "Why not provide an opportunity for interested parties to create their own money used for settlement transactions in a certain circle?"

Ryans idea was taken up by several other enthusiasts (Jed McCaleb, David Schwartz and Arthur Britto) who developed, engineered and built a new payment system. It was based on the principle of agreements between community members, based on the blockchain, as in the Bitcoin network. However, the new version of Ripple differed from bitcoin in that it did not involve mining, only consensus transactions. Thus, it did not require significant energy costs and computer power, did not depend on online exchangers and could work much faster.

In late summer 2012, Chris Larsen, founder of several large lending firms, shared the development teams views. This whole company of bright minds and ambitions came to Ryan Fuggur with a proposal to create their own cryptocurrency, which would be faster, more convenient and cheaper. So, literally a month later, a new corporation appeared in the economic directory - OpenCoin Inc. These events ended the first stage of the Ripple cryptocurrency formation.

The second stage covers the period from the end of 2012 to the end of 2013, when the development of a new cryptocurrency was actively carried out. Based on Fuggers concept, a unique RTXP payment protocol was created to provide instant and secure currency transfers. Unlike existing banking systems, this protocol made it possible to minimize fees and time frames by allowing customers to exchange goods and currencies. At the same time, its own internal cryptocurrency was developed, allowing transactions to be carried out by analogy with Bitcoin.

So, on July 1, 2013, a new subsidiary of OpenCoin was registered under the complex name XRP Fund II, LLC (currently XRP II). The headquarters are located in South Carolina. At the same time, a "bitcoin bridge" was developed, thanks to which Ripple holders could use a bitcoin address to make payments.

In September 2013, OpenCoin changed its name to Ripple Labs Inc. and the Ripple reference software was immediately implemented with a free license. It was assumed that digital protocols could be easily integrated into banking networks, facilitating instant international payments. But already at the beginning of cooperation with ZipZap, Ripple was called a threat to the global American monetary intermediary Western Union. And there are reasons for this, because the new system of payments and transfers showed an extraordinary speed of transactions, worked with all currencies and allowed to significantly reduce customer costs.

In 2014, the history of Ripple entered the third stage of its development, focused on banking integration. In January, XRP cryptocurrency appeared on the market. Several large global concerns have become interested in the company. For example, an application was developed for mobile currency payments via iPhone, a system of smart contracts, etc. But the founders thoughts were not focused on small customers and individual software developments and applications, but on the global market, large partners and banks of all states.

So, a turning point in the life of Ripple was the cooperation with the Munich-based Fidor Bank in early 2014. By the fall, US banks Cross River and CBW Bank began to use Ripple protocols. And by the end of the year, the company had signed a major contract with Earthport, a payment service operating in 65 countries. This was Ripples first networked collaboration. True, the reorientation towards financial institutions coincided with the departure from the company of Jed McCaleb, who was not satisfied with the high centralization of Ripple, which contradicted the cryptocurrency society. He created the Stellar project with Ripple elements, making them direct competitors. In response, the company froze McCalebs XRP so that he would not deliberately crash the course. These events for the world community only confirmed McCalebs statements about excessive centralization and provoked a scandal, which, however, soon subsided and did not cause any damage to the cryptocurrency. On the other hand, his departure marked a new stage in the development of the company and contributed to the adoption of new measures aimed at popularizing and strengthening the digital coin on the crypto market.

In 2015, such large international corporations as Fidor Bank, Western Union and the Australian Commonwealth Bank began cooperating with Ripple. Accordingly, the company began to develop, opening new offices in different countries. Together with the increase in partnerships, the capitalization of the XRP cryptocurrency increased and in 2014 it even bypassed Litecoin. Since 2016, Ripple has entered the Asian market after a 10.5% stake was bought by a large brokerage company SBI Holdings.

In 2017, the National Bank of Abu Dhabi signed a contract with Ripple, and already in 2018 the value of the cryptocurrency rose to its all-time high of $ 2.78, although then it dropped again.

Today, the future of Ripple seems predictable: the cryptocurrency is strengthening its position in the global market, the developer company signs new contracts and integrates into the payment system of giant corporations. The current roster of the Ripple team proves its serious intentions and provides a good basis for trust. So, the vice president is Ashish Birla, who successfully works in the field of content management and global technologies. The CEO is Brad Garlinghouse, who previously held executive positions at AOL, Yahoo and Dialpad Communications. The technical side is overseen by David Schwartz, who has proven himself to be an excellent developer of encrypted cloud storage for the NSA. The company employs other equally successful and promising specialists.

Distinctive features of Ripple

We figured out what Ripple is, and what key historical stages it went through in its development. Now we will try to describe the features of this cryptocurrency, in particular, how it differs from its main competitor - bitcoin.

So, the basic differences between Ripple and other cryptocurrencies:

1. Does not use blockchain in its literal sense, working on "gateways" that allow all transactions. Powerful servers around the world are responsible for the proper functioning of such "gateways". Despite the fact that Ripple is often ranked among blockchain projects, the cryptocurrency does not have a distributed project, working on the RTGS protocol based on the blockchain. In turn, it is the gateway system that unites the platform with trading platforms, services and online stores. The user needs to open a wallet in order to receive a bill of exchange for the required amount for settlements.
2. It does not lend itself to mining, since the developers have already released a limited amount of cryptocurrency - 100 billion, of which 65% were kept for themselves.
3. The minimum commission is only 0.00001 XRP, which is debited from the account and expires immediately after the transaction. This reduces the number of spam attacks, since it is simply not profitable to send emails to Ripple clients. Plus, this increases the volatility of the coin, since "burning" entails a gradual decrease in the number of Ripples and an increase in its value.
4. Everyone can buy Ripple today, the cost of the coin is minimal, despite its high place in the rating. Analysts say this is due to the large number of coins issued and the lack of popularity. But we remember that gradually XRP “burns out” along with commissions, which means that their number decreases, and the market value should increase.
5. Availability of partner banks collaborating with Ripple for instant transfers and payments. The fact that in 2016 the value of Ripple soared by 200% suggests that such a jump is associated with cooperation with more than 20 major banks in the world. The fact that Ripple is aimed not at leadership among cryptocurrencies, but at the banking segment, makes it different from its competitors.
6. Ripple has made its software codes available and free.
7. All Ripple transactions can be performed in the opposite direction, histories are stored on wallets. This is the unique difference between cryptocurrency and its competitors.
8. You can get cryptocurrency through exchange or participation in computing processes that are useful for medicine or science.
9. 1 XRP is a million units called drops.
10. Payment bridge. XRP cryptocurrency is used as a payment bridge, which is relevant when direct currency exchange is not available (for example, when two rare assets are involved in trading). Ripple can be quickly and automatically exchanged for the required fiat or non-fiat currency using an internal converter and can be settled almost instantly.

Comparing the Ripple cryptocurrency with competitors, it is worth noting that its main difference from the same Bitcoin and Ethereum is the speed of transactions. If Ripple has 4 seconds, then Bitcoin has more than 1 hour. Considering us a digital currency, it competes with the giants of the crypto market, as it helps to carry out money transfers in an international format, processing everything. For such opportunities, the Massachusetts Institute of Technology for the development of protocols and the Ripple network, recognized the Ripple company as one of the 50 smartest in the field of technology.

How Ripple works

The Ripple cryptocurrency is a shared database. It contains a ledger, which lists all the accounts and the funds remaining on them. The principle of operation of the cryptocurrency is based on the creation of agreements between specific parties to the transaction. Everything takes place on mutual trust, allowing transfers to be made very quickly and without huge commissions.

The Ripple protocol is based on transfers and exchange of funds in a distributed process. The efficiency of using distributed networks, instead of centralized ones, is explained by the fact that the need to have a network operator disappears, respectively, the need to deduct a commission to him disappears. Distributed networks are more reliable because they have no central point of failure, and they are also safer because they are based on a single source code.

All transactions are carried out through cryptographically signed transactions in XRP coins or hard currency. If transactions are carried out in digital currency, its internal register is used, and if in fiat currency, the amount of the debt is fixed.

There are two parties involved in transactions: a bank or financial company, on whose accounts the clients funds are stored, and the Trading Desk, or hedge funds, which provide a liquid currency for trading. For the transaction to be carried out, users need to specify trusted persons. If there are no such links, the system itself selects additional links.

On the technical side, the principle of operation is based on the RTGS protocol, which allows calculations in real time. At the same time, the blockchain is perceived as a database with a throughput of 1500 transactions in 1 second. The price of each transaction under such conditions is only a fraction of a cent, which is amazing. Transactions are verified by nodes located on 14 servers around the world. It looks comfortable, reliable and safe.

On the other hand, the situation with the former Ripple co-founder Jed McCaleb showed that the company, not only holding about 60% of all tokens, can also freeze the accounts on which Ripple is stored. Moreover, a specific account of one user and a global block can be frozen. In this regard, company representatives say that such a system precisely ensures the security of the environment and minimizes the risks for the users themselves. Each cryptocurrency holder has the opportunity to contact the support service if his account has been frozen and ask to understand the situation.

Ripple advantages and disadvantages

Advantages of Ripple cryptocurrency:

1. Speed. No cryptocurrency is capable of processing a transaction in 4 seconds, and Ripple can do it. By comparison, Ethereum takes over 2 minutes, bitcoin over an hour, and traditional bank transfers take days.
2. Integration with the banking system. Instant transfers in any currency in real time greatly simplifies the banking system of transfers, allowing you to move to a decentralized economy.
3. Minimum commission. As such, there is no commission within Ripple. There is only a mandatory transaction cost, which is automatically “burned out” when funds are transferred. It is equal to 0.00001 XRP.
4. Favorable dynamics. Cryptocurrency XRP is growing, it is claimed to have good forecasts and is already ranked third in terms of capitalization, following Bitcoin and Ethereum.
5. Elimination of inflation. All the crypt has already been mined, it is impossible to create it, it only gradually burns out in the form of a fixed transaction fee.
6. A good system of protection against hacker attacks, malware and hacks.
7. Transaction reversibility. This is very cool, since other cryptocurrencies do not allow the transaction to be returned if an error is found.
8. Scalability. Ripple processes 1500 transactions per second, 24 hours a day, 7 days a week.
9. Stability. Experience in the international market gives every reason to classify cryptocurrency as stable and ready for use in enterprises and institutions.

Disadvantages of Ripple:

1. The company has the right and authority to block users funds, which somewhat undermines confidence in it and raises doubts.
2. Excessive centralization. In other cryptocurrencies, the network is better distributed, plus, the company itself decides how many coins to release into circulation, although there is an agreement that 1 billion Ripple will be issued every month.
3. The concentration of a large number of tokens in the hands of the company itself (about 60%), which gives it all the opportunities to manipulate the rate, thereby also undermining the confidence of potential investors.

Lets consider the disadvantages in more detail. So, regarding the monopolization of the coin. Indeed, somewhere around 61 billion ripples are in the hands of the company itself, but it is worth considering that about 300 million XRP are spent monthly to cover costs, and 55 billion tokens are blocked on 55 smart contacts. By doing this, the company minimizes the risk of its own bankruptcy, even if the cryptocurrency collapses or goes out of use.

Now about the problem of centralization. Initially, Ripple positioned itself as a completely decentralized system, but again, 61% of the tokens stored within the company give rise to doubts about decentralization. After all, such a volume is capable of influencing the market in any way, even if these funds are now frozen. The likelihood of a hacker attack on the system suggests that the cryptocurrency may plummet in price, and the collapse of the third largest digital coin by capitalization will clearly not have a beneficial effect on the global currency market.

And analysts see another pitfall in Ripples close relationship with banks. The fact is that banks are able to control the Ripple rate on favorable terms. Analyzing the fact that Ripple ranks third in terms of capitalization, and only seventh in terms of trading volume, it also leads to the conclusion that the coin is concentrated in the hands of several large holders who can control the rate on their own terms.

The fact is that it is priority for a cryptocurrency to be decentralized, uncontrollable. Only in this way will it be able to fulfill its original functions and be a truly engine of the economy, a useful tool for international payments and investments.

Does mining exist?

Ripple is a fixed volume coin of 100 billion. Accordingly, it is impossible to mine it in the classical sense. There are no farms or ASICs that can “grow” additional XRP. Even from a technical point of view, the coin is not backed up by firmware that would allow increasing its quantity. The company sells 1 billion of its assets every month, providing investors and traders with a steady stream of digital currency.

But developer Ripple offers a kind of mining, namely participation in scientific research, for which XRP will be paid. To connect to the program, you need to go to the ripplelabs.com website and "mine" scientific projects. This is done through computational algorithms. For comparison: Ethereum processes 15 transactions per second, Bitcoin only 3-6.

How to buy or sell Ripple?

Given the high level of capitalization of Ripple, almost all exchanges and exchangers have accepted this coin. You can buy and sell XRP, as well as get acquainted with the current rate, on Binance, Bitbank, OKEx, Kraken, Poloniex, Bittrex, Korbit, BitStamp, Coinone, CoinCheck, EXMO, BestChange.ru and other sites.

You can buy and sell Ripple (XRP) cryptocurrency in our service.

List of the most popular Ripple (XRP) buying destinations:

• Sberbank → Ripple (XRP) ;
• Yandex Money → Ripple (XRP) ;
• Qiwi RUB → Ripple (XRP) ;
• Tinkoff → Ripple (XRP) ;
• VTB → Ripple (XRP) ;
• Visa / MasterCard → Ripple (XRP) ;
• Bitcoin (BTC) → Ripple (XRP) ;
• Ethereum (ETH) → Ripple (XRP) .

List of popular Ripple selling destinations:

• Ripple (XRP) → Qiwi RUB ;
• Ripple (XRP) → Sberbank ;
• Ripple (XRP) → Tinkoff ;
• Ripple (XRP) → Yandex Money ;
• Ripple (XRP) → Visa / MasterCard ;
• Ripple (XRP) → Raiffeisenbank .

Since Ripple allows you to make quick payments around the world and in any currency, it makes sense to buy it. This can be done for fiat money, bitcoins, ether and other cryptocurrencies that Ripple trades with. Also on the network you can find an offer to get XRP using faucets. These are separate sites that are paid by ripples. But! Most often, this is a penny earnings for the introduction of a captcha. But there may also be a divorce of scammers who do not pay for the work done.

After purchasing, be sure to think about where you will store Ripple. It can be an online wallet, an exchange, or a reliable cold-style multi-platform wallet, which is the most reliable.

Ripple to ruble

As of July 31, 2019, the weighted average Ripple rate to the ruble is 20.58. Analysts consider this currency to be one of the most promising, although today the coin is characterized by comparative stability. To understand what potential Ripple has, lets analyze how the currency has changed against the ruble over the entire period of its existence.

So, from 2014 to March 2017, there were no significant fluctuations in the cost of Ripple. The coin gradually gained popularity, and the company entered into lucrative cooperation contracts with banks and financial institutions. It remained unattractive for investors so far. The Ripple price against the ruble did not rise above the mark of 0.49 kopecks.

The first wave of price increases began at the end of March 2017, when the cost of Ripple exceeded 1 ruble. In just a month, Ripple rose to RUB 19.55 against the ruble. This attracted investors and traders, especially since in 2017 the cryptocurrency was heard, it was accepted and used by large banks around the world. It was not possible to achieve a larger increase. Most likely, this can be explained by the large flows of tokens in the public domain, the absence of a shortage of coins and mining. Therefore, the creators decided to provoke a shortage of Ripple in the market. On May 16, 2017, a loud announcement was made about the freezing of 55 billion tokens, and then their stable sale to the market in certain portions.

The exchanges immediately reacted to this statement, on May 18 the price reached its first all-time high of 19.55 rubles per 1 XRP. The demand for the currency increased, by December its deficit was already felt. Plus, there was a general cryptocurrency boom at this time, triggered by the sudden rise in Bitcoin to significant numbers. As a result, a record rise in the price of Ripple.

The most interesting jump was presented by the beginning of 2018, when the Ripple rose to the ruble to 167.6. Unfortunately, the Ripple cryptocurrency did not stay at the top of the stellar Olympus for a long time, starting to fall in price rapidly, in principle, like other cryptocurrencies. By April 2018, Ripple had already dropped to 28.8 against the ruble. But at the end of this month, there was a second wave of appreciation of the currency - to the level of 53 rubles per 1 Ripple. Such a price lasted literally a week, after which a slow correlation of the Ripple value began. In September 2018, 18 rubles were given for 1 coin. By October 1, Ripple soared up again, though not so significantly, to only 35.38 rubles. This is the third wave of price hikes, after which there has been a gradual decline to current levels.

As for 2019, in June, when the cryptocurrency market blew up the news about a hacker attack on the Japanese stock exchange and the announcement of a new cryptocurrency from , the cost of Ripple jumped a little again - to 28 rubles. Now there is a slow decline, but analysts forecasts are very optimistic.

 

Ripple to dollar rate

The Ripple exchange rate against the dollar was changing under the influence of the same events that varied the value of other currencies, in particular, bitcoin. So, today, July 31, 2019, the weighted average rate of Ripple against the dollar is $ 0.3205, that is, they give a little more than 32 cents for one coin. Since its inception on the market, the value of the cryptocurrency has fluctuated, accompanied by sharp ups and downs. In general, the period 2017-2018, as well as this summer, deserves attention. Lets take a closer look.

At the end of April - the first half of May, Ripple actively entered into partnership contracts with large financial institutions in America, Australia, and Great Britain, although the value of the currency was scanty - no more than 3 cents. There are a number of explanations for this, which we have already described in detail above (no mining, fixed emission, popularization of the platform itself, not cryptocurrency). Since mid-May, the value of Ripple began to rise, although, by and large, the ripple against the dollar also rose under the influence of the freezing of 55 billion coins and provoking a deficit. On May 18, the price reached a record high of 38 cents. This level was not held for long, a gradual correction of the exchange rate began right away, although no serious depreciation occurred. Until December 2017, there was a lull, the rate stabilized within 20-25 cents, sagging by 10-15% in the short term.

By the end of December 2017, the ripple rate against the dollar began to skyrocket and on January 8, 2018 reached its all-time high of 2.78 USD per coin. This happened under the influence of the general boom in the crypto market, as well as the shortage of tokens that were frozen by the company itself.

From the middle of January 2018, the stage of deep correction began, the value of XRP fell below the dollar. Roughly the same situation is observed today: the coin does not exceed the $ 1 mark, periodically becoming cheaper or more expensive, but not significantly.

 

Ripple to Euro

As of July 31, 2019, the weighted average Ripple rate to the euro was 0.2878 €. Over the entire period of the currencys existence, the Ripple-Euro ratio has changed under the influence of the same factors that determined the jumps in the value of all other cryptocurrencies. Lets just say that the all-time high was recorded at € 2.28 on January 7, 2018. Then there was a sharp decline to the level of 0.77 € on February 3. The peak of the second wave of cryptocurrency appreciation fell on February 15. Its cost has reached 0.94 €. On April 8, 2018, the price dropped again to € 0.4, and on May 5, it rose to € 0.74. The decline in the value of Ripple continued until the end of September 2018. Then the rate increased slightly (€ 0.49) and a smooth correlation started. This is exactly the situation that is observed today, when you can buy Ripple for either 0.28 euros or 0.4 euros.

 

Why is Ripples value changing?

Analyzing the Ripple rate against the ruble, dollar and euro, it is easy to see that all fluctuations occurred according to a general pattern and in the same periods of time. It can be concluded that the reasons were the same, namely:

1. General market correction, when the price of Bitcoin, Ethereum, and other cryptocurrencies jumped sharply.
2. The policy pursued by Ripple Labs to attract new partners to the Ripple payment system, lack of due attention to cryptocurrency.
3. Excessive centralization, which is contrary to all the principles of the existence of cryptocurrency.
4. Emission. Most alternative coins are issued with the participation of a large number of people. And the main holder of Ripple is the company itself. This undermines public confidence in digital currency, since miners do not significantly affect the functionality of the system. The coins are created and only thrown out at a certain time on the market, creating the risk of artificial depreciation of the cryptocurrency.
5. Rumors of cooperation. In early March 2018, information appeared on the network that a large crypto exchange Coinbase would introduce XRP into its structure. Naturally, this contributed to the jump in the value of the coins. When the claim was denied at the end of March, the price of Ripple fell again.

Where to store Ripple?

Before considering where to store Ripple, let us draw your attention to the fact that wallets for this cryptocurrency differ from those for Bitcoin and other coins. And the first difference is the obligation to buy 20 XRP for registration, which then cannot be withdrawn or spent. These are reserve coins.

Most often, users prefer to store Ripple on:

• exchanges;
• hardware wallets;
• online wallets;
• mobile wallets;
• paper wallet;
• desktop storage.

There is no perfect fit. Each has both its strengths and weaknesses, here you yourself must decide which qualities to prioritize: convenience, reliability or mobility. Lets take a closer look at the popular Ripple storage options.

Stock exchange

It is convenient to store coins on the exchange, but not so secure as to entrust a large amount of funds to the online platform. The fact is that when registering a wallet, the keys remain inside the service, and not with the client personally. Accordingly, scammers and hackers can get them, and you will say goodbye to your savings. Literally in June, the network blew up the news about the hacking of the Japanese stock exchange and the disappearance of large sums from the accounts. Although, such cases are rare, because each exchange is trying to create reliable protection, constantly increasing its level of security.

Popular exchanges where you can store Ripple include: Bitflip, Bitfinex, EXMO, Binance. Wallets are created simply: you just need to fill out the registration form, put the existing cryptocurrency or fiat currency into the account, and then buy Ripple and transfer them to the on-exchange address.

Using an exchange to store Ripple has advantages and disadvantages. So, the plus would be:

• quick registration;
• online access to your account anytime, anywhere;
• no need to reserve 20 XRP.

The main disadvantage of exchange wallets is the lack of protection.

Online wallets

They have common features with exchange ones, as they involve storing Ripple on network services with round-the-clock access. However, registration may require passport data. Each wallet offers its customers to go through two-factor authentication, which provides additional protection, as well as bind the wallet to the phone, email, create passphrases, etc. The following online wallets are popular: Coinpayments, Coinspot, GateHub, Cryptonator.

The clear advantages of using online wallets are:

• convenience;
• easy registration;
• quick access from any device connected to the Internet;
• the ability to use additional means of protection.

But there are also disadvantages:

• there may be a significant difference in rates with exchange rates;
• also a low level of protection against fraudsters;
• sometimes some transactions are not available;
• you need to buy 20 reserve XRP.

If you are interested in online wallets, keep in mind that each of them has its own characteristics, advantages and disadvantages. For example, GateHub freezes an additional 5 XRP. A Cryptonator can close access to coins when the rate falls, linking the service failure with technical problems. As soon as the rate rises again, access to the coins is open, but you have already missed the chance of the most profitable deal. And be careful with keys and passwords from online wallets: if they are lost, access to funds is closed!

Mobile wallets

This is the most convenient way to store Ripple, but not the most secure. If a gadget with an installed wallet is stolen or lost, coins may be lost. Plus, smartphones and tablets are often infected with malware.

For Ripple, analysts consider the Toast Wallet to be the most suitable. It is simply installed on the device, has a simple registration, and uses a pin code as protection.

The advantages of mobile wallets include:

• the ability to quickly transfer funds through a smartphone, which is always with you;
• free access to the wallet via the Internet;
• account protection with a pin code, constant updates and improvements for users.

The disadvantages include:

• the possibility of losing the device or breaking it;
• the need to purchase 20 reserve digital coins;
• the risk of a virus entering the device and theft of funds.

Desktop wallets

This is one of the safest ways to store cryptocurrency. Desktop wallets are special applications that are installed on a PC. The most popular for the Ripple cryptocurrency is Toast. To register on it, you need to download the software from the official website and follow the further instructions.

Users love the Toast wallet for its ease of installation, wide functionality, pleasant interface, high degree of security and its integration with any operating system, including the developed mobile version. But not everything is so fun here either. The main disadvantage of a desktop wallet is the need to have enough space to install it. Also, do not forget that the computer is not eternal, so it is better to periodically make backups and store them on another device or removable storage.

Paper wallets

It is also a good option, involving the use of keys and codes recorded on paper. Important data does not enter the network, therefore, it is not available to hackers and fraudsters. You can create a paper wallet directly at ripplepaperwallet.com/. The system will generate a personal key for you, which will need to be printed and stored in a safe place.

Hardware wallets

These are safe storages of any cryptocurrency, since they involve the use of external small devices, on which all information about your transactions and account status will be recorded.

One of the most popular hardware wallets on the market is the Ledger Nano S. It is a compact device that visually resembles a USB flash drive. Suitable for any cryptocurrency.

Using a hardware wallet isnt difficult. You just need to connect the device to a computer, enter a pin code, write down or save a passphrase. Next, download a small application from the official website to the gadget and transfer the ripples to your account.

This is a compact, secure storage of choice for holders of large sums. The cost of a hardware wallet may not be small, but you get the safest way to store your own savings.

How much is Ripple in total?

Since Ripple cannot be mined, all coins were issued simultaneously in the amount of 100 billion. Initially, about 60% remained at the disposal of the founders of the company, and the rest was freely available. But this undermined the confidence in the cryptocurrency, so it was decided to “freeze” 55 billion with the condition of a monthly sale of 1 billion coins. Consequently, Ripples emissions are much higher than Bitcoin (21 million) or Desch (19.8 million).

Ripple emission

We have already noted that Ripple had a supply of 100 billion coins. Now lets stop at the fact that this is a deflationary coin, therefore, the number of tokens is gradually decreasing.

The fact that Ripple mining is absent cannot be considered a disadvantage. This is a feature of the cryptocurrency that allows you to significantly accelerate the speed of transaction processing and reduce energy consumption, make the cryptocurrency more affordable than the same Bitcoin. Plus, the network is not afraid of an increase in complexity and a drop in the speed of processing payments and transfers. In a second, the servers manage to process 1500 transactions, which is why the project is so interesting for financial institutions and banks.

The future of Ripple

Despite its high cost, Bitcoin is predicted to have a very successful and promising future. The same cannot be said about the Ripple cryptocurrency, which analysts have different opinions on.

The main reason the future of Ripple is mixed is its focus on the industrial and banking sectors. Here she can expect tremendous success. But this orientation also contains the strength of the cryptocurrency, since it attracts investors, as well as users who need to make large-scale payments, or who cooperate with many states and make settlements in different currencies, including the unpopular one.

If the Ripple exchange is active, investors will buy the coin and conduct settlements with its use, the future of Ripple is very favorable. On the other hand, if investments stop, there will be a risk of stagnation, which, in principle, is unlikely, given the economic interest in cyptocurrency, especially from giant international corporations.

Many analysts predict the future of Ripple as promising, especially considering the fact that today everyone is looking for a cheap currency, payments in which would be processed quickly with minimal fees. And Ripple lives up to these expectations. Even if its market value does not rise much, popularity and capitalization will certainly go up.