Ripple is mostly considered an XRP cryptocurrency however, it is considered both a digital payment network and a cryptocurrency payment method for financial transactions. This latest technology has changed the speed and ease of payment that relatively increasing the demand for Bitcoin.
Cryptocurrency has offered brilliant features in transfer, but in general, crypto lacks compatibility with traditional money systems. With blockchain technology, ripple gives a smoother money transfer experience.
Few Words About Ripple
Ripple is an original money transfer that was previously known as Ripple Pay. Talking about the history of Ripple, it was founded by Ryan Fugger in 2004, and it aims to deliver a joy of transactions for the long years. Many people have played influential roles, such as McCaleb, Arthur, and David Schwartz.
The engineers opted for the look of BTC and built their own solution XRP in 2009, and went live in the year 2012. With the increasing demand of ripple, the XRP coin hits the price up to $3 per coin by 2018 but it becomes down by early 2017 up to $0.05.
Then in 2019, C funding contributes $200 million to the Ripple Company for its boost. So in December 2020, Ripple sold XRP to many investors up to $1.3 billion.
Since then, Ripple has become the topic of discussion. According to SEC’s movement against Ripple, it falls under the jurisdiction. With that said, ripple argued itself and has given major clarifications on XRP and Security.
The Working Process of Ripple
In the digital era, speeds matter a lot. Thus, ripple makes fast and easy transactions without waiting so long. With this platform, you can enjoy fast and secure transactions globally. If you’re figuring out how ripple works, then read on.
Ripple Net is a specially created transaction platform that can access globally. It comes with smart timeframes to simplify things, with 100% transparency, simplicity, and smooth workflow. Compared to a traditional approach, this makes the process fast and convenient for everyone.
Moreover, it boasts additional features such as ODL that remove pre-funding. Despite that, the traditional world of making transactions is out of date, and this generally makes things easy and decreases the costs of funding and transaction.
Using Ripple- Here Are Some Pros And Cons
Below listed are some pros and cons of using Ripple. Read on to know further to have an overall better idea
Pros of Ripple:
The basic goal of Ripple is a problem solver and create huge opportunities. You know that users have to wait for days to clear the payments in traditional payment methods, and sometimes it can go longer if the location is far.
Apart from that, the Ripple solution is good to reduce operational costs, increasing the transaction’s speed and efficiency. Ripple also boasts several players and offers a smooth workflow.
Cons of Ripple:
Due to the easy transaction process, ripple has become a crowded place that sometimes causes difficulty to work with ripple. In that case, SWIFT is the best alternative to work with. As per btc-loophole.io, Ripple has vast competitors with advanced features that generally affect the growth of Ripple.
Ripple is the smart and secure transaction platform that you can trust despite both pros and cons. With the rise in the cryptocurrency market, you can easily know the value of using Ripple Net.
Is Ripple The Right Choice For you?
Considering certain important factors, it can be stated that investing in ripple can be an option to go with. If you believe ripple can giveaway huge profits, there is no threat for investment. However, we suggest everyone check the market value before the investment, as the cryptocurrency market is highly volatile.
Moreover, ripple is extremely useful and good in making international money transfers. The best of Ripple is that it has solved the traditional methods of payments, and also, it comes with security and 100% transparency. On top of that, there is also a large company behind the growth of Ripple.
So, this was everything you needed to know when planning to invest in Ripple. Now, as you are aware of the pros and cons of ripple investment, it is time for you to think wisely and plan things ahead accordingly.