XRP is a digital asset created specifically to address many of the shortcomings faced by Bitcoin and its PoW system. Bitcoin has largely failed in its original vision of being a payment system due to the low speed, high cost and lack of transaction scalability on its network. XRP is a great digital asset for payments due to its high transaction speed (3 second transactions), low cost (a fraction of a penny per transaction) and high
scalability (1,500 transactions per second on ledger).
Who is Ripple?
Ripple is a company attempting to build a platform (Ripplenet) that utilizes the XRP token to solve the global cross border payments problem. In the current correspondent banking system, moving money across countries can take days. In the traditional system a large amount of capital is tied up worldwide because of the requirement for the pre-funding of nostro and vostro accounts.
What is the Ripplenet?
The Ripplenet is Ripple suite of three products; xVia, xCurrent and xRapid that work together to provide a seamless experience for companies, banks and payment providers to quickly and transparently move their money around the globe.
Other Players in the XRP Ecosystem
Ripple is not the only player in the XRP ecosystem. A number of other projects are building real world solutions on top of the XRP token and interledger protocol.
Full list of companies utilizing the XRP token
How to buy XRP
For those living in the United States, Uphold.com is a great platform that allows customers to purchase XRP for fiat currency. For those that already own other digital assets Binance is a great platform to exchange BTC or ETH for XRP. For a list of XRP exchanges and fiat pairings in your country check XRParcade.com.
***Update: XRP can now be purchased on Coinbase, one of the most popular and easy to use digital asset exchanges.***
How to store XRP securely
Once you have purchased your XRP, it is important to store the digital asset off the exchange. Unless you have management of the private keys you do not really own your digital asset. Exchanges are the targets of frequent hacks that result in the loss of cryptocurrency. The safest way to store your digital asset is offline in a hardware wallet such as a Ledger Nano S.
Note: DigitalAssetInfo.net is not a financial adviser. All information is for entertainment purposes only and does not constitute financial advice.