The world of digital currencies has gained a lot of popularity over the past couple of years. With the global market cap of cryptocurrency reaching $1 Trillion, investments have been raining over the crypto market, and the crypto space is getting quite intense. Powerful minds from all across the globe, have not only supported cryptocurrencies but also, have actively invested in the market. People like Elon Musk and Bill Gates have often made headlines while showing their support for the world of digital currencies. And this is a clear sign that this industry is here to stay. All over the world, several cryptocurrencies are used as payment methods on various platforms. However, before we get into that, let us first understand cryptocurrencies on a brief note.
What are Cryptocurrencies?
A cryptocurrency is a digital or virtual currency that works on cryptography. And this makes it nearly impossible to forge or double-spend. Many digital currencies are based on blockchain technology. Bitcoin was the first-ever cryptocurrency to be introduced in the market, and today it dominates almost 70% of the crypto market at the time of writing.
Apart from Bitcoin, there are several other cryptocurrencies, and they are referred to as Altcoins. Ethereum and Ripple are the top altcoins in the crypto space. Ripple is technically not the name of the cryptocurrency. It is the company that is behind the cryptocurrency XRP. Ripple is a digital payment network for financial transactions. Ripple’s XRP is one of the top cryptocurrencies today in the market. It was the 3rd largest cryptocurrency in the market for a long time and only recently came down to the 4th rank. Another interesting fact about Ripple is that it uses a consensus mechanism through a group of servers to confirm any transactions.
How safe is Ripple’s XRP when it comes to payments?
One of the most remarkable features of XRP is that it acts as a bridge currency for other currencies. It knows no discrimination between fiat or cryptocurrencies and others and makes it quite easy to exchange from one currency to the other. When Ripple launched XRP in 2012, they said that it is a faster and much cheaper alternative to Bitcoin as it can conduct more transactions than Bitcoin within seconds. This is because its algorithm is not based on the proof of work mechanism. Ripple’s XRP can be sent from one digital wallet to the other, and international borders do not stand as a hurdle in between. In fact, it is forced on cross-border transfers between institutions. There are several websites where you can learn about Ripple and how it works.
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XRP enables entrepreneurs and institutions to accept and send payments across any network irrespective of the geographical location. Ever since it came to the market, XRP has shown its bullish nature. Such has been its popularity that there have been several rounds of debate in the crypto space about XRP reaching the $100 mark very soon. This hope on XRP comes after it has shown trustworthiness on its protocol over the years. And with the acquisition talks of MoneyGram and Western Union joining hands, many traders are rooting for XRP. This is because, if this deal ever happens, then it will be a huge advantage for Ripple’s XRP as Ripple Labs are already in deep relation with the MoneyGram. This will make it quite easy for XRP to reach $100.
On the other hand, there are debates against it, that says $100 for XRP cryptocurrency means its market cap overtaking the entire market cap of mega-companies like Alphabet and Google. And this will be hard to believe as Ripple’s XRP is not so popular when it comes to comparison with them.
$100 or not, XRP is one of the top cryptocurrency in the market today and is expected to stay so. There is no mining involved in the transactions, and hence it can facilitate faster transactions. There are validators to verify each transaction. And these validators are trusted by Ripple. This trust comes from XRP’s design to prevent double-spending.
Even though Ripple is facing several lawsuits presently from the SEC, it is expected to fight back. And to quote the CEO of Ripple Brad Garlinghouse, “We are not only on the right side of the law, but we will be on the right side of the history.”