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Is Ripple XRP the future of Cryptocurrency? – The Ripple Effect

Let’s face it 2017 really was the year of the bitcoin.

It was everywhere, the hype and stories of those who had become bitcoin millionaires flooded the airwaves.  Nothing has really caught the imagination of the markets, CFD traders and the public quite like it.

With 2018 now truly here, the euphoria surrounding the infamous crypto currency has died down a little. But there is another cryptocurrency which despite its name is beginning to make waves.

Ripple launched in 2012, though it was first conceived and developed back in 2004 is a cryptocurrency that caught the limelight on the back of bitcoins 2017 glory and made its own headlines when it hit an all-time high in January of $3.315 per coin. Now that does not sound as impressive as bitcoin surge past the 10k level, but ripples massive jump was a 1300% increase in under a month and it created its own multimillionaire club to those early adopters.

Since then as with everything that shoots up so quickly, Ripple has fallen back down but there are still a lot of buzz that it could be the future of the cryptocurrency market.

Ripple is not just another cryptocurrency it is in fact a decentralized transaction network which also has its own digital currency which can be traded against other traditional currencies such as XRP/USD pair. Ripple also carries the same name or is also known as XRP.

As well as that there are several key differences that ripple has over bitcoin.  Due to the fact Ripple is not mined like its counterpart and in fact in uses an iterative consensus process, it is a lot faster than bitcoin and is a lot more energy efficient.  Ripple also allows automated scripts which can lead to better protection of your transactions and capital.

And another major difference and this is what could lead ripple being the future, is that it plays nicely with others, in other word ripple is cooperating with banks.

Bitcoin fame is not only down to its incredible run last year but the fact it is decentralized and cannot not be tracked and be touched in anyway by the banks.  This has led it to be used for several schemes on the dark web including drug dealing and other unlawful activities.

Due to this and lack of a working relationship with the banks, there has been calls for restrictions on it and even attempts to ban all bitcoin transactions.

With Ripple willing to work with financial institutions to improve how money is transferred around the world and with the financial institution now embracing cryptocurrencies, there is a strong possibility that ripple will be the digital currency of choice.

Of course there are the bitcoin faithful, who believe that bitcoin will never be replaced at the top and that it was the first, but anyone remember LYCOS which was one of the first search engines, where is it now?  Been replaced by the monster that is google.

As it stands bitcoin market cap is nearly 5 times larger than Ripple, with according to www.Coinmarketcap.com, bitcoin market cap is currently at $180 billion with Ripples at $36 billion.

So Ripple has got a fair way to go to take the throne, however, with the financial world waking up to the future of digital currencies and with Ripples benefits of being faster and more energy efficient and its partnership with the banks it could only be a matter of time.

Comments

  1. Even if the cryptocurency market keeps going up and down, I would still invest in it. But I wouldn’t put a lot of my money into Bitcoin. I would rather diversify my investments and get some Ripple, DasCoin, Litecoin and another 10 or so altcoins. I wouldn’t watch the daily market as that is a waste of my time, but rather keep investing around 2-3% of my monthly income into these coins and wait on them for several years. I think the ROI would be worth the wait.

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