Advice for cryptocurrency enthusiasts: is it smart to buy XRP now?
Posted: Jun 20, 2018
Even though the number of cryptocurrencies currently available exceeds a thousand, the ones enjoying a great spurt in popularity include Bitcoin, Ethereum, Dogecoin, Litecoin and Ripple XRP. Those who stay up to date with news related to altcoins should know that XRP value has increased drastically since last year. Moreover, business owners who understand the benefits associated with leveraging the power of blockchain technology might want to seize this amazing opportunity and invest in Ripple. In fact, on second thought, Ripple made its appearance in 2012 with the purpose of accelerating or facilitating the procedure of sending money across the globe for both companies and financial institutions so it is more than normal for these to want more efficiency in what concerns transaction processing and completion. The best part is that the service provided by The Ripple Network comes with a ridiculously low fee for overseas payments in comparison to banks. American Express grasped the nettle in 2017 and made public its collaboration with Ripple for sending money to the UK, becoming an example for others.Ripple sparked controversy with its skyrocketing value
However, the most important question is: how should the average man fascinated by digital currencies interpret this surprising rise of the XRP price? The altcoin already managed to become one of the most valuable cryptocurrencies out there and some people speculate that it might even have great chances of dethroning Bitcoin. Obviously, such a statement sparked controversy, especially considering that others people strongly believe that investing in Ripple is nothing more than a misguided hope. Ripple’s primary objective is for people to see XRP as a "bridge currency" ensuring cross-border transactions or payments because the traditional process includes too many intermediaries and moves too slowly. If we make a comparison with Bitcoin, XRP easily become the winner because it can settle far more transactions in just a second and the fees are much more convenient. The main idea is that Ripple does not necessarily want XRP to replace Bitcoin so this controversy might not affect them as much as some people think. Thus, the question still remains: what happens to those individuals who plan to buy XRP now? Should they proceed or wait?XRP basics: what to know about this popular altcoin
Well, they should first become familiar with the basics of this digital asset that clearly managed to gain attention this year after its value skyrocketed unexpectedly. The speculation and mystery surrounding this altcoin might spark confusion among average people, who just want an opportunity to build wealth fast, because they might not know when to make the first move. Just like mentioned above, XRP was designed with a sole purpose in mind in comparison to other digital assets – assisting enterprises in the transfer of money. This means that those who plan to use it for purchasing commodities or storing value might face disappointment. Furthermore, institutions trust the advanced technology behind Ripple, which makes it the most scalable altcoin. XRP has definitely proved its worth taking into account that it can handle over a thousand transactions per second. Unlike Bitcoin, Ripple does not aim to replace existing currencies declared to be legal tender by the government. On the contrary, it makes the procedure of transferring fiat money easier. In fact, Ripple wants to provide more effective solutions for cross-border payments and make money transfer as fast as information exchange.Should you buy XRP cryptocurrency right now?
Experienced engineers and trusted validators support the XRP Ledger, an open-source code base, and join forces to make it more resistant by initiating a process of decentralization. Apart from being secure, XRP is also more sustainable, which means that it does not require huge amounts of electricity for the creation of new coins, as mined digital assets do. At this point, the inevitable question arising refers to the moment banks decide to use XRP in the future. Besides financial institutions, individual investors have the possibility to buy XRP cryptocurrency as well by visiting one or more digital exchanges, but should they do it or let this opportunity pass by? In order to provide an accurate answer to this question, we are going to tackle the main perquisites associated with Ripple investing and the main reasons why XRP investors should worry. We all know the saying "there is no sunshine without a little rain." Maybe the same principle applies in this case and you cannot enjoy the benefits offered by XRP without encountering a few difficulties at the beginning.Buying XRP: the benefits and the drawbacks
Many cryptocurrency enthusiasts who are looking for smart ways to build wealth should know that XRP can help them achieve their main goal, namely to make money. The skyrocketing value of this altcoin probably causes suspicion and doubt, but the reality is that these are optimal conditions for becoming more powerful financially. After all, we also know that you cannot win without taking risks. Moreover, the triumph will not be as glorious without any risks associated with it. There is no doubt that institutions, American Express being the first example mentioned above, have already started considering or embracing the idea of exploiting XRP for increasing efficiency, faster and easier overseas payments. It banks seem willing to give it a shot and as any individual, you have a close connection with the bank, then why not follow the example? Those people who do want to buy XRP should create a digital wallet. Finally, yet importantly, the reliable development team behind Ripple makes everything smoother and continuous.
The main concerns that skeptics associate with Ripple refers to the possibly deceiving superiority of the blockchain and the ephemeral success enjoyed in the last months. More specifically, they doubt the capability of the XRP Ledger of handling approximately 1500 transactions in just a second. Furthermore, they start questioning the strategy of Ripple to demand such low fees in comparison to other altcoins when the quality of the services is so high. Practically, they believe that XRP is too good to be true and are trying to identify flaws. At the end of the day, each individual has the possibility to analyze the information received and decide the next move.
Cynthia Madison is a young blogger and economics and marketing graduate. She writes about home, lifestyle and family topics and is a senior contributor to popular niche publications.