Cryptocurrency has become far more popular and well known in recent years. As a growing part of the financial world, crypto is seeing use both as a currency and as an investment vehicle with new currencies coming out regularly each focused on a particular niche or need. One such cryptocurrency is XRP and its current value in XRP to USD shows it is a currency that is (as of the time of this writing) quite affordable for interested parties.
The Growth of Crypto
Despite the wider media only becoming interested in crypto in recent years such ideas and concepts are not new. The idea of digital currency dates back decades and the company DigiCash dates back to 1989 and is one of the earliest examples of the concept. The technology that would become the blockchain, the backend for modern crypto, was created in 2008, but the idea had been considered as early as 1998. However, it was not developed until far later due to concerns with the security, scale, and viability of late 1990s computer technology.
Crypto really started to grow and its value increase in value in late 2017 after several years of smaller growth, marketplace development, technology implementation, and the various growing pains any new technology goes through. With large-scale finical insinuations and banks starting to research and invest in cryptocurrency it appears it is here to stay and will continue to grow, gain wider acceptance, and develop new uses.
What Is XRP, and What is it For?
With so many cryptocurrencies on the market knowing what to invest in or purchase for personal use can be confusing. While some cryptocurrency is designed for general use some are designed for specific uses and situations. XRP is one such example, developed by Ripple Labs it is focused on international transactions. International sales can be a hassle due to currency exchange rates, high fees, and international wires taking days. XRP serves as an intermediary currency between countries that use different currencies, such as US Dollars and Euros. XRP is also faster than other crypto options due to differences in the algorithm used.
About The Payment Network
Ripple Lab makes use of its own payment network RippleNet and Ripple has its own ledger solely for tracking XRP exchanges. Notability while RippleNet makes use of XRP it does not require it for use and the network can also transmit several other popular types of crypto. RippleNet does make use of XRP specifically for on-demand liquidity purposes.
Why Use XRP?
Now that you know more about XRP and its intended purpose you may be asking is it something you might find useful. If you find yourself having to do international currency transfers as either a buyer or a seller you are no doubt familiar with the associated fees and the unpredictability of exchange rates. There are also the hassles associated with wire transfers. While often safe wire transfers carry high fees and can take several days to fully clear which for many time-sensitive businesses is far from ideal. If these are problems you’ve regularly encountered the cost-efficient and fast XRP cryptocurrency could the solution you’re looking for.
Crypto is an exciting and dynamic technology with many practical uses and a bright future. However, despite its usefulness, much of the press about crypto is focused on trading and investment instead of using it as a currency of exchange. XRP is designed to limit inflation and be more centralized, making it useful as a currency, and with its focus on speed is far faster than other cryptocurrencies you could use. If you fit in its targeted market segment then XRP can be a very practical addition to your international business or personal dealings.