What is Ripple — XRP Coin?
Ripple operates as a blockchain-based financial platform aimed at making the process of money transfer fast and inexpensive. Ripple aims to provide an alternative to systems like SWIFT, which banks use for international money transfers, by offering speed and cost-effectiveness through its infrastructure.
In this article, you will find answers to questions such as: What is XRP coin? What is Ripple coin? What is XRP? What is Ripple? and What does Ripple mean?
How to Buy XRP Coin?
You can use the BtcTurk | Global website to buy XRP with Tether. If you are not a member of BtcTurk | Global, you can sign up immediately on our website and start buying XRP.
Where to Buy XRP Coin?
XRP coin can be purchased through centralized cryptocurrency exchanges. XRP coin is also available for trading on a few decentralized exchanges (DEX).
Who Owns XRP?
XRP is a cryptocurrency belonging to the Ripple infrastructure. Its total supply is limited to 100 billion. With XRP, users can transfer different currencies between countries cheaply and quickly.
What is Ripple?
Founded in 2012, Ripple is managed by Chris Larsen and Brad Garlinghouse. Ripple offers fast and inexpensive payment and transfer services through its patented payment infrastructure and its own Ripple coin, XRP.
Let’s take a look at how XRP works through an example:
Let’s assume that Person A wants to send USD to Person B in another country, but Person B requests to receive it in Rubles. This is possible with XRP coin.
The USD sent is first converted into XRP and quickly transferred to the target country via blockchain. Upon arrival in the target country, the XRP is converted into Rubles and transferred to the recipient. All of this process takes place in a matter of seconds and for a few cents.
The Future of Ripple (XRP) Coin
Ripple coin, which was founded in 2012, has long maintained its position at the top of the rankings. Being considered quite old in the cryptocurrency market, Ripple has continued to highlight its transfer and payment services through XRP coin by successfully passing numerous stress tests over this period. Ripple collaborates with banks, central banks, and various financial institutions, promising change. In this regard, standing out from other cryptocurrencies, Ripple is a company with higher interaction with traditional players outside the cryptocurrency market.
In a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the company was accused of distributing XRP coins as securities. However, the court ruled that only sales of XRP to institutional investors could be considered under securities regulations, ultimately determining that XRP is not a security. Ripple was fined for its sales to institutional investors, and the case was concluded.
Which Network Does XRP Use?
XRP coin operates on Ripple’s own blockchain. Because the Ripple blockchain has its own unique features, the process of transaction validation and wallet structures are different.
You can click here to view and obtain detailed information about the live transaction process on the Ripple network. https://livenet.xrpl.org/
How to Mine XRP?
Unlike other well-known cryptocurrencies, mining XRP is not possible. The consensus required for transaction confirmation is provided by pre-selected participants in the Ripple network. If 80% of the participants approve, the transaction is considered valid.
Ripple stands apart from decentralized cryptocurrencies like Bitcoin or Ethereum, as its infrastructure does not emphasize decentralization. Criticisms exist regarding the centralization of the Ripple infrastructure, as confirmations on the network are given by specific participants.
