For example, if a business paying in Japanese yen delivered a payment on the U.K., Ripple’s blockchain could immediately convert yen into XRP, subsequently XRP into lb, cutting out the financial middleman.
Ripple and XRP
The main cause of those trust lines is because issuances hold quite real value. If I have an issuance for a pound of gold, another parties trust that I actually have this asset. In case a malicious 3rd part creates a bogus issuance, it will be treated as real. Even 1 example of a fake issuance can break the confidence of the machine and collapse the system.
So there’s much more for BTC consumers to get excited about with the open source Ripple platform, which will definitely give XRP more kudos going forward. Ripple’s transaction speed is decidedly among the selling points, and one of the greatest headaches BTC users have is your scalability and time required to earn a transaction — every millisecond counts! In addition to being a cryptocurrency, it’s also a payment system. Additionally, it does not possess a blockchain. Instead, it employs the Ripple protocol consensus algorithm, so all transactions need to be verified by each node before they can go ahead. This makes it very exciting for investors and is part of the reason demand for Ripple has increased lately. Like bitcoin, Ripple has suffered a sharp price correction in the previous 12 months, however there are indications that it will recover. A couple of banks have already embraced the technological art of this Ripple platform including, Santander, Axis Bank, Yes Bank, Westpac, Union Credit, NBAD, and many more. According to Ripple Labs, banks can save an average of $3.76 per payment by using their protocol and contemplating that banks perform thousands or perhaps millions of transactions like this annually, this can represent potentially countless savings. I understand what you’re thinking. Bitcoin is too pricey. Take comfort in the fact that this sentiment (it’s too pricey ) prevents a lot of people from buying any Crypto, also generates an early entry situation for you so that you can take advantage of reduced costs. And, at least buying Bitcoin is now instantaneous on Coinbase if you have finished the simple confirmation.
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