Not so Popular Ripple Facts that are Worth Knowing
Even if it’s still a newcomer, Ripple managed to become one of the most performant business in the crypto space. There are a few facts that are not so popular about Ripple, but they’re definitely worth finding out.
The official name is not Ripple
The actual name of the token is XRP, and the lab that came up with it is Ripple Labs. Even if people use Ripple and XRP as interchangeable, the names denote different things. Even if Ripple is not capitalized, it has enough liquidity and credibility.
XRP is only used in s single Ripple product (out of three)
Ripple’s flagship is xCurrent, and it seems that it has nothing to do with XRP. It is used to allow bank transactions reliably regardless of the tokens they use. American Express and Santander are already using this product. Only xRapid uses XRP via the xCurrent system making transactions faster.
You can’t mine Ripple
Every Ripple coin has been calculated and not every one of them is currently circulating. You cannot mine it.
Only 40% of XRP tokens are currently circulating
XRP coins include about 100 billion tokens, and most of them are not circulating yet. Ripple Labs own about 60 billion. They directly own 6.25 billion and they keep 55 billion in escrow for future use.
XRP is not about payments
XRP is not designed as a payment currency. It could be if your favorite retailer such as Alibaba or Amazon accept it. Ripple is designed to be a transfer coin for moving money from one point to another, and this is even better – cheaper, practical, more efficient than any bank transfer.
Ripple’s network is faster than Ethereum and Bitcoin
Ripple transactions are instant, and they only take a few seconds compared to Bitcoin which can take up to 81 minutes.
Even if Ethereum is faster, it still takes a couple of minutes to complete. Faster transaction times, mean that XRP can manage higher volumes as well.
Ripple charges a tiny fee
The transaction cost is pretty high in the crypto space, and Ripple’s fees are about 1% compared to Bitcoin, for instance. The highest transaction fee that Ripple ever had was about 3 cents.
Ripple is a reliable, cheap and fast currency with real-world implications and this makes it one of the best choices for investors and crypto enthusiasts.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.