Ripple xrp has been in strong demand among investors the coin has increased by around 25 in the last few days with a 160 percent increase in its volume putting it in sixth place among crypto assets in terms of valuations ahead of cardano and solano as well yet there are many people who are still .
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Unaware of this revolutionary cryptocurrency and that's what i'm here for hey everyone i'm sharmly and i welcome you all to this new video of simply learn on what is ripple in this video i will try to cover all the important aspects related to ripple so that all your questions related to it could be answered so let's get started but before moving ahead please do hit the like button .
And also click the bell icon to never miss an update through simplylearn so let's have a look topics that we are going to cover in this topic first we will understand what is ripple followed by what is xrp then we will see the working of ripple then we will learn how to mine xrp after that we will have a comparison between bitcoin and ripple then we will explore the pros and cons of ripple .
After which we will see how you can actually use ripple followed by we will see how can we buy ripple and in the end we will see if it is a good investment or not so let's get started with the video first let's understand what is ripple so the firm behind ex rp is ripple which is a payment settlement systems and currency engine network that can handle transactions all across the world .
Basically it acts as a trusted intermediary between two parties in a transaction as the network can be immediately validated that the transaction was completed successfully ripple can ease the exchange of a wide range of fiat currencies and cryptocurrencies including bitcoin so when users utilize a network to make a transaction the network takes a modest .
Charge in the form of xrp and ripple was built from the ground up to be a swift a leading money transfer network successor or to otherwise replace sentimental layer between large financial institutions so this raises the question of what is exile so let's have a look at it the xrp ledger created by jade mikhail arthur brito and david schwartz is a blockchain that runs xrb mckillib and brito would go on to form ripple which would employ xrp to enable .
Network transactions you can acquire xrp as an investment crypto to trade from other cryptocurrencies or as a way to fund ripple network transactions xrp is blockchain in particular drifted from that of most other cryptocurrencies other cryptocurrencies give anyone who can solve difficult equations quickly access to their transaction ledgers and verification processes ripple transactions on the other hand Are safe since the majority of ledger holders must agree to the verification before they can be added also the ripple network which employs xrp is somewhat centralized and uses a consensus protocol this means while anyone can download its validation software it has its own node list that consumers can use to validate transactions based on which participants they believe are least likely to cheat them .
So now that we know the basics of ripple and xrp let's have a look at working of ripple to verify transactions the xrp cryptocurrency employs a consensus protocol validators verify that proposed transactions are valid by comparing them to the most recent version of the xrp ledger now what transaction must be accepted by the majority of validators in order to be verified once it's verified the .
Transaction is then added to the blockchain so now that we know it's working let's have a look at how ripple can be mined by its users ripples or xr is created using a crypto ledger that is akin to blockchain technology and is federated by financial institutions and payment processor networks while it is true that ripple xrp cannot be mined by miners it is technically viable to do it using other cryptocurrencies so one of the most .
Viable techniques for mining xrp is to mine other cryptocurrencies such as bitcoin and ethereum and then transfer the mine crypto for ripple through exchanges and that's how the mining is done so as we have discussed all the basics of ripple let's dive down deeper and have a look at how it differs from bitcoin to verify transactions and distribute new currencies bitcoin employs mining .
Participants set up mining devices to solve complex mathematical equations with the first person to solve the equation winning the right to add a block of transaction to bitcoin's network then participants receive bitcoin rewards for each block they add in the exchange for bitcoin mining whereas the consensus protocol used by xr plane confirms transactions for a transaction to be accepted it must .
Receive the approval of a majority of validators who actually review it then bitcoin transaction confirms can take several minutes and are associated with significant transaction charges due to the intricate and expensive nature of mining utilized in the cryptocurrency but on the other hand xrp transactions are instantly confirmed and have really cheap transaction fees the user is charged a small amount Xrp each time a transaction is completed on the ripple network now the supply of bitcoin is limited to 21 million which means there will be never more than 21 million bitcoin the artificial scarcity of 12 bitcoin has sparked investor interest in the currency's potential as a safe haven but in contrast at the time of introduction one billion xrp was free mined and progressively distributed onto the market by the company's major investors .
Next we have when miners discover bitcoins they are released and added to the network they have no set release date and their supplies is largely determined by network speeds and the difficulty of the algorithm used to create coins on the other hand the release of xrp is controlled by a smart contract according to an inbuilt smart contract ripple is expected to distribute a maximum of 1 billion xrp tokens per .
Month so the current circulation is 55 billion till now so this was all about the difference between bitcoin and ripple and i'm pretty sure that till now you have understood all the basic knowledge about ripple so let's move ahead and look into some of the pros and cons of ripple though xrp transactions are quick and inexpensive ripple's consensus protocol .
Is perhaps less secure than other crypto transaction processing technologies next is even though financial organizations are already using ripple's payment network ripple's financial partners primarily use triple net rather than xrp cryptocurrency next we have is small company owners and individuals who can utilize xrp to make safe money transactions yet because it is administered by a .
Private corporation and because of the sec litigation ripple has sparked the debate and for foreign currency transfers xrp can be utilized as a british currency but in the united states buying serpi is quite challenging so now that we know its pros and cons also let's have a look how you can actually use ripple xrp can be used in same way as any digital currency for transaction or as a possible investment .
Other sorts of transactions such as currency exchange potentially be processed using the ripple network for example instead of dealing with the currency conversion directly through a bank or money changing exchange you may first exchange your us dollars for xrp on the ripple network and then use them to buy euros rather than paying the hefty cost that banks and money transmission businesses may demand this can be a lot fast and less expensive .
Option so now that we know everything about ripple let's explore how can we actually buy ripple so all you need is sign up for an account on an exchange that sells ripples xrp cryptocurrency to buy it then using any of the exchange's allowed payment methods buy it here are a few places where you can get xrp q coin uphold and coin mama now the question is .
Is ripple a good investment so xrp is a risky investment that is not for the faint of art however if you feel ripple will succeed as a payment system it may be worthwhile to invest in xrp so just be sure you're not gambling with money you can't afford to lose well this was all about what is ripple i hope you enjoyed this video and learned .
Something new from it if you have any questions related to the topics covered in this video feel free to ask out in the comment section our experts will reach out to you soon thank you [Music] hi there if you like this video subscribe to the simply learn youtube channel and click here to watch similar videos turn it up and get certified .
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