What is Ripple?: How would you transfer funds to an international account? You can use a third-party service or platform like PayPal or SWIFT to make such international transactions. Similarly, Ripple is a digital payment network used by some financial institutions. It was founded by Chris Larsen and Jed McCaleb, and Ripple can be used for fiat currency and cryptocurrencies. If you are interested in crypto trading or metaverse token trading, try a new trading app https://bit-qt.app/
Ripple is not a cryptocurrency and it is a company that has a crypto asset named XRP. It is a crypto token that can be used to transfer cryptocurrencies between two different networks. It is a faster payment process where you can make a transaction with a digital currency at fewer fees.
Before you use Ripple, you need to know some basics about this payment network. Here, you can find some factors that you need to consider:
Do you have any idea about a hawala method? It is a conventional money transferring process used by the people. For example, you can give your funds to an agent and share a password with your agent and the receiver. The agent will connect with another agent located in the city where the receiver is living and the second agent will transfer the funds to the receiver’s account. But, in this case, the agents charge some transaction fee.
Ripple is similar to the hawala money transferring process, but it is secured and a little complex in nature. If you want to send money through an agent then you have to take the risk because your agent can steal your money. In the case of Ripple, you do not need to depend on an agent and you can use the Ripple network to transfer your money directly from your account to the receiver’s account.
Ripple has a digital currency called XRP and you can use this crypto as an investment option. But, Ripple is known as the money transferring network where people can use fiat and cryptocurrencies. For example, you can make a transaction with bitcoin through the Ripple network and it is not necessary to transfer the funds to another user who has a bitcoin account. You can convert your bitcoin into fiat currency and transfer the funds to the receiver’s bank account.
Apart from that, Ripple does not use PoW or PoS, and all transactions made through Ripple are run through a consensus protocol, which is done by a group of bank servers. Each transaction through Ripple can take a maximum of five seconds, and all transactions made through Ripple are stored in the Ripple consensus ledger, which is a form of blockchain.
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