The difference between XRP and bitcoin
Tips: the currency is risky, investment must be cautious
For the difference between XRP and Bitcoin, please watch the video and the text carefully
XRP has been grinding a sword for ten years and is entering our life
It will rewrite history and break the current financial structure of the world
XRP – the monetary bridge of the world
A whole new digital financial system has been born.
Will XRP become the second Bitcoin?
Article | Joe Worth
Like Bitcoin, Ripple has made it easier to move money around the world. But the difference is that Bitcoin is a virtual currency, while Ripple is an Internet transaction protocol that allows people to make payments in either currency. For example, Party A can use Ripple to pay in U.S. dollars, while Party B can receive euros directly through Ripple.
Ripple Labs, a SAN Francisco-based startup, is pushing Ripple to become a standard transaction protocol for banks around the world, making money transfers as cheap and easy as sending an email.
To find out more about Ripple’s new payment system and its impact on small business transaction behavior, we spoke with Match.com founder Gary Kremen. He recently launched CrossCoin Ventures, a business accelerator that mentors Ripple-based start-ups and helps them navigate special financial matters such as compliance investigations and customer service needs.
Q: What are the advantages of Ripple?
A: Like Terecoin, Ripple is a shareable public database and a global ledger of payments. The consensus mechanism allows all computers in the Ripple network to automatically receive updates to the general ledger information within seconds without going through a central data exchange. This processing speed is a major engineering breakthrough for Ripple. This means that Ripple’s transaction confirmation time is only 3-5 seconds, compared to Bitcoin’s 40 minutes.
Q: How does Ripple help small businesses?
A: It allows small businesses to receive money from a customer within seconds, no matter where that customer is on the planet. Ripple now transfers money from a consumer’s credit card to a small business’s bank account in just three days. This quick cash availability is a great help in managing a business’s daily cash flow.
Because Ripple’s transfer fees are so low that they are negligible, it is likely that credit card companies will be able to lower their transfer fees in order to stay competitive, thereby reducing the amount of money smaller companies spend. Credit card transaction fees are unreasonable for small businesses today. Large companies can get more preferential treatment, but small businesses can hardly enjoy the same treatment.
If you own a small company that does a lot of business overseas, Ripple can be a big help. It allows you to transfer money abroad in just five days, with an average fee of 7% each time. Ripple’s transaction confirmation time is only three to five seconds, and the foreign exchange fee is very low or zero.
Q: Is Ripple likely to be widely used? If so, when will it happen?
A: It will take time for cryptocurrencies to take off; They have changed access to financial services. But I do think it’s a possibility. Ripple Labs is currently focused on the compliance of the system and its rollout and use at the regulatory and bank levels. I wouldn’t be surprised if within two years people started using Ripple for everyday shopping.
Q: Where does Ripple’s revenue come from?
A: Ripple is an open source system and more of a public resource. Ripple Labs does not own or control it. However, for ease of use, the company did create XRP, a cryptocurrency (or “cryptocurrency”) unique to the Ripple system. On Wall Street, people can exchange XRP for other currencies and cash them, making it easier for the market to determine the exchange rate for XRP.
Similar to Bitcoin, XRP will start at 100 billion and will not increase. But there is a fundamental difference: XRP can’t be mined the way Bitcoin can. One of Ripple’s founders, who used to work on a Bitcoin exchange, was so upset with the mining process used to generate bitcoins that he scrapped it when designing Ripple. That’s the amount of XRP. As for the revenue issue that you’re wondering about, I can tell you that Ripple Labs owns 25% of that money, and they put it into the Ripple system. Translation | Ying,
XRP introduction
Welcome to Google Sun Yuchen,
Why is XRP rising?
Why is XRP rising?
Can you imagine the easiest way to make payments in a global currency? Instant payment, free, universal currency… ? Perhaps the current ripple technology is not far from your imagination.
First of all, you may be familiar with SWIFT, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), or the Society for Worldwide Interbank Financial Telecommunication, Is a collaborative organization that operates a world-class financial message network through which banks and other financial institutions exchange messages with their peers to complete financial transactions. Since it was put into operation, SWIFT has played a positive role in promoting the development of world trade, accelerating the global currency circulation and international financial settlement, and promoting the modernization and standardization of international financial business with its efficient, reliable, low-cost and perfect service. As of June 2007, SWIFT’s services have reached 207 countries with access to more than 8,100 financial institutions. In 1980, SWIFT connected to Hong Kong. The Bank of China joined SWIFT in 1983, becoming the 1034th member bank of SWIFT organization, and officially opened its service in May 1985, which has become an important milestone for China to conform with international financial standards. After that, many countries of our country have commercial banks and stock exchanges in Los Angeles and Shenzhen, also joined SWIFT. In the 1990s, except for state-owned commercial banks, all foreign and overseas Chinese banks that can handle international banking services and local banks in China joined SWIFT one after another. Simply put, it is the SWIFT network for wire transfers between banks and other financial institutions.
However, Ripple is a unified financial payment transfer system, so it does not need any intermediate financial institutions such as clearing centers, banks, credit card companies, etc. Ripple avoids the obstacles of any financial system and high intermediate fees. Ripple also supports the exchange of various currencies natively. Most importantly, Ripple is open, and anyone can build a financial trading platform on it. Ripple is built on a P2P network, unlike traditional centralized financial networks. Ripple payment system is distributed on every node in the world. These nodes, which are connected through a P2P network, constitute the entire Ripple financial database. So, the financial transfer payment is a matter of seconds. Ripple The currency circulating in the financial system is called XRP. Because ripple protocol can carry out payment transaction efficiently and cheaply, it is a great invention to challenge SWIFT network. The top management of Ripple protocol calls Ripple “SWIFT 2.0”. Ripple has a larger scope — it can not only process the existing legal currencies of various countries, but also the virtual currencies including Bitcoin, and can even process merchant points, phone minutes and other valuable things, building a completely free circulation and conversion of the “value network”. This “value network” will have two main features: instant and free.
It is revealed that Ripple has established cooperation with some banks in Germany, the United States and South America to use ripple protocol. There have been cooperative banks in China, and it is expected to cooperate with more banks in the near future.
As you can imagine, a system cooperating with banks can gradually realize instant and free payment or exchange function. XRP is the basic currency of Ripple network. Just like Bitcoin, XRP can circulate freely in the whole Ripple network, acting as a bridge currency and becoming an intermediate in various currency exchange. At the same time, XRP will gradually decrease as transactions increase. Its future potential is foreseeable.
