Are Ripple’s Advancements Underappreciated? How XRP Leads The Crypto Ecosystem In Many Ways
Ripple enables almost instant cross-border, international money transfers. Ripple’s main target market are banks which will hold large amounts of XRP to transact almost instantly with each other.
Even though banks are the main target for Ripple, everyday people like you and I can use Ripple for money remittance purposes. A Tweet by XRP_Anderson set the tone for this stance that we might be sleeping on till now.
“Considering the recent issues having to do with some of the largest cryptos in the market, I would say, I believe XRP is much far ahead of than what we realize. Yes, I said it! Just being honest! How many issues are you seeing XRP having?”
It might not be objectively true, but just looking at the crypto ecosystem with a glance. It might be safe to assert that XRP might be the best top digital asset out there.
Bitcoin has about 50,000 unconfirmed, which even though is an improvement considering they had 200,000 transactions were left unconfirmed in 2017, it is a high number. Ethereum faces scalability problems too. Other top cryptos like Bitcoin Cash are suffering unintended hard forks. TRON has accusations of being too centralized. Steller had a network blackout for 2 hours recently.
Give below is a list of advantages of XRP that it has over these cryptos.
- XRP has really fast transaction times, a transaction currently takes about 4 seconds to be processed.
- XRP has really cheap transaction fees which are currently under a penny at $0.004 per transaction (less than 1/2 a cent).
- Ripple is also partnered with over 100 banks which include the Bank of America, UBS, Standard Chartered, Barclays, JP Morgan, Santander, and American Express.
- XRP’s blockchain adds transparency and additional security to transactions by adding each transaction to a public ledger which cannot be altered or changed.
- Since XRP transactions are peer-to-peer there is no central point of failure.
XRP’s growth outdid both Bitcoin and Ethereum in 2017, on top of that Ripple is already working with over 100 different banks including Barclays, JP Morgan and Bank of America. Ripple will save banks a lot of money in terms of fees (XRP transaction fees are currently less than a cent) and since transactions only take a few seconds this means a lot more transactions can take place.
If Ripple can continue to add more banks to its roster and increase the ease of access to XRP for the everyday person then I see the future looking good for Ripple.