Ripple, XRP’s Number #1 Reason For MASSIVE GAINS!

xrp is a cryptocurrency of a blockchain based digital payment system called ripple instead of mining the blockchain ripple uses a consensus mechanism to verify the transactions compared to bitcoin ripple uses much less energy is much cheaper and is basically instantaneous its market cap is more than 30 billion dollars and ranks as the number seven most valuable cryptocurrency as of right now is this it do you know everything there is to know about ripple no not even close hi there it is your favorite channel about cryptocurrencies your daily altcoins here we dive deep and talk about different cryptocurrencies we give you information about different industry disruptors and guides to what you should consider your daily altcoin is a perfect channel for the beginner that wants to know more about what is going on in the crypto world if you are one of them join us and subscribe to not miss any important videos and before we get started on discussing what xrp is all about remember that this is just a video that gives you information this is not financial advice so before you make any final decision do your own research now let's get down to business or rather let's get down to blockchain ripple gives us the ability to transfer money from one place to another you can use any currency you want be it a dollar euro bitcoin or anything else even though it has its own currency xrp ripple plays as a bridge between two interested parties as a global payment network ripple already has a number of big banks and other financial companies that use the network it is estimated that the average transaction fee is 0.000 15 cents or a tenth of a cent and the speed at which an average transaction is made is about 4 seconds ripple's transaction system works quite interesting if you need to send some amount of money to another country say a thousand dollars to germany this is how it would happen first you would give your money to your agent this agent contacts the agent of the person they are trying to send the money to you have a key a password of some sort which is something that a receiving person let's say thomas in germany needs to know to get the money when you give a thousand dollars to your agent thomas now can go to his agents tell him the right password and get a thousand dollars from him while you gave away your thousand dollars and thomas got it it is not your thousand dollars that reached him that thousand dollars came out of thomas's agent's pocket and your agent now owes thomas's agent a thousand dollars there are different ways they can get straight later and very simply this is how the main aspects of the ripple network work this is also the main reason why it is way cheaper to send money through ripple using a medium called the gateway there is trust that needs to be built between the sender receiver and their agents it's the gateway that is playing the part of a mediator in the transactions by using any number of gateways during transactions you can send any currency you have and thomas will get any currency he wants to get if he wants to get dodge coin and you have dollars you just send dollars through one of the gateways a dollar gateway in this situation and thomas would get dodge coins on his side unlike most other cryptocurrencies ripple does not work using proof of work or proof of stake systems instead ripple uses a consensus method to verify the transaction if you want to use different gateways to send a thousand dollars a couple of times the ripple network will read it and will go with the first transaction you made so you cannot send the same thousand dollars over and over the consensus is achieved by individual distributed nodes that figure out which transaction was made first this is instant and precise let's compare ripple to the main giant of the crypto world bitcoin we already saw how ripple works to confirm its transactions while bitcoin uses the proof of work system to confirm the transactions by miners that put all that data into the blockchain this as you know consumes a large amount of energy and takes a lot of time meanwhile ripple is almost instant and compared to bitcoin it basically consumes little to no energy this difference in confirmation systems is the main reason for the price and speed difference there can be about 100 billion xrp in the world on its launch a billion xrp were distributed and slowly spread on the other hand the famous bitcoin is going to stop at 21 million bitcoins as you probably already know there will only ever be 21 million bitcoins which means that it can be used to store value so if you want to mine xrp you can't it is already minted so while ripple works in quite a complicated way it is way stronger in some aspects of money transaction even compared to the big boy bitcoin the reason we showed you that comparison is simple bitcoin is already very popular and will reach higher grounds as time goes on ripple and its currency because of having all of these advantages to bitcoin can and most likely will grow very quickly to a very high value it is just much more convenient for an average guy or gal to use ripple to transfer money on the other hand unlike bitcoin all xrp is already minted all xrp is already minted and can be released at any point by the developer ripple is centralized which makes it like a bank main reason the blockchain cryptocurrencies got popular is that they were decentralized and ripple is not that on the other hand we can say that ripple is at least trusted by big banks that are already using it testing it and seeing if it works better than their traditional way of doing things the potential of ripple and xrp is incredible everybody wants low transaction fees and high speed ripple provides exactly that it is really hard to say where xrp will be in a couple of years maybe on top of the world or maybe in the gutter we honestly don't know however if we look at similar cryptos the gut feeling tells us that if it's not a total bust ripple will be at least better than a disappointment while it probably will never reach a thousand dollar price because of an immense supply it does not have to do that in order to be valuable we have to mention that buying or selling xrp is constrained in the us because of an ongoing lawsuit issue the ripple is accused of illegally raising 1.3 billion u.s dollars when they fail to officially register as a public offering the lawsuit argues that a corporate setup which ripple has should be categorized as such and unlike bitcoin which is a currency ripple should be a security and can't sell unregistered securities in the us this is why xrp has been constrained consider this yourself would you like to use any currency to send money anywhere at super speed with a low cost to your pocket the answer i will assume is yes and you'd think that many other people answered that question the same way this is all you need to know if there are people that will use the ripple it will go up in value in even more simpler terms if people think it's valuable it's valuable many many people think that it is indeed valuable and it is your choice to decide if xrp is valuable or not this is the end of the video thank you for watching if you came all this way this probably means that you were at least interested in the video it would help us make more of these videos if you like and subscribe the crypto world is quickly developing there are developments every day and we here at your daily altcoins we'll do our best to give you the best quality video every single day thank you once again for watching and we will meet you in the next intriguing video until then fair and well

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