Did you know that Ripple has two parts? Are the Affiliate programs giving you enough information through Ads? If not, let us help you. Ripple comprises two parts- XRP and RippleNet. The first part, XRP, is a Cryptocurrency, and the second, RippleNet, is a payment gateway built for enterprises.
Ripple serves two purposes. The first one is to help you diversify your portfolio. The other is to help banks and other financial institutions help transfer money and receive money with low transaction fees. With the great purposes of Ripple, it brings a few advantages as well. If you want to know about them, all you have to do is read the article until the end. Let’s widen your horizon with the benefits of Ripple:
- Quick Settlement
Compared to the speed at which banks provide us with transaction confirmations, Ripple helps us out in just 4 to 5 seconds. This can be satisfying for many of us since banks mostly fail to provide us with such convenient services. This happens when they are using the traditional method of transferring money. If you incur any XRP transactions, you will get the confirmation at this speed only.
- Less Competition
Ripple is not one to compete with other Cryptocurrencies and payment gateways. They complement Cryptos like Bitcoin by trying to teach Blockchain technology in the traditional finance world.
- Fewer Controversies
Since Ripple is not only a Cryptocurrency but also a payment gateway, they are less affected by the controversies related to the future and scope of Cryptocurrencies. They are connected with big institutions, which keeps them out of controversies.
Since their focus is based on establishing their base in the financial markets by targeting banks and other institutions, they do not compete openly with other Cryptocurrencies, which shows where they are focused.
- Low Fees
Transaction fees are something that we all dread spending. Ripple allows you to spend less on transaction fees and lessen your pain of paying transaction fees.
- Flexible Exchange Network
Ripple has two purposes, as read above. This only explains that the network is not only to process XRP transactions. This network also processes transactions of Cryptocurrencies, Fiat currencies, and commodities.
- High Reach
They have a high reach as compared to others. They have ties with large financial institutions like Axis Bank and Yes Bank. They plan to expand their network and are moving towards trying to free the markets from the traditional ways.
The Bottom Line
It must have come to your mind if you need to own XRP to use RippleNet. The answer is no, and you do not need to own their Cryptocurrency to use their payment gateway. Many people refer to Ripple as the ‘Bitcoin of Banks,’ which proves itself worthy of this title.
It is seeing an increase in its growth, and they intend on growing till they achieve its goals. However, do not get confused with the use of XRP separately. They can be used like every other Cryptocurrency even though they operate differently.
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