XRP: What Is Ripple Currency?

XRP, the digital asset of Ripple, is supposedly capable of settling a payment within 4 seconds and handling 1,500 transactions every second.

Though Ripple has differed from other cryptocurrencies in a number of ways, one way it remains similar is that there is a finite amount of XRP created, and that is all there will be. In the case of XRP, 100 billion exist, 60% of which are owned by Ripple.

Were a financial institution to use xRapid to help with cross-border payments from one fiat currency to another, XRP is what is used mid-transaction for liquidity. This makes Ripple and XRP a bit unusual in the world of cryptocurrency: It's not really used as a currency, to the point that Ripple CEO Brad Garlinghouse recently told a conference audience, "I don't think about the digital asset market. I think about the customer experience." What is cryptocurrency XRP

Because so much XRP is owned by Ripple and isn't really used as a currency, some have alleged that it should be considered a security. Garlinghouse, however, has said he believes it should not be, as it serves a utilitarian purpose, and owning XRP does not mean owning a part of the company Ripple.

Ripple vs. Bitcoin

Bitcoin, as the most well-known cryptocurrency with easily the largest market cap, is an easy comparison to make when discussing other cryptocurrencies. However, Ripple is quite different from bitcoin in a number of ways.

Some notable ways are how Ripple sells itself, especially with regards to transaction speeds. One of the more notable complaints about bitcoin is how long a transaction can take. With the extreme volatility of bitcoin, it creates the risk that when the transaction is finalized, you may not be getting the amount of BTC you expected when you first initiated it. But with Ripple claiming 4-second long transaction times, that's far less of a concern.

Bitcoin is entirely decentralized, as it was made with the purpose of allowing for financial transactions without the need of a third party like a bank. Ripple, on the other hand, literally sells its services to banks and financial institutions. With most of the XRP being owned by the company, the network is far more centralized.

Despite each falling under the large umbrella of "cryptocurrencies," ripple and bitcoin's purposes couldn't be further apart. Bitcoin was made in the hopes of creating a brand new financial system entirely. Ripple, creating its digital token to help with asset transfers, seeks to assist existing financial systems and upgrade their capabilities for worldwide transactions.

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