RippleNet is an aggregation of payment providers such as money services and banks that make use of the Ripple solution in order to seamlessly send money globally. So, it is basically a platform that reduces the bottlenecks associated with transactions and sending money from one location to another across the globe. It simply makes trading easy and makes finding another user to trade with extremely easy. The platform enables transactions in any currency, and it promises minimal transaction fees.
XRP can be best described as a token that is used to represent the exchange or transfer of value across the Ripple Network. It is basically a form of mediator for both fiat and cryptocurrencies exchanges. The amazing thing about XRP is its fluidity, it can be any other currency that you want it to be. If you desire to exchange euro to dollars, XRP can be any of the two currencies, which helps to reduce commissions on every transaction.
What is Ripple used for
Ripple is used for low commission currency exchange. Many currencies still struggle with converting to each other directly like fiat. So, in order to make this happen, banks need to use the US dollar as a form of a mediator, which attracts a double commission. This is where Ripple comes in as a mediator, but with a lower commission.
Fast international transfers and transactions are possible with Ripple. It takes only about 4 seconds for the average transaction. When you compare this to Bitcoin and regular banking processes, you can see how Ripple makes better sense.
User’s of the Ripple platform can simply issue their own currency for cheap and faster transaction. For instance, user’s can create a currency to purchase comics or vintage items between the collectors.
Where to Sell Ripple (XRP)
The Ripple platform already makes transactions faster and easier for every cryptocurrency investor. But many are still curious about how easy it is to sell it or make transactions with. Well, if you live in the UK, you need not worry about this. SatoshiPoint has made everything a lot easier with their Bitcoin ATM, which are currently in 32 locations across the UK. The best part is that it accepts 52 different currencies, which is even better since you are already on the Ripple Network. Selling your Ripple (XRP) on any of SatoshiPoint’s Bitcoin ATM is extremely easy, and charges only a small commission for every transaction. All you need to do is enter the necessary information on the Bitcoin ATM and that’s it! You can perform any kind of a transaction with your Ripple (XRP).
Date Published: [sc_post_date]
Call us old fashioned but we don’t think it’s right to bother you with popups and paywalls. Help us spread the word about our blog and what we’re doing at SatoshiSolutions by subscribing and sharing below.