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Ripple is a cryptocurrency that is used to power a real time gross settlement system, as well as to facilitate currency exchange, and a remittance network. The Ripple cryptocurrency, known as “ripples” is used to process global financial transactions for virtually no fees. The Ripple cryptocurrency can be bought and sold on various cryptocurrency exchanges and is also accepted as a viable payment among some online trading brokerages. Ripple is not necessarily made to be a currency, but rather a distributed open sourced protocol for global transactions of fiat currencies and other tradeable assets. However, currently Ripple is treated as a sort of currency as it has value and can be used to exchange into fiat currencies. The max supply of Ripple is 100 billion and the majority is held and controlled by the Ripple foundation. This is the biggest difference that separates the Ripple cryptocurrency from most other cryptocurrencies.
show moreThe cryptocurrency used in the Ripple blockchain network and that is traded on cryptocurrency exchanges is called “XRP” or “ripples”. The cryptocurrency does not have any symbol used to represent its values, but rather uses XRP to represent the cryptocurrency. XRP follows the cryptocurrency’s units and is used to identify the currency aspect of the Ripple cryptocurrency. The Ripple cryptocurrency has 6 digits of precision, each is called a “drop”, meaning 1 XRP = 1,000,000 drops. However, the Ripple cryptocurrency rarely mentions “drops” as the price of 1 Ripple (XRP) is still very low.
There are various online trading brokerages that accept the Ripple (XRP) cryptocurrency as a viable currency for deposits. Some of the online brokers that accept XRP allow traders to trade it for other cryptocurrencies, while others only allow it to be exchanged for fiat currencies where it then can be used to trade more traditional financial assets.
However, many online trading brokerages and general online business will not accept the Ripple cryptocurrency for deposits or payments. Therefore, Ripple must be exchanged for fiat currency beforehand. This can be done on numerous online cryptocurrency exchanges, as most of them accept Ripple to be exchanged for fiat currencies such as US Dollars, Euros, Pounds, etc.
The Ripple cryptocurrency is not held in a traditional bank account like fiat currencies. Instead, Ripple is held entirely by oneself in their own cryptocurrency wallet. Owners of Ripple are not subject to any fees for holding their XRP and they have full control over their supply at all times.
Ripple can be stored in an online wallet, a desktop wallet, on a hardware wallet, or on a cryptocurrency exchange. The latter method is not recommended as cryptocurrency exchanges technically have control over your stored Ripple and are largely unregulated. The safest option for storing your Ripple is in a hardware wallet which is offline and in your physical presence.
