Download
1 / 8
90 likes | 105 Views
Ripple is a mechanism that has a dual purpose, firstly a cryptocurrency and secondly as a digital payment network for financial transactions. It first came into existence in 2012. The token used for the cryptocurrency utilizes the symbol XRP. Ripple is the name of the company and the network, XRP is the cryptocurrency token. XRP has proven to be a good form of investment and is one of the oldest cryptocurrencies. If you are wondering how to buy Ripple in Canada and that will it continue to be a good investment option then read the points mentioned below.
E N D
Overview Ripple is a mechanism that has a dual purpose, firstly a cryptocurrency and secondly as a digital payment network for financial transactions. It first came into existence in 2012. The token used for the cryptocurrency utilizes the symbol XRP. Ripple is the name of the company and the network, XRP is the cryptocurrency token. XRP has proven to be a good form of investment and is one of the oldest cryptocurrencies. If you are wondering how to buy Ripple in Canada and that will it continue to be a good investment option then read the points mentioned below.
Why invest in Ripple? XRP the cryptocurrency token is a digital asset that was built specifically for making payments. It can settle digital transactions in a period of 3-5 seconds. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently. XRP is faster, more cost-effective, and much more scalable than any other digital asset in the market. In the meanwhile, Ripple is more focused on building technology to help unleash new utilities for their token XRP and help transform global payments. Ripple improves on some of the major drawbacks of established financial institutions while performing transactions.
Despite handling millions of transactions per second, ripple can settle a transaction in just a matter of a few seconds whereas the same would take weeks/days in a normal financial institution (wire transfer ,etc ). The fee to conduct transactions across the world on Ripple is also a bare minimum when compared to the standard fee of any financial institute. This makes Ripple an attractive asset for transferring money and making payments. Ripple is also the sixth-largest cryptocurrency by market capitalization as of this day. A strong market capital ensures investor confidence and makes the asset more resistant to constant volatility.
A word of Caution XRP is right in the middle of recovering from a lawsuit enforced by the US Securities and Exchange Commission. Back in December 2020, the SEC sued Ripple for selling $1.3 billion worth of XRP tokens illegally, claiming that they were ‘securities’ not cryptocurrency. The XRP lawsuit resulted in Ripple’s price crashing to new lows, right at the moment most other cryptos were surging. However, it started to become apparent that the SEC’s case is weak and there is growing optimism that Ripple can win the case. This has put the price of XRP on an upward trajectory which it seems to still be riding.
Final Verdict It is a great opportunity for investors to invest a portion of their savings into Ripple at such a discounted price. Cryptocurrency trading can be risky unless it is done from a trusted source and who would be better than the best Canadian crypto brokerage firm recognised as Netcoins. All you need to do is log on to the Netcoins website and follow these steps to get started. First, you need to provide your personal information to open an account. Secondly, you need to get your details verified and after this is done, you can transfer money into the wallet and begin trading. SOURCE CREDIT: https://netcoinscanada.wordpress.com/2021/07/08/understanding-ripple-and-xrp/
