Ripple

Ripple is a cryptocurrency enabling real-time transactions. The cryptocurrency, known as XRP, acts as a middleman for crypto and fiat currency exchanges carried out on Ripple’s payment network. And, this is what confuses people the most about Ripple.

Ripple is a company offering a RippleNet digital payment network. But, at the same time, it is a cryptocurrency acting as an intermediary between currencies. The payment platform allows people to send money globally in less than 5 seconds. The digital token, XRP, enables this process via blockchain technology. To put it simply, Ripple is both a currency exchange platform and a digital token. The two are independent but work together.

What is Ripple?

The answer to this question is not as easy as it might seem at first. Why? Because Ripple comprises two products – payment network and its native cryptocurrency. The cryptocurrency is also Ripple, abbreviated as XRP.

To help you understand what Ripple is, we’ll first clarify things about Ripple as cryptocurrency. XRP cryptocurrency represents the Ripple network. It is a native digital currency used for currency exchange and online transactions. XRP helps exchange different currencies and settle money transfers in 3-5 seconds. Such transaction speed is possible due to a decentralized blockchain technology powering the XRP Ledger.

You can use XRP as a bridge between two currencies to make transfers without a central intermediary. The cryptocurrency allows direct and instant transactions. XRP is, therefore, a cost-effective payment method. Ripple has attracted many casino players since it enables the usage of fiat currencies through a blockchain-powered exchange platform.

Also, transaction settlement time with XRP is much faster than with other cryptocurrencies. Processing times with Bitcoin or Litecoin can be measured in minutes, if not hours. XRP transfers are handled in 4 seconds on average. Also, XRP can process 1,500 transactions per second, 24/7. Unlike other cryptos, there’s no mining for new coins. The tokens are pre-mined and generated for each transaction.

To start using XRP for online gambling, you need to set up your crypto wallet and buy coins. You can purchase your XRP tokens on several cryptocurrency exchange services, like Coinbase or Binance. You can buy Ripple for fiat currencies, Bitcoin, or other cryptos. The XRP Ledger also provides a built-in exchange service allowing you to trade XRP for other currencies.

Network

Now, let’s get back to Ripple as a technology company. Ripple is also a payment processing network. It is a payment service provider enabling clients to send money globally through its payment network RippleNet.

RippleNet is a real-time currency exchange network using blockchain technology. This global, decentralized network brings together a diverse ecosystem of payment service providers. Business customers from more than 50 countries use RippleNet services.

American Express, Banco Santander, MoneyGram, and Bank of America are just a few reputable financial institutions working with RippleNet. Therefore, Ripple is pretty unique. It is the only blockchain company working with various global banks and financial institutions.

The main benefit of RippleNet includes instant payments, low processing costs, and high security. It delivers a frictionless user experience enabling you to make online transactions across the globe in seconds. Furthermore, Ripple can operate without its cryptocurrency and work like any other e-wallet. The system that settles payments through Ripple is simar to SWIFT used by banks for international transactions.

The network supports more than 40 digital and fiat currencies. Ripple’s global network uses the XRP Ledger and its proprietary cryptocurrency XRP. In December 2021, XRP was the 8th-largest cryptocurrency, with a market cap of around $38 billion.