Throughout history capital, a.k.a money has been an integral aspect of human civilization. From ancient times money has played a role in politics, markets, manufacturing, medicine, religion and funded great works that enriched many people’s lives. Today money has earned a negative reputation, being described as the cause of most ills in the world, but that is an assumption based on ignorance.
Without capital, it is unlikely civilization as we know it would exist. The difference would not be cosmetic in nature either. Without money, civilization would be controlled by a select few who controlled access to resources. Your best option in life would be to effectively be a serf or slave of one of these people, who would then give you a stipend of food based on how useful you are to them.
You would go to war for these people to fight over access to resources. Resources you would not have access to unless your lord opted to distribute some product to you. This, of course, is your best option. The worse would involve a democratically voted upon distribution that has nothing to do with merit, function, or outcome. These societies often, even with capital, descend into anarchy and strife before long.
What has smeared money as the root of evil is how society functions and utilizes money. Rather than saying no corruption, money is blamed for the actions of corrupt politicians. Rather than regulating the medical industry, the pursuit of profits is blamed. At each step the problem is not money, the problem is government and regulation.
This leads to the need for currencies that fascistic centralized banks do not control. Who spend their time devaluing currencies as part of ongoing currency wars and currency manipulation schemes that have historically never ended successfully. One of the first viable solutions to the aforementioned problems was Bitcoin, but soon the other cryptocurrencies rose to prominence and viability.
What is Cryptocurrency?
Cryptocurrencies are digital currencies secured by what is known as cryptography. Cryptography is the fancy word for codes used in encryption and other security protocols computers utilize to ensure security. For cryptocurrency, this means the currency cannot be duplicated or stolen for its holders. At least not without the entire, often decentralized, network becoming well aware of the attempted and neutralizing it as a threat before it can spread.
In practice, this means the currency itself performs through algorithms and other code functions banks charge fees for. At present, there are two prominent technologies for this. Blockchain technology is the first and more common. Ripple is the second.
Ripple’s Advantages
Blockchain technology utilizes a public ledger to validate and monitor transactions through its decentralized network. Miners, the keepers of these ledgers, run what is known as mining programs to ensure a proper addition is made to the public ledger. In exchange for the processing power, each transaction earns them a tiny portion of the transaction.
Ripple, by comparison, utilizes what they call a consensus mechanism. Rather than having various independent miners, servers across the planet are called upon to determine whether a transaction was legitimately made. If most servers agree that it is a valid transaction, the transfer of funds goes through.
Utilization of the technology renders transaction times near-instantaneous whereas bitcoin and other crypto tend to take a short period of time to validate. A secondary and more technical benefit to this mechanism’s usage is it does not rely on an extensive and massive public ledger that grows in size. This will never hurt crypto, but eventually, it limits mining operations.
Consensus mechanisms sound like a new-age technology that should be met with skepticism, but it’s not. The technology has existed for some time and is typically used in centralized servers. You may be familiar with it if you’ve worked in a building where the company has a centralized server or if you’ve ever used Google Docs.
Leaving no concerns about whether the technology is viable or safe as it is a technology we already are familiar with in your day-to-day life.
What is XRP?
XRP is Ripple’s cryptocurrency. Though the Ripple network can exchange money in numerous denominations, they offer their own currency. This currency has the same safety and security provided by bitcoin.
As the currency operates on Ripple instead of the BlockChain, transactions occur within a few seconds, and there are fewer fees involved with them.
Who Uses XRP and Ripple?
What good are a digital currency and digital platform is nobody uses it or recognizes it. This is the same issue traditional currencies encounter and typically solve either with central backing from a government if they are state-issued. Or they have the backing of regional retailers and some form of exchange for cash. These regional currencies tend to be more resilient against inflation, and this is an advantage XRP and Bitcoin also enjoy.
Ripple is accepted across the planet. Major banks such as American Express, Money Gram, Lulu Exchange, and Interbank. Additionally, it is utilized across 40 countries on six continents. That wonderful frozen wasteland of Antarctica being the only holdout owed to a lack of human civilization. Apart from all of the use cases, one who recently rise to popularity is the many numbers of the casino that accepting XRP
As with all cryptocurrencies, the adoption rate of Ripple and XRP only continues to grow year over year.
Additional Benefits
There are a few additional benefits to both Ripple and Cryptocurrencies, in general, that might interest the more financially savvy out there. Unlike the Dollar, Euro, and other national currencies, cryptocurrencies do not lose their relative purchasing power. This means that if you can buy ten units of X today with a dollar, tomorrow you will be able to purchase 9.7 units of X as the currency devalues. Crypto holds wealth, so if you are able to buy ten units of X, tomorrow you will be able to buy 10 units of X.
This renders crypto a good investment opportunity. It is a good store of wealth, for starters, as holding wealth in crypto does not depreciate outside market swings. More importantly, as XRP and crypto are adopted more and more, each individual unit in the currency continues to rise in value based on demand.
Recently Elon Musk purchased $1.5 Billion in crypto, shooting the value of a solid coin up over $10,000. Major financial institutions are beginning to purchase bitcoins and another crypto as a long-term store of wealth and to have liquidity for conversions, so this trend will only continue as time goes on. Some estimates say Bitcoin will rise to over $60,000 per coin and when Bitcoin rises so does every other currency.
In conclusion, the digital currency revolution is upon us. There are so many benefits in Ripple and crypto that it is ludicrous not to be an adopter today.
Disclaimer: This is a paid article. KryptoMoney does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. KryptoMoney is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.