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What is cryptocurrency Ripple (XRP)

Ripple (XRP) - cryptocurrency. It is centralized, and not decentralized, like the rest, a cryptocurrency platform for payment systems, focused on operations with currency exchange without chargebacks. This monetary system operates on the basis of a special system - “payment gateways”. This is what ensured interest in the currency from the very beginning, because most cryptocurrencies use blockchain technology. Blockchain and cryptocurrency are supported by a specific company - Ripple. There is a limited amount of currency. 100 billion tokens, of which Ripple has 61 billion. Ripple is one of the few electronic currencies, the amount of which is gradually decreasing. As in the case of Bitcoin, Ripple is split in this case into millionths, which are called “drop” or “drop”. During transactions, about 0.00001 XRP is withdrawn from each participant. These are so meager means that it’s difficult to call them even a commission. This figure is not fixed and can vary. But the most interesting is that this commission is simply being destroyed. This is to protect your network from spam. If an attack on the network is made using a huge number of transactions for a minimum amount, the commission will increase, which will make such an attack simply meaningless.

Short story

The predecessor of the Ripple payment protocol, called Ripplepay, was first developed in 2004 by Ryan Fugger, in Vancouver, Fugger came up with this idea after becoming acquainted with the work of the Vancouver branch of the local exchange trading system. His intention was to allow individuals and communities to create their own money. The first incarnation of this system, RipplePay was launched in 2005 as a financial service to provide secure online transfer options for members of the online community.

This led to the idea of a new system designed by Jed McCaleb of the eDonkey network that was designed and built by Arthur Britto and David Schwartz. In May 2011, they started developing an electronic payment system in which transactions were confirmed by consensus of the network participants, and not mining, as in the Bitcoin network based on the blockchain. The updated version of the Ripple system differed from the existing economic infrastructure of Bitcoin by the absence of dependence on online exchange services. In addition, Ripple uses less electricity than Bitcoin, and transactions are much faster.
Mining

Since all coins were originally issued, Ripple mining is not performed. Therefore, making money using the computing power of your XRP computer will not work. At first, the company handed out tokens for participating in various projects, but later this opportunity to receive coins was suspended.

Where to store

Method 1. Electronic cryptocurrency exchanges
Method 2. Cold storage Ripple - the most reliable option
Hardware Wallets: Ledger, GoolWallet, KeepKey Trezor.
Mobile applications: Toast Wallet, EXODUS, Trust Wallet.

Earnings in any electronic currency are connected with the difference in rates. To buy cheaper and sell more expensive - this is what the absolute majority of investors strive for. And to do this now is not at all difficult, since the value of cryptocurrencies in the long term is steadily growing, and there is no need for a long study of trading. To make money on electronic currency, it is enough to understand the basic principles of trading and the functioning of a particular selected exchange.

Ripple (XRP) can now be bought and stored on the following exchanges: Exmo, Kraken, Binance, Bittrex, Hitbtc, Okex, Cex, Bitfinex, Gate, Bithumb, Huobi, Poloniex and others.

What is a Teg Destination in Ripple

Destination tags are intended for payments sent to exchanges, wallets, deposits with multiple users. They have one Ripple address, but you need a way to determine which client it is for. For example, a wallet in Coinpayments gives you a deposit (Ripple address) that is common for several users and if you do not specify a destination tag that identifies a specific recipient, that is, you, then the funds will go to the address of the exchange / wallet, but not specifically to you.

For you, this will mean XRP loss. When you receive a payment to your Ripple personal address, the target tag is not important. For example, the Toast Wallet wallet gives you a personal address and the destination tag is not needed when you send funds to it. When you send XRP to the exchange, the destination tag is required as it refers to a specific XRP recipient.

Right now you can make an exchange on our Baksman website. The service works around the clock and seven days a week. Exchange takes an average of 5-10 minutes. For any questions, you can contact the round-the-clock online support on our website.