$180 billion Bitcoin rival's meteoric rise
These three cryptos can be considered the market leaders, with Bitcoin the most established, Ethereum the major challenge to its supremacy, and Ripple having made a big splash in a short period of time.
Thus, the 40-minute transaction speed of Bitcoin is much slower than Ethereum, and massively slow in comparison to Ripple.
But he is not the only cryptocurrency billionaire, or to be more specific, Ripple billionaire.
How does it compare to bitcoin? Ripple, or XRP, now has a market capitalisation of United States dollars 122.7 billion and remains solidly in second place to bitcoin, which has a market value of about USD 251 billion, the website showed.
How is it used by banks?
Currently, an worldwide payment may take a few days to complete, and at a high cost. De Jong said the quick settlement times and extremely low transaction fees could increase remittance profitability for some smaller banks to up to 60 per cent.
In anticipation of a listing on Coinbase, ahead-of-the-curve crypto-speculators bought into Ripple through other less accessible exchanges, assuming their superior crypto-literacy would give them a massive headstart on the inevitable Ripple bull run.
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Bitcoin, which is the world's most popular cryptocurrency, and the one most likely to be accepted by merchants, is often credited with leading this charge. The decentralised nature of bitcoin and other cryptocurrencies is seen as one of the main selling points, but Ripple is owned by Ripple Labs and centralised there, which Gandham said was "in direct opposition to one of the basic tenents of cryptocurrencies".
Larsen now owns a 17 percent equity stake in the company Ripple, not to be confused with the fact that its cryptocurrency trades under the same name. "Thirdly, the XRP token is not vital for the Ripple network, which could survive without XRP".
So what exactly is ripple, what makes it different from bitcoin, and what's behind the surge in interest? And, as for the most cryptocurrencies, it is practically impossible to get the exact reason of Ethereum rise.
However, more visibility came in mid-November 2017 when it announced a partnership with American Express (NYSE:AXP) and Banco Santander for select cross-border payments.
Long story short, until a fairer market exists, retail investors are liable to keep pushing cryptocurrencies like Ripple higher. Ripple is similar to bitcoin in that both are decentralised ledger systems created to facilitate transactions across the internet.
So why, you may be wondering, has the price of XRP skyrocketed if the token has no value?
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