Times are changing and each sector of the economy is going through a change to keep up with this advancing universe. In the financial sector, traditional means of sending cash through airmail and money orders have been surpassed and new methods such as digital mobile cash transfer are coming up. From there, more complex means of cash transactions such as cryptocurrency with the example of Bitcoins came up. Without ceasing, the world is now experiencing the emergence of XRP.
XRP is a mode of cryptocurrency method of transaction that is powered and majorly marketed by a company known as the Ripple Network. Its points are mainly used for co-operative purposes such as the sending of capital and purchase of goods and services. It is a known source of purchase which offers banks and financial institutions a reliable demand option for liquidity from different sources. With XRP, banks don’t need other sources to carry out liquidity of currencies.
However, since XRP is still new to the market, people may be concerned about using it because they are not sure if it has a bright future ahead or it will fall like other digital monies. XRP offers many adjustments to the available system such as lowering the cost of foreign exchange and providing faster payment settlements. It is arguable that XRP has a bright future ahead since it is a welcome alternative to currencies such as Bitcoins. The advantages that prove that XPR is here to stay will be discussed below.
This method of payment for goods and services is faster than Bitcoins and other cryptocurrency payment methods by a larger margin of almost a couple of hours. If you thought that Bitcoins were the fastest means of transactions, then you are wrong. More welcoming is that if you use XRP, your transaction will be faster by a couple of business days rather than using the normal means of sending capital such as Western Union capital transfer. This reduces the long unnecessary wait for money.
It is a more stable network than other leading money sending platforms in the world. This means that it can handle more transactions per second than other methods without jamming or slowing down the system. It can handle up to 1500 transactions per second without a strain, and this is impressive. This is surely the currency which is not going anywhere any time soon, a real order for the future.
People are always looking for something which is efficient and can do an excellent job but at a fair price. With the XRP, you can access all conveniences at an affordable price. The US dollar is always the main mode of reference when converting foreign currencies. Changing from US dollars to your normal currency can be very costly especially when sending money to foreign countries. When you transform your currency to XRP rather than US dollars, you are more likely to be charged less.
By transforming your currency to XRP points, transaction charges may be eliminated and this ensures that your cash reaches the receiver in full saving both of you some losses. It is a big advantage to companies which often buy and receive money. By using XRP, they can save a lot on foreign procurements therefore increasing their overall profits.
The Ripple Company has come up with a platform known as the Xrapid payment provider. This Xrapid payment provider is used by many bankers since it reduces the liquidity costs of changing from one currency to another. The transaction costs are quite minimal and almost negligible. It is made possible because you are only charged a small fraction of a cent on all transactions. This again shows that XRP will be more considered in the future and it is bound to be embraced by more people.
Spammers are known to be annoying because they send messages which don’t make sense and at times they gang up to steal on unsuspecting people. A small portion of XRP points are lost anytime you do a transaction so for spammers, they cannot send more than a few thousand fake XRP spam messages without depleting your points. This ensures that the system is fully credible and free from spammers. Obviously, XRP is getting stronger with each passing day and its future in the financial market is bright. It is evident that it will stay and even overtake the likes of giants like Bitcoins.