Several years ago, digital currencies were essentially unheard of and the technology behind them was imperfect and not as advanced as they are today.
Despite this, people were still eager to get involved with Bitcoin and started investing.
H. Taylor from Seeking Alpha has recently discussed how a greater acceptance for mainstream financial institutions can lead to an increase in price for digital currencies.
In the six-page article, Taylor starts off to say that he only got into cryptocurrencies through a friend who encouraged him to invest in Bitcoin when the crypto was just getting started. He also mentions that the same friend invited him to start trading in Ripple and so he went ahead without any hesitation to invest.
“Ripple is one that I love tremendously, and it is not because of the fact I’ve had a decent ride on my purchase.
Besides, my friend says he doesn’t even really bother with Bitcoin anymore and is going all in with Ripple.
Nonetheless, I am adding more XRP into my basket and here are some of the reasons why.”
Taylor has been investing in currencies for over 25 years so Ripple is something that has specifically caught his eye.
All around the globe, there are $500 billion sent out through money transfer centres that Ripple is building the platform to become a partner with.
Ripple has been accepted in several big financial companies including, Santander, UBS, UniCredit and a partnership with ZipZap as well a direct Western Union. At the Ripple Swell conference, the company revealed that three companies are now using XRP for real payments, the companies in question are MercuryFX, Catalyst Corporate Credit Union and Cuallix. Ripple is now pushing their digital currency, XRP to have a more widespread awareness.
“This is the key to the success of the cryptocurrency,”
Taylor goes on to say:
“The more usage the currency has the more successful it will become. The costs of money remittance via the Ripple platform is negligible, whereas other cryptocurrencies, such as Bitcoin, are more expensive. If more companies take advantage for the cryptocurrency then other companies will need to add the usage to the list of services to accommodate their customer’s needs.”
This becomes a sort of domino effect and so the financial world is taking kindly to the idea of the blockchain. Ripple uses a ledger system so it is different than the leading crypto Bitcoin and other digital currencies:
“Ripple is based around a shared public ledger, the XRP Ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. The network can operate without the Ripple company; among its validators are companies, internet service providers, and the Massachusetts Institute of Technology. The ledger employs the decentralized native cryptocurrency known as XRP, which as of September 2018 was the third largest coin by market capitalization.”