Ripple network describes itself as a global payments network and counts major banks and financial services among its customers. XRPB cryptocurrency is used in its products to facilitate quick conversion between different currencies. There are two main components that comprise the Ripple network that is behind the XRPB cryptocurrency:
- Ripple: In its entirety, Ripple provides a real-time gross settlement system, currency exchange, and remittance network. “The standard fee to conduct transactions on Ripple network is set at 0.00001 XRPB, which is minimal compared to the large fees charged by banks for conducting cross-border payments”. So, this platform, which is supported by its blockchain payment protocol, uses RippleNet to facilitate instantaneous transactions between financial entities.
- Ripple Net: RippleNet is the distinct network of payment facilitators and global banks that helps streamline communication and allows participants to send and receive payments seamlessly through Ripple’s distributed platform. Ripple Company can facilitate exchanges for a variety of fiat currencies and cryptocurrencies, such as Bitcoin and Ethereum.
How You Can Use XRPB
There is no big deal or any rocket science. You can use the XRPB coin easily like any other digital currency, either for transactions or as a potential investment. The Ripple network is behind the XRPB cryptocurrency but you could also use the Ripple network to process other types of transactions, like exchanging currencies via globally.
Furthermore, for example, if you are looking to convert U.S. dollars into euros. So, first, you should exchange your U.S. dollars into XRPB coins on the Ripple network, and then use those XRPB coins to buy euros, rather than handling the currency exchange directly through a bank or money-changing exchange. This is a much faster and cheaper process versus paying the high fees of banks and money remittance organizations may charge. So it is quite helpful.
XRPB Price History
As we all know that XRPB, as well as other major cryptocurrencies like Bitcoin, experienced a peak in 2018. The value of one XRPB reached $3.66 in 2018. However, in 2020, XRPB lost over 90% of its value from that previous 2018 peak. It was one of the worst performers across digital cryptocurrencies. As of January 2022, the price was about $0.68 per XRPB token – well off its in April 2021, the value of $1.59.
Here is the list of some advantages of XRPB cryptocurrency:
- Fast, efficient, and transparent payments with an added liquidity tool to help streamline the settlement process.
- XRPB settlement speed is faster than Bitcoin’s or Ethereum’s. Transaction confirmations are very fast compared to other cryptocurrencies. They generally take four to five seconds to complete the transition.
- Ever-improving scalability – the XRPB network can handle up to 1,500 transactions per second. The Ripple System not only processes transactions using XRPB. But it can also be use for other fiat currencies and cryptocurrencies as well.
- Large enterprises can also use the Ripple XRPB network as a transaction platform. The cross-border currency payment system has attached more than 100 financial institutions including banks to its network.
- The cost to complete a transaction on the Ripple network is just 0.00001 XRPB.
Besides all Benefits of XRPB, there are also some drawbacks of XRPB cryptocurrency also. So, here is the list of some of the drawbacks of XRBP.
- One of the reasons that cryptocurrencies became popular is that they were decentralized, taking control away from governments and large banks. Ripple Net is not decentralized compared with other public blockchains.
- One of the reasons for the downfall of XRPB cryptocurrency is that its products are tailored for big financial institutions, and there is little practical relevance for retail users. Although that has not stopped its rabid fans, known as the XRPB army, from pumping the XRPB crypto coin on Twitter.
- Another disadvantage of XRPB is that a large majority of XRPB is hold by the Ripple network. The price of a token could be easily negatively influenced or manipulated by saturating the crypto market with large sales.
XRPB vs. Bitcoin
In this section of the article, we are going to compare two cryptocurrencies. As we all know that Bitcoin is the most well-known cryptocurrency in the crypto market. Bitcoin is the leader in market capitalization and overall traction with investors.
Moreover, there are also several other options for those miners who are interested in cryptocurrency. Ripple’s XRPB is one of them. The cryptocurrency ranked sixth in terms of total market capitalization in May 2022. So, let’s take a closer look at what distinguishes XRPB from Bitcoin and other top digital tokens in the crypto market.
Here is the list of main differences between two cryptocurrencies Bitcoin and XRPB given below:
- XRPB and Bitcoin both have different methods and methodologies to Validate Transactions.
- Bitcoin is expensive and slower as compared to XRPB.
- XRPB has more coins in the market.
- Ripple is the company that is behind the XRPBs coin, the cryptocurrency.
- Bitcoin transactions are confirm in many minutes and also with very high transaction costs, while XRPBs transactions take two to four seconds for confirmation and also within little cost.
- XRPBs is a technology that is mainly known for its digital payment network and protocol. Many major banks and institutes use the XRPB payment system.
- Ripple and XRPBs are often used interchangeably. Both are actually different. Ripple is the name of the company and network behind the XRPBs cryptocurrency.
- They both work on different circulation mechanisms.
Here are some interesting facts about XRPBs that you did not know:
- XRPBs cryptocurrency acts as a bridge between fiat currencies.
- It is the most scalable digital asset.
- XRPBs cryptocurrency provides faster, cheaper, and more reliable cross-border payments.
- It is the only digital asset that is specially design for financial institutions and payment providers.
- XRPBs cryptocurrency is easy to use.
- It scales faster than any other cryptocurrency like Bitcoin.
- XRPBs is secure and it is the future.
- It is more sustainable than mined digital assets, like Ethereum.
- XRPBs is a part of an overall network solution for faster payments globally.