What is XRP and how to use this coin
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What is XRP and how to use this coin
XRP is thenative coin of the Ripple Ledger Network. It is designed as a medium ofexchange and value transfer, and is intended to be used as a low-cost bridgebetween fiat currencies for a wide range of global transactions. XRPenables a system that can outperform many established cryptocurrencies and fiattransmission technologies.
This hasgiven rise to a world-class payment system that minimizes intermediaryprocesses and increases the overall benefits to its users. XRP was boughtby Ripple Labs, Inc. and while some people use the terms XRP and Rippleinterchangeably, they are different. Ripple is a global money transfernetwork used by financial services companies.
XRP is thecrypto that was designed to work on the Ripple network. You can buy XRP as aninvestment, as a coin exchange for other cryptocurrencies, or as a way tofinance transactions on Ripple.
Unlikebitcoin and many other cryptocurrencies, XRP cannot be mined; Instead, thereare a limited number of coins – 100 billion XRP – that already exist.
Furthermore,XRP does not rely on a complex digital verification process via the blockchainin the way that Bitcoin and others do. The Ripple network employs a uniquesystem for validating transactions in which participating nodes conduct asurvey to verify the transaction.This makes XRP transactions faster andcheaper than Bitcoin.