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Ripple: The Cryptocurrency That Strengthens the Banking Transaction System

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The cryptocurrencies shook the world as it brought change in the finance world. The anonymity, security, and the absence of middlemen opened many possibilities for people. The meteoric rise of Bitcoin has prompted the global watchdogs to introduce new policies as new concerns about the misuse of the digital currencies rose. But, the digital currencies have not lost its charm as Bitcoin touched new heights.

It has also piqued the interest of people about the digital assets and the successful transaction to make good money. Although, the digital currencies endured a rollercoaster ride, at the end of the day the digital currencies still hold value. The Bitcoin is the most valuable currency among the lot, while the Ethereum stands second, and ripple holds the third position. Ripple is different from the other two as it is the payment protocol.

What is Ripple?
Although the Ripple belongs to the cryptocurrencies category, it has a different purpose from that of Ethereum or Bitcoin. Released in 2012, it is the RTGS (real-time gross settlement system) created by the Ripple company. It is also a remittance network and currency exchange that is preceded by the Ripple Payment Protocol developed by Ryan Fugger in 2004.

It follows the same concepts like the Ripple Payment Protocol and offers a secure, instantly and free financial transaction across the globe. It enables real-time global payments anywhere in the world. The Ripple offers a decentralized solution for the financial institutions and banks. It is fast and scalable as it can perform more than thousand transactions per second.

It is built specifically for the enterprise use, so it offers the banks and other payment providers a reliable option for payment. The on-demand option facilitates cross-border payments without any difficulty.

Solutions Offered By Ripple
Ripple is designed to solve the real-time market problems as it offers a solution to the following issues;

  • The cross-border payments involving intermediaries’ takes about three to five to get completed, but the Ripple allows the transactions to get completed within five to ten seconds.
  • When the intermediaries get involved in the settlement, it increases the transaction fees. The Ripple reduces the transaction fees by 60%.
  • Cross-border payments can encounter failure, but the Ripple is trackable to eliminate the chances of failure.
  • Ripple can eliminate the high liquidity costs as it costs only a fraction.

Though Ripple is a cryptocurrency, it aims to work with the banks and financial institution to strengthen their cross-border transactions. It is against the cryptocurrency concept of avoiding the banks for transactions.

There are so many problems using it. Customers have to face some issues and they look for customer support services. Wallet online can be the one stop destination to get solutions of all issues associated with Ripple and other cryptocurrency.

You just need to search and find Ripple Support Phone Number in call them. They respond your queries and offer quick fixes to all the issues you face with Crypto world.

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