Post
Topic
Board Altcoin Discussion
Re: Ripple Is Not A Cryptocurrency?
by
beskid
on 22/07/2018, 15:58:24 UTC
Ripple is not a crypto currency in the usual sense of the word.  In fact, this is a settlement system designed to become a faster, transparent and safer alternative for existing ones (for example, for the SWIFT system used by banks).  XRP - the so-called Ripple coins - are used to facilitate transfers in various currencies.  In existing settlement systems, the basis for conversion is usually the US dollar.  The process is associated with additional costs and takes a long time - which is why bank transfers between countries often take up to 3 days.  Converting payment to XRP instead of dollars, the system saves on stock costs, and transaction processing takes a few seconds.