Swap BTC to XRP instantly
Where can you find a person that doesn't at least hear about Bitcoin in 2023? On our website you can find a lot of information about it. So, today we want to introduce another popular cryptocurrency that's pretty, promissory and that's Ripple or XRP.
Xrp is the token that was created by ripple labs and this token currently hovers in the top 10 cryptocurrencies by market capitalization, typically from day to day. Its main goal is to make sending money as easy as it is as sending an email. Nowadays, XRP is not a traditional type of currency out there. It was designed to be for the transfer of other currencies over the ripple network.
We'll explain exactly what that means in today's article and hope you will have at least a little imagination about this token because it is pretty straightforward.
What is Ripple and what is RippleNet?
Thus, ripplenet was created by ripple labs to send money by this network as quickly as information or other virtual thing can be sent nowadays. Created in 2012, ripple aims to solve the problem. That's a very common problem these days, especially if you're trying to send money across international waters. In the current financial system, people use something called the swift banking method or the swift payment method. Right now, over half of all international wire transfers are done via swift. So the exact situation that ripple wants to solve is the following. Let's say you're in the United States and you want to send $1,000 to your best friend in Switzerland. The point is that a $1,000 transfer will probably take quite a bit of time. You have to send the money from your bank to their bank. This will probably take three to five business days, there might be some foreign currency conversions going on, you might have to incur some fees and not only that, it probably has to go through a network of intermediary banks to even get to your friend in Switzerland. By the time your 1,000 arrives to your friend in Switzerland, it might actually be worth a lot less, maybe 960 and that's not including the wire transfer fees that you might have to pay stateside.
That's the exact problem that RippleNet is trying to solve. RippleNet wants to decentralize the current system in which these transactions are being done and that's through a consensus protocol. Within this consensus protocol they're going to have nodes and validators which process and validate transactions. Validators are computers spread across the world that just keep track of who owns whatÖ‰ so how much is in your account, how much is in someone else's account, where the money is going and who the money is going to etc. Now anyone can run a validator, but ripple has a list of trusted validators that they tend to like to use for RippleNet transactions. The idea is that you need 80 approval of all the validators on the network for a transaction to go through. It's essentially a voting process and that is a pretty technical process.
What are the benefits of RippleNet?
There are certainly a few benefits as to what they're trying to achieve:
1. Number one, they want real-time settlement. They want transactions to settle internationally, for example, in 3 - 5 seconds instead of 3 to 5 business days.
2. They want to do up to 1500 transactions for a second with the potential to scale to match visa transactions one second of 65 000. By comparison, Ethereum has about 20 transactions for a second and Bitcoin is roughly around four to five transactions per second.
3. They also wanted to have virtually zero transaction commissions and, since XRP isn't actually being mined, there are very few environmental concerns about this cryptocurrency. Also, and what's really interesting here is that they already have a large number of financial institutions that have already adopted ripple net and ripple itself. Customers include American Express, Standard Chartered bank, Cimb bank and even more across 55 different countries.
Now let's talk about the XRP token because that's the token that you would be investing in. So what is XRP? It is the token used for representing value on the ripple network. The current settlement method which is what we use right now just converts everything to US dollars. That takes time and includes a lot of conversion fees.
XRP wants to create a universal bridge currency that all the other currencies use as a standard and, hopefully, that will come with the reduction of exchange fees. The XRP token was created with exactly 100 billion tokens in mind, so initially 80 billion went to ripple labs and 20 billion went to the three founders at the time.
SEC v. Ripple lawsuit
One of the things that can be mentioned about the XRP supply is that one of the EX. Co-Founders by the name of Jed McCaleb, who actually left Ripple in 2014, has about 400 to 500 million XRP tokens that he frequently dumps. He sold 28.6 million dollars worth of it in January and, as of the first week of May, has actually dumped over 111 million XRP in six days. Now, obviously, he's probably a bad actor who doesn't represent the ripple brand anymore. However, it's still not a perfect look for one of your ex-co-founders to be dumping your own currency, especially amidst all these SEC allegations. So this is definitely something to consider before investing in this cryptocurrency: is one do you trust the team and number two do you trust that they're going to be the proper custodians of the XRP token moving forward?
So now we'd like to cover the SEC lawsuit and what's going on with it. As of December 2020, the SEC has actually alleged that XRP is not actually a currency but instead a security. Since if the reality is that, you can mine it and Ripple labs actually have control over most of it. According to the SEC, the co-founders of Ripple solicited money to fund company operations and actually swapped XRP for non-cash benefits. Essentially, the SEC is saying that Ripple`s treating XRP like a stock or equity rather than a currency and, because you're treating it like a stock or equity, there is jurisdiction over that because it's a security. The lawsuit states that they should have filed XRP as a security and that's been going on since December 2020 and, as a result, XRP was actually de-listed off of many major exchanges.
21 September 2022 is the date when there was the decision of this lawsuit, but it's not final, and you can follow this case. These are some facts that can be helpful in deciding whether to invest in XRP or not. One of those facts is the supply piece and the second one is the SEC lawsuit.
How to exchange Btc to XRP
We are so glad to provide you with a way to exchange Bitcoin to Ripple.
XRP is included on many crypto exchanges, for example, Boomchange cryptocurrency exchange and the withdrawal platform. Boomchange is a reliable cryptoexchange platform.
On our website there is a very easy way to convert Bitcoin to Xrp. An interesting question is why you choose boomchange: our cryptoexchange is with low fees and commissions, and you can do this without registration. There are also security manners. Our transactions are secret and no one has access to your transactions details (wallet to wallet, wallet to withdrawal or payment system etc.). For swapping one BTC to XRP you can enter pairs in our website and do the transaction, in our case, Bitcoin by XRP.
The final step of Btc vs XRP transaction is to send your exchanging funds to our virtual addresses, like crypto address or payment system account address, and select “I have paid” button. Attention: the rates are changeable and when you do make a transaction please check all active tariffs to see how many XRPs you'll get for one Bitcoin. Lucky deal with swapping Bitcoin by XRP. Thank you for choosing us.
XRP Price Prediction
Now here is an interesting part of this blogpost. As of the time of this article being made, the currency of Ripple XRP has a price level of $0.34 cents (04 January 2023). The 24-hour trading volume is $1.26B and the circulating supply is 50.56B XRPs with a total supply of 99.98B and the market cap is 17.22M dollars. Besides this, there is an opinion which we have already talked about SEC v. Ripple lawsuit.
Posted By Ed JACKOB