Purpose of Ripple and Other Altcoins

The reasons for the launch of Ripple and other altcoins vary amongst each other. Although Bitcoin (BTC), one of the first products of blockchain systems, stood out with its decentralized structure and its ability to eliminate institutions and the third party, we have seen that there are some problems in its ecosystem and cryptocurrencies created to solve these problems (i.e. Litecoin). In short, we can say that cryptocurrencies developed after Bitcoin are progressing solution-oriented and are trying to be an alternative to Bitcoin with their new features.

There are hundreds of successful altcoins as of today. There are some factors that make these altcoins favorable. As an example, Bitcoin mining is becoming more difficult every day. (effects of Bitcoin Halving)

The increasing difficulty shows that mining is now risky and difficult to invest in. As mining operations become more difficult, it also affects the transaction fees. Due to such factors, Ripple and other altcoins are being created to produce solutions.

What is Ripple (XRP)?

Introducing itself as a simultaneous global payment network, Ripple was launched in 2012 as both cryptocurrency (XRP) and payment network (RippleNet). Ripple, highly popular altcoin, aims to bring solutions to the problems of Bitcoin. Ripple, aiming to lower the prices of transactions between banks and users, makes great contributions to users and institutions by processing international money transfers at low cost. Ripple, abbreviated as XRP, has no mining.

The Ripple network, mainly operating as a company, is operating with a certain number of XRP tokens (99.991.098.384 XRP) that developers generate on blockchain. On the other hand, Ripple is not decentralizated, which is one of the most important features of cryptocurrencies, due to its corporate identity.

How to Buy Ripple

You can purchase Ripple at Turkey’s Bitcoin altcoin trading center Cointral Exchange. Offering the lowest commission rates in Turkey, Cointral provides a fast and cost-effective trading experience with high liquidity obtained from the international markets. You can get professional support from our physical branches, or use the online transaction network and OTC services. If you want to buy Ripple with credit card, click on this visual guide “Ripple” to see step by step how to perform a transaction.