Explainer: What is Ripple?

Explainer: What is Ripple?

Not just a poor man’s Bitcoin, the currency exchange network Ripple is the dark horse of fintech.

Ripple is far more than simply a “poor man’s Bitcoin”. Despite the host of cryptocurrency copycats on the market right now, Ripple isn’t simply copying the status quo. This currency exchange and remittance network actually has a lot more complexity to it than first meets the eye.

To help you wrap your head around Ripple, we’ve compiled a comprehensive guide to fintech’s most exciting cryptocurrency. Read on to find out everything you need to know about the enigmatic currency exchange service.

What is Ripple?

Ripple, the successor to Ripplepay, was released in 2012 as a real-time gross settlement system (RTGS), currency exchange and remittance network – all under the umbrella of a cryptocurrency platform.

Baffled? You’re not alone. Ripple’s basic raison d’être is to enable the (almost) instant and direct transfer of money between two parties; its website bills it as “One Frictionless Experience To Send Money Globally”. Any kind of currency can be exchanged – and we say any, we mean any, from fiat currency to airline miles to gold.

Ripple prides itself on avoiding the fees and lengthy waiting times associated with traditional banking.


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Source: Explainer: What is Ripple? – General – PC & Tech Authority