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Coinbase cryptocurrency exchange shoots down Ripple support rumors

Coinbase cryptocurrency exchange shoots down Ripple support rumors

It goes without saying that now is probably a good time to invest in Ripple, while it's still relatively affordable, but that - unlike Bitcoin - you'll probably need a whole bunch of them for it to really pay off. Ripple is gaining a lot of popularity and is now the second largest cryptocurrency in terms of market cap after Bitcoin. Ripple is also centralized, created by its namesake company as a.Bitcoin, on the other hand, is almost completely unregulated. Western Union's stock gained 5% on the news. Bitcoin may end up being more of a digital store of value -a web-based version of physical gold- than a unit of exchange. There will be a fee for Person A to transfer to Dollars, then for Person B to transfer the USD into their own currency.

Ripple, which created and maintains the blockchain for its XRP cryptocurrency, has been in the spotlight since December as the digital coin has skyrocketed over 37,000% in value. Major lenders such as UBS and Santander use Ripple as a "settlement infrastructure technology". In all, Ripple has over 100 customers worldwide.

And, again unlike bitcoin, there is no energy-intensive "mining" involved in Ripple's creation. But back then ripple was only worth about 36 cents. Bitcoin transactions can now take up to an hour to complete.

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But what the Times calls "hysteria" behind cryptocurrency successors to bitcoin-others in play include Stellar, Cardano, and Byteball-has some money experts skeptical. They are held by Ripple Labs and distributed when it sees fit, like how governments print more money and distribute it when necessary. By comparison, Bitcoin has only risen 1,506 percent in the past year.

Ripple is not meant to be used to buy goods, as bitcoin is. However, these rumors were swiftly shut down, when the company issued an official statement yesterday. In the last few weeks, for cross-border payments, according to the company.

From highs above $3.60, the latest milestone in what has become the biggest-ever annual appreciation for a major cryptocurrency of around 35,000%, the platform's XRP token swiftly fell by nearly a fifth following the news.


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