Ripple’s XRP Is Now Part Of BCNEX Newly Launched Crypto Exchange
BCNEX journey was full of challenges since they’ve started. But these hardships didn’t stop them from moving forward and in fact, become a highly recognized cryptocurrency exchange despite that it is a newly launched platform. And today, they are proudly announcing the listing of one of the most leading cryptocurrency of today, Ripple’s XRP.
Deposits will be available on 22/08/2019 (GMT+7) with supported trading pairs including XRP/BTC, XRP/BCNX, and XRP/ETH. All trading transactions are done using BCNEX Android and iOS applications or to their official website at https://www.bcnex.net.
About Ripple (XRP)
Ripple is well-known as a digital payment protocol that operates on an open-source and decentralized peer-to-peer platform. It enables a seamless transfer of money in any form, whether USD, litecoin, Yen, or bitcoin. Its solution is developed to provide a frictionless experience to send money globally.
This project’s primary function is as a payment settlement asset exchange and remittance system that is comparable to the SWIFT system for international money and security transfers that is employed by banks and financial agents. Rather than use blockchain mining, Ripple applies a consensus mechanism by a group of servers to validate transactions.
Also, its transactions utilize less energy than Bitcoin, are authenticated in seconds and require very little, versus Bitcoin transactions which use more energy, take longer to confirm and include expensive transaction charges.
Ripple’s XRP
Ripple’s transaction and native currency is called XRP, that acts as a bridge currency to other currencies. It is the third-largest cryptocurrency by market cap, following Bitcoin and Ethereum..
The Ripple platform as technology may have authentic value and real history that verify the claims they make for its efficiency. The XRP token itself, but seems to have negligible use cases. Ripple had intended to phase it out at least until fevered interest in cryptocurrencies began to take off in 2016.
There are 100 billion XRP tokens that were distributed by the Ripple company. At the moment, the company guarantees that this is the total number of XRP that there will ever be though, technically, there is nothing to prevent them from issuing more tokens in the future. Ripple’s hub-and-spoke design positions XRP in the middle as a tool that is fungible with any currency or digital asset, such as constant flyer miles.
Ripple can complete a payment in 3.5 seconds through XRP and have it available and usable. The use of XRP is autonomous of the Ripple network in general; that is, banks don’t need XRP to transfer dollars, euros, etc. which is what several small investors might be missing when they are obtaining the token.
XRP Value Proposition
The value is the Ripple network itself and its capacity to move assets around the world quickly, rather than in the XRP token.
Banks are capable of using the Ripple software to transfer money between various foreign currencies. At present, this is typically achieved using SWIFT, a system that is cumbersome and relies on the banks holding separate accounts in every country they work. Ripple says it has signed up more than 100 banks compared to SWIFTs 11,000 financial institutions that include American Express.
