The Bitcoin bulls have been at it for the last two weeks, lifting up most altcoins with them as Bitcoin spearheads the overall market recovery. XRP, however, the black sheep of crypto, has been inactive in the past weeks, not aligning with the general market feel, until on May-14. The tables are however turning, and XRP is up 43 percent, trading above 40 cents psychological resistance with a market cap of $17.9 billion at the time of press.
Pundits reckon the bullish sentiment has arisen from CoinBase Pro announcement that XRP is now available to New York investors for trade, without the restrictions of old. Besides, Ripple (XRP) is also available on the Börse Stuttgart, a German stock exchange, implying that great times lay ahead for XRP investors.
The Ripple (XRP) Speed and Affordability Advantage
Ripple receives a lot of ire from the crypto-sphere. Why? They are unapologetic about providing the Ripple Protocol Consensus Algorithm service to banks, crypto’s antithesis. Beyond the skeptical sentiment, however, XRP is a crypto leader as far as usability is concerned.
Transactions on Ripple are almost free, costing 0.00001 XRP. illustration, an XRP token purchased at $0.50 will essentially cover a lifetime of use or at least 100,000 other XRP transactions.
Furthermore, all coins are pre-mined. Therefore, there is no need to pay miners for new minting coins like in Bitcoin’s PoW model. This cuts off the need for high transaction fees and blots out the dreaded network congestion prevalent with Bitcoin. Ripple transactions are, therefore, lighting fast. In a record 4 seconds, an XRP transaction is complete, making XRP the best-suited token for everyday retail purchase applications.
Ripple (XRP) Best Alternative To BTC?
Crypto enthusiasts watching the current BTC Bull Run have started to turn their eyes on the more affordable and rising altcoins. It is time to figure out which altcoin offers the best ride to the top.
XRP Neo posted a tweet that shows why XRP might be the altcoin of the future.
“I hope Bitcoin goes to $100k. I wonder what the transaction times would be? What would the fees be? The attention would go to the fastest and cheapest. Human psychology. XRP will be the solution. It’s that simple. Most people have to experience the difference.“
The crypto market now has great FOMO, as investors try to make the most of the current Bitcoin rise. Bitcoin, however, has a notoriously slow network. Its transaction rates are also particularly high. These disadvantages that have fostered a growth ecosystem for the existing altcoins.
Brendan Blumer, the CEO of Block One, has been quoted saying that while Bitcoin was “fundamentally transformative” its users needed to pay “$50-$100 per transaction and every transaction took an hour to complete.” He also said that the Bitcoin network could only process “about 3 transactions per second [TPS],” which led to scalability problems. The transaction time in October 2018, for instance, was at least 10 minutes, and on April 7, 2019, 9 minutes!
The #Bitcoin network currently costs 1800 BTC to “secure” 360,000 transactions each day, or 25 USD per transaction, before additional transaction fees.
— Brendan Blumer (@BrendanBlumer) April 7, 2019
Large Financial Institutions Love Ripple (XRP)
Ripple is an open – source platform that was designed to enable fast and cheap transactions. It has massively been used to facilitate vast volumes of international financial transactions with great success. Its system, unlike other blockchain based platforms, use the Ripple protocol consensus algorithm or RPCS which is super-fast with no clogs. The platform has significant support from investors and has a fantastic reception from large brick and mortar financial institutions.
Ripple is a work of art, and most of its fans say that it is too sublime to fail. Ripple has forged beneficial financial and strategic relationships unlike any other crypto and it is making its way to the top. Ripple’s might possibly end up being the global currency that circulates in major global banks, boosting its value tremendously.
Cryptocurrency in Australia: types and regulations
Cryptocurrencies have become way more accessible across the world. While most governments want to capitalize an all the benefits of cryptocurrencies and blockchain there are security concerns that haven’t been fully solved yet. While the decentralized and unregulated nature of cryptocurrencies is what is most appealing about the technology when it comes to the statewide adoption and mainstream access of this sort some regulations usually do apply.
Australia has been slowly establishing itself as one of the more crypto-friendly countries where these currencies remain largely not regulated. There are the basics of cryptocurrencies in Australian, based on an opinion of Australian financial expert. Given the fact that cryptocurrency is becoming more and more popular, Australian authorities have been trying to find the middle ground with their approach to cryptocurrencies.
Available cryptocurrencies in Australia
Bitcoin – the most famous and widely adopted cryptocurrency. Its users use computer-intensive software to validate transactions that occur through the network and earn new bitcoins in the process. This particular cryptocurrency has experienced a lot of highs and lows but still remains the most widely recognized cryptocurrency. However, at the same time, Australia has its own important legislative features of the use and regulation of Bitcoin.
Ethereum. Probably the second most well-known cryptocurrency is Ethereum. While most cryptocurrencies are wildly damaging for the environment Ethereum team is one of the few in the crypto world that has been actively working on decreasing these effects and work towards making crypto mining less energy costly.
Litecoin is an electronic payment system like bitcoin, but in the Litecoin’s case the transactions are processed faster and they are generally larger quantities of Litecoin compared to bitcoin, with some crypto users perceiving Litecoin and the “lighter” version of bitcoin, sort of like the backup.
Ripple – this one is a protocol that complements Bitcoin. Ripple allows real-time transfers in any currency. In the Ripple database, the users can store and transfer value in any currency.
In April of 2019, Australia introduced the new regulations according to which, Digital currency exchanges with a business operation located in Australia must register with AUSTRAC and meet the Government’s AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) compliance and reporting obligations.
Australia has faced quite a few crypto crimes and since the government wants to incorporate this technology and use it to enhance the day to day lives of its citizens the officials have to take necessary precautions to prevent crime as much as possible. Currently, there are thee licensed exchanges, BTC Markets, Blockbid, and Independent Reserve.
Australia also has a taxation policy when it comes to cryptocurrency. But if your digital currency is less than $10000 and you’re using it for personal services then you won’t be taxed. In all other cases, you will have to pay tax. If you hold digital currencies as investments then you will have to pay tax on any profits when you sell them. If you use cryptocurrencies to pay for business expenses then the transactions will be subjected to goods and services tax.
For those mining bitcoin, any profits that you make will be included in your assessable income and if you are exchanging cryptocurrencies you will pay income tax on the profits and the transactions will be subject to GST. So taxations are definitely somewhat strict and will probably not change in the near future.
So if you’re considering getting into cryptocurrency its good to know ahead of time what to expect. But Australia is still one of the most crypto-friendly countries out there, that is setting an example for those who wish to engage more with this technology since the response from the consumers has been great and there is so much potential beyond cryptocurrencies in the blockchain technology.
What people like any cryptocurrency can still be maintained with the carefully crafted system of regulations that would make the process safer for everyone involved without imposing crazy restrictions that would take away all the perks that this technology offers. While cryptocurrencies have proven to be very convenient, they have also caused a lot of trouble.
Some experts say that this is largely due to the fact that the industry is still pretty new. Within the following years, we will probably see a major improvement in the security systems concerning blockchain that will make it easy for countries to encourage the use of cryptocurrencies with more confidence while allowing for the first time transparency and decentralization that would change the financial systems and many other industries for the better.
RIPPLE’S NETWORK OF BANKS AND FINANCIAL INSTITUTIONS WELCOMES A NEW MEMBER
2019 is about to come to an end, and the crypto space is looking pretty good. Despite the high volatility that has been plaguing the crypto market throughout the year, the projects behind the coins have been moving on with various achievements and developments.
Interest in crypto has also been on the rise as well, regardless of the prices.
Ripple and XRP are two entitites that have seen massive success during 2019, with he company being able to seal a lot of meaningful partnerships, while at the same time promoting the XRP ecosystem and boosting the adoption of its products.
In terms of prices, XRP has been lagging this year, and at the moment of writing this article, the coin is trading in the red as well.
Now, Ripple marks another success.
Ripple welcomes a new member in the networks of banks and financial institutions
Now, 3S Money Club, a London-based digital B2B merchant banking platform, joins Ripple’s network of banks and financial institutions.
The company’s CEO, Ivan Zhiznevskiy, announced this onLinkedIn.
“By joining Ripple’s growing, global network financial institutions can process payments worldwide instantly, reliably and cost-effectively,” he began.
He continued and said: “It allows network members to exchange instant messages such as live quotes and payment instructions over one standardized and validated protocol. In contrast, 3SMC is now connected to four banking partners through APIs.”
According to the latest info coming from the online publication the Daily Hodl, he did not reveal so far whether he also plans on using On-Demand Liquidity.
XRP’s adoption sees another boost
XRP witnessed increased adoption throughout 2019, and Ripple made sure to boost the complete XRP ecosystem as well.
In other news, it’s been revealed not too long ago that XRP is getting ready to penetrate a $140 billion industry.
The Ripple-backed gaming company Forte says it plans to use XRP and the Interledger Protocol to build games based on the blockchain tech and leverage XRP as a settlement asset.
XRP’s Genesis Block Still Has No Record
Many are unaware of the fact that Ripple’s XRP effectively has no genesis block on record. Due to a bug, ledgers numbered one through 32569 were lost and have not been recovered.
Genesis blocks are considered the most important part of a blockchain’s history. However, the third-largest cryptocurrency apparently does not have this early period on record. The first week of ledger history for XRP is completely missing.
It’s been known for years now that XRP suffered a mishap in its early weeks of creation. Currently, ledger #32570 is the earliest point on XRP’s blockchain which is actually recorded and saved. All that preceded this point has been lost and, it seems, will never be retrieved, including the genesis block.
As archived forums show, the mishap happened via a “server bug,” which led to lost history. This makes tracing back to the genesis block impossible. Writing in 2013, there was some hope, however, that it could be recovered. Thus far, these efforts have failed. As one user brings up that this effectively means “we can’t see the crucial first few hundred transactions!”
This is especially prescient given that the early days of Ripple were so chaotic. Jed McCaleb founded the project but, due to disagreements, quit. He went on to create Stellar (XLM), but he continues to get his lavish share of XRP.
Is XRP’s Genesis Block Gone Forever?
Since 2013, nobody has been able to recreate the first week of XRP’s ledger. The bug meant that “ledger headers” were not properly saved and recreating them has proved impossible. The fact was brought up recently by Michael del Castillo (@DelRayMan), who was looking for Ripple’s genesis block but was shocked to find nothing. He was looking for the transaction that created the 1B XRP now in existence.
This gaping hole in Ripple’s blockchain effectively obscures the early and most fundamental days of Ripple’s history — the first week. A blockchain without a genesis block remains an anomaly in the entire industry.