Mining is most often looked at as a fundamental function of a cryptocurrency. Contrary to popular belief, it is not fully possible to mine Ripple XRP. Unlike Bitcoin, Ethereum and their other counterparts, Ripple only utilizes a semi centralized ledger tech in order to help make its transactions faster and quicker. Instead, Ripple relies on the institutions and businesses that are incentivized by the problem which Ripple is solving for them. This is especially true in the case of banks that are in need of more liquidity when creating foreign exchanges and transactions between different countries. Ripple is created via a crypto ledger quite similar to Blockchain technology in Bitcoin and Ethereum. Also, it is generally united by payment processor networks and financial institutions.
While it is absolute that it is impossible for miners to actually mine Ripple XRP, there is technically still a way and that is with the help of other cryptocurrencies. In other words, we know that mining other cryptocurrencies such as Ethereum and Bitcoin is completely possible. you can always mine these cryptocurrencies and use them in a currency exchange platform in order to exchange your mined cryptos for Ripple XRP. This is perhaps the closest way to actually be able to mine Ripple XRP.
Unlike Bitcoin, Ripple does not get attacked by the global financial system and banks. The reason is apparent. Ripple is a regular currency being controlled by the US Ripple company. It is a single company that is in charge of everything whereas with Bitcoin, you don’t really have a central authority. Ripple has produced 100 billion units of Ripple XRP. This number is official and it is not going to ever increase; neither is it going to decrease. Right now, there are approximately 39 billion of the produced units on the market.
Bitcoin is produced by miners. People who have turned their computer systems into part of the global mining network which is a huge data distribution network. In Ripple’s case, however, the company is the only one responsible for this. This means that the mining process can only be done by the main company itself and users are not allowed to mine Ripple XRP.
Bitcoin is not really owned by anyone and even who has created it is unknown to us. Bitcoin is based on the principle of unknowingness and ambiguity. Bitcoin is resistant to transparency while trying to omit centralization.
There really is not any other way to get Ripple XRP other than investing in them. You can purchase Ripple XRP from the many trading platforms that exist in the market and hopefully they provide you with a lot of quantities.
The possibility of mining Ripple and being able to earn them by this type of process is nothing but a big illusion. This story is most probably created by the quorum in order to attract the people who want to get Ripple XRP for free without actually paying anything for it. Just know that there is no way to mine Ripple. No mining platforms, no mining machines, nothing at all! So be very, very careful when someone tells you about mining methods or shows you such platforms, they are most probably trying to trick you. Do not fall for their ruse.
Besides all of the points above, Ripple XRP mainly targets banks and financial institutions which have the potential to accelerate financial exchanges. Such institutions may also use their own unique blockchain methods without ever needing Ripple as a currency.
People who have invested in Ripple are betting on the tendency of banks so that they can buy significant amounts of Ripple XRP so that they are able to improve their services. Ripple is not really a replacement for dollar and other currencies at all. Investors do not consider selling their crypto assets and providing them to their customers. Right now, more than 100 banks are utilizing the same technology and there have been explicit calls to benefit from Ripple’s services.
Due to the reasons stated above, Ripple has made sure that mining XRP is not entirely possible (as we’ve already mentioned, you can always try online mining sites on cloud that allow you to mine other cryptocurrencies which then can be exchanged into Ripple) but still there is no direct way of “mining” Ripple XRP. Keep in mind that Ripple is unlike Bitcoin, Ethereum and other currencies that adopt decentralization. With that said, in case you come across a statement that it is possible for Ripple to be mined, be aware that it is a trap.
While many people online have complained about this and demand the mining ability for Ripple, if you actually think about it, it is really not a bad thing. Crypto coins that need their users to mine to increase their circulation are considered an environmental problem.
Mining cryptocurrencies usually need high performance computer systems, also known as mining rigs, that will consume huge amounts of electricity. As the effects of climate change continue, people have criticized the energy consumption of mining processes for Bitcoin and such cryptocurrencies as well. So, in fact, Ripple offers a much more environmentally friendly alternative with lower cost, more stability, more efficient energy consumption and more stability.
Ripple XRP is more than just a cryptocurrency. It is designed with the goal of improving traditional banking systems with the help of Ripple transaction protocol. Unlike other cryptocurrencies, the Ripple protocol was designed to integrate with it seamlessly rather than supplanting it. With that said, the only method that lets you own the Ripple coin is by either buying it from the company or simply exchanging another coin for it. Once more, if anyone ever comes to you about mining Ripple XRP, it is clearly a trap and you should be sceptical about it.
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