Thanks to the increasing popularity of cryptocurrencies, many new investors have decided to join the growing cryptographic space. After Ripple's recent price increase, many new investors have developed an interest in this currency. Because of this, they started exploring it to find ways to earn XRP coins. As a result, many have begun to wonder how it is possible to get ripple mining and what kind of mining rig they need. This is what we will face today.
Ripple mining is not possible
Yes it's correct. Whether you have heard on a forum or if someone familiar with this coin has told you, the fact remains. Ripple is not simply minimized.
In fact, this is one of the biggest differences between Ripple and other digital currencies like Bitcoin, Ethereum, TRON and the like. The obvious question now is – why?
Well, there are several reasons why you can not extract Ripple. The first is the fact that the ripple is controlled by a company. This is the same company that created it, Ripple Labs. While the company denies having great control over the currency, the fact is that they are the only ones who can create new XRP coins.
So far, the company has produced around 100 billion XRPs, although only a part of it (39.8 billion) has been put into circulation. While most other coins also have a total supply, the encrypted Bitcoins can be extracted until the total offer is released. In other words, Bitcoin's circulating offer is constantly growing with every new block that is "solved". On the other hand, Ripple has fixed the circulating supply, and this will remain so until the company decides to release more coins.
How to earn XRP if not through Ripple mining?
There is only one way to get XRP coins through the extraction, and this is to extract other encrypted ones. After doing so, you can exchange them with Bitcoin and then buy XRP, or you can buy XRP directly if there is a trading pair for the currency you have drawn.
In other words, the only way to get XRP is to exchange some other currency for this. If you come across a method that explains that you can, in effect, my Ripple – it's probably a trick or a scam.
Ripple is a cryptocurrency for banks
It is widely known that banks and other financial institutions do not particularly support cryptocurrencies. Yet, numerous reports from all parts of the world say that banks are opening up in Ripple and choosing it as their preferred currency.
This is not a false story, and Ripple is indeed targeted by many banks. The reason for this is the fact that Ripple has created some very useful and very necessary products. These products, such as xCurrent or xRapid, are used to improve the speed of financial transactions.
The technology that banks have used up to this point is already getting old and is often unable to meet ever higher demands. This is why banks have recognized the need to improve their technology. And since Ripple is much more stable than most other currencies, because behind it is a reputable company, financial institutions have decided to give it a chance.
Indeed, the recent price surge is a direct consequence of this decision, as many believe that banks are finally preparing to actually implement Ripple's products. This would provide a currency with a unique use case that would make it essential for the future of transaction creation.
As for Ripple mining, it remains impossible. For this reason, anyone trying to get their hands on the XRP tokens can buy them or exchange another coin for them.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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