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XRP Misconceptions – Is Ripple More Secure Than Bitcoin?

Among many myths that the article dismisses, the foremost relates to the idea that XRP isn’t required for Ripple’s payment protocol. Whereas most cryptocurrency investors are acquainted with the XRP coin. While they fail to completely perceive the connection between Ripple, their payment protocol and the way XRP functions in it all.

Of the 2 merchandise Ripple offers, xCurrent has the best current rate of adoption. It is also the most important challenger to industry-standard SWIFT in providing secure, price effective world transactions.

However, xCurrent doesn’t utilize XRP directly for liquidity, that makes some thinkers to say that the cryptocurrency is mindless. Also, that Ripple may be “scamming” XRP on crypto investors to the tune of billions. XRP provides a way quicker, economical methodology for decreasing payments over FIAT/FIAT exchange pairs compared to the xCurrent product, xRapid.

XRP Misconceptions

xRapid utilizes XRP for the liquid transition, for payment transactions removes the inefficiencies fixed in xCurrent and FIAT/FIAT world trading pairs.

As opposed to the business standard, xRapid and XRP coin offers savings on payments, even within the case of small international payments. While permitting users to send funds to unless high-priced or exotic corridors.

Additionally, XRP coin provides a major advantage by opening the payment protocol to the world and developing markets. As there is no need of a high-priced pre-establishments. This is a move that will help developing nations and smaller establishments compete with larger players from the point in time.

For an average, xRapid payment takes minutes and the window of volatility is minimal. This short window is made accessible through the speed. XRP will choose the XRP ledger that’s presently scaling to nearly 1500 transactions per second. Hence, closing a brand new ledger every four seconds.

However, the bank choosing xRapid and using XRP as a mediator for liquidity, improves the marketplace for the cryptocurrency. Hence it is helpful to Ripple as well as the coin investors. As banks are free to hold XRP as well as any currency, the liberty to utilize xRapid while not expose themselves to longterm crypto volatility makes the service far more attractive to money establishments.

Ripple CTO Believes Bitcoin May Attack

David Schwartz issued a fiery response to a Tweet from Unhashed podcast co-host Ruben Somsen, who questioned whether or not the XRP Ledger is often exploited. Thanks to a mechanism that requires nodes to skip validation if they’re too much behind.

Ripple nodes skip validation if they’re more than 100 blocks (~20 min) behind and 80% of the validators agree the blocks are valid. It seems to me validators could exploit this – halt the chain, then skip fake signatures. @JoelKatz never replied. See here: https://t.co/GlzHh99F8q— Ruben Somsen ⚡️??️2️⃣❎ (@SomsenRuben) March 7, 2019

The Ripple CTO says such attacks on XRP are often “mitigated in software”. Also, they’re little compared to Bitcoin’s vulnerabilities, calling Bitcoin’s accord mechanism a “dead finish.”

No blockchain that I know of has better protection against a hostile majority attack than the XRP Ledger does. Bitcoin will happily allow double spends if the majority of mining power is in hostile hands.— David Schwartz (@JoelKatz) March 8, 2019

A 51% attack is when a miner or mining pool takes management by gaining over 50% of the network hash rate so as to commit the last word crypto crime: rewrite the ledger and double pay previous transactions.

This year Ethereum Classic was hit with one such attack, raising questions on Bitcoin’s current level of security.

According to Crypto51, it might be very high-ticket to collect enough resources to attack the Bitcoin network, requiring $292,255 AN hour.

What is your opinion on this Misconception? share your thoughts on our Twitter and Facebook pages.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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