How to mine ripple? Can ripple actually be mined? What is its actual purpose and how is it different from other cryptocurrencies? These are some very interesting questions that most people gaining interest in XRP want to know the answer to. Due to the continuous growth in the popularity of cryptocurrencies, a lot of new investors have decided to join the soaring crypto space.
As XRP has been growing with numerous price surges a lot of investors have developed an interest for this coin. As a result, they began to explore it to find ways of earning XRP coins. Therefore many started to wonder how to mine ripple and what sort of mining rig do they require. This is what we will be looking into today.
How is ripple different from other cryptocurrencies?
The difference between XRP and other cryptocurrencies is that bitcoin and other popular cryptos rely on mining and ripple does not.
Following are a few reasons why ripple chose to dodge the whole mining process;
The first and major reason why it isn’t possible to mine ripple is that the complete stock of XRP coins is already in circulation; so really there is nothing to mine.
Secondly, the original purpose of creating ripple was more for banks than for individuals. Aside from the fact that banks can make use of their own blockchain technology, it is much easier to have a cryptocurrency that is accepted universally. This is why more than a hundred banks are already making use of this asset.
Other cryptocurrencies are decentralised, but again ripple does not follow the masses. Although the authorisation of transactions is performed by third-party validating nodes, Ripple Labs still manages operations.
How to gain ripple if you cannot mine it
Do you want to know how to mine bitcoin? Well, you can’t, but what you can do learn to mine other cryptocurrencies. When you learn how to mine other cryptocurrencies, you can then either use them to buy XRP directly or exchange them for bitcoin and then purchase ripple.
In other words, the only method to get to XRP is by trading some other coin for it. If you happen to run into an explanation on how to mine ripple, it is probably a scam!
So what is the goal of XRP?
What is the main purpose of XRP? XRP is more directed at improving the current banking system, instead of replacing it. Therefore the success of ripple ultimately depends on major banks and central banks’ acceptance. Nevertheless, according to Ripple themselves, they still have a long path ahead of them, since the highly-conservative banking industry is not likely to make the jump any time soon. Furthermore, another thing to be concerned about is ripple remaining unsupported by major American exchanges, aside from Kraken. A listing on Coinbase would probably do a lot for XRP.
Final thoughts on how to mine bitcoin (if you technically cannot)
The development of any cryptocurrency is dependent on how well people adopt it as a means of exchange, and so this applies to XRP My opinion is that currently, the ripple has presented the most real-world adoption by several banks. At present banks are using the XRP network for the transfer of fiat currency. Therefore seeing as you cannot mine XRP, it is not impossible to purchase XRP, and it may be a good investment at the moment.