As digital currency world is rising many new investors and traders are joining the crypto world. People are enthusiastic about trading and mining cryptocurrencies. Bitcoin is the first in the race set the goals for cryptocurrencies. Bitcoin was ruling the crypto world until the coins like ripple Ethereum came in the picture. Out of all the coins ripple is the most loved coin and personally my favorite too.
There are two ways to earn these cryptocurrencies. The crypto enthusiasts can buy these currencies from any exchange and store it in the wallet. Another way to earn cryptocurrency is mining. Bitcoin mining is very popular but what about ripple mining? Ripple is growing at a very good pace and ripple investors are looking to find out ways of earning ripple coins. Buying ripple and storing in ripple wallets is known to everyone but the curiosity is towards mining Ripple. People are looking forward to knowing if they can mine ripple by any means.
In this article, we will tell you whether you can mine ripple or not? If Ripple mining is possible, what are the ways to achieve this? Is ripple mining like another cryptocurrency mining?
Ripple mining, still a question?
The clear answer to this question is Ripple cannot be mined.
You read it right!!
You might have heard this before at various places, forums, from experts but did not actually believe it. But the fact remains the same. It is clearly one-liner- You cannot mine Ripple.
This fact makes Ripple odd one out like all other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. can be mined. Why not ripple?
Why ripple Cannot be mined?
Ripple is controlled by one company (again leaving a question, is it centralized or decentralized?)
Unlike other cryptocurrencies, the ripple is owned by Ripple company itself. The amount of ripple is fixed and already generated. Ripple has already produced 100 billion ripple units out of which 29 Billion is in the market. Ripple takes the sole responsibility and ownership of it.
Other cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc. can be mined and miners are distributed across the globe. No one organization or person holds the responsibility of that. This is exactly opposite with Ripple. Ripple has a governing company which is regulating Ripple and the units of ripple are already generated which cannot be increased or decreased.
XRP (ripple) can be used once only. If XRP is used in one transaction, it cannot be used in any another transaction. This means as more and more XRP will be used, it will be exhausted which is one of the very main reasons for increasing its value.
Ripple is for Banks
Ripple is a cryptocurrency for banks which is also a reason why it is not targeted by Banks and financial institutions. Banks and financial institutions are completely against cryptocurrencies however these financial institutions are happily adopting ripple coin.
Ripple aims to partner with financial institutions over the world and provide blockchain solutions to the transactions. Ripple is not competing with banks but wishes to go hand and hand. Ripple has launched some of the products which are to improve the speed of transactions providing good customer services.
There is a number of banks adopting Ripple to smoothen the services. Ripple can handle 1500 transactions in one second and each transaction settles in maximum 4 seconds which is fastest of all.
Ripple mining is an illusion
It is right that there are two ways to earn cryptocurrencies but not with ripple. There is no another way to earn Ripple except buying from any trading platform or exchange. Ripple is available on almost all known trading platforms like Binance, Bittrex, etc.
You will find some websites claiming to provide ripple mining tools but in reality, no such tools exist. You will end losing your money and time with these websites or frauds.
It is proven and very much clear that Ripple coin cannot be mined.
Can we still get ripple through mining?
So, it is now clear that we cannot mine ripple in any way. The only way to earn ripple is purchasing it from any crypto exchange.
Now that you cannot mine ripple, you can mine another cryptocurrency. Many exchanges provide XRP/BTC trade pair which means you can exchange Bitcoin for ripple. You can mine any cryptocurrency and either trade them directly for XRP or first convert your crypto to Bitcoin and then XRP based on trading pair available in your exchange.
This is the only way to get XRP through mining. Trade any other cryptocurrency and exchange with ripple. Many exchanges provide the facility to buy ripple with your credit card or debit card or from your bank directly.
Is ripple really profitable?
The answer to this question lies in the answer to another question.
How much profit can you make from ripple?
At the end of 2017 ripple was the highest profitable coin. Crypto market is always dealing with ups and downs, but ripple has maintained itself even in the tough crypto market situations. Making profit from trading or investing in cryptocurrencies is all up to you. Every coin was profitable once and will be again and so about the loss.
With ripple, there are many profits associated at each level. If you count the advantages of ripple, this doesn’t seem to be a virtual advantage like other cryptocurrencies but real. Ripple reduces the risk, high speed of transactions, fast, secure and many more.
Buying Ripple is not a rocket science but easiest among all cryptocurrencies. If ever you come across any declaration that they can help you in mining ripple, beware it’s a scam. Do not buy, trade or mine any cryptocurrency until you have done your own research. Consult with as many people as you can and put your own knowledge to it. Investment is a risk, but profit too.