Ripple: The Next Big Thing in the World of Cryptocurrencies
Ripple is classified as a cryptocurrency. It can be used to transfer funds to anyone, anywhere in the world using a global settlement network. Unlike Bitcoin and Ethereum which rely on the computers of just about any average Joe for peer-to-peer transaction confirmations, Ripple works with banks only and offers them a cheaper, safer, secure and less regulated method of sending money around the world. This process makes the existing systems of using SWIFT and other remittance payment systems such as Western Union and Moneygram look like cold war relics. It also eliminates the costly and time consuming currency exchanges that sometimes need to be done when sending money to countries whose currencies are not easily convertible.
