Photo by Cait O’Connor http://www.blogger.com/comment.do
People moving the same type of currency, say dollars or pounds, to another account on the Ripple system will not have to use its currency, known as ripple or xrp,(pronounced letter by letter). But ripple is meant to provide the fastest and cheapest conversions, of one nation’s currency to another or among various types of digital money. The hope is that once people begin using Ripple they will keep some of their money in the currency and eventually use it directly to make purchases.
As with bitcoin, a finite number of ripple will be created — 100 billion. Ripple Labs will distribute 55 per cent of those free to encourage people and companies to use the system. The 7.5 billion ripple that have been released are worth about $US60 million.
Despite the questions, the concept of digital currencies has won a growing number of proponents. In the technology sector, many have been drawn to the broader possibility that virtual currencies could allow money to zip around the world without going through banks and payment processors, with all the fees they impose, not to mention onerous government regulations.
The question is how easily can ripple of bitcoin be used to provide one’s needs. The Australian reports on a couple Austin Craig and Beccy Bingham-Craig who learnt to live on Bitcoin alone pn a US trip. At times it was difficult but never impossible.
When I tried to buy bitcoin, Plus 500 considered me unsuitable because I answered the questionaire with limited experience in market trading. The other bitcoin link which I’ve included in the previous blog, rang me very keen to have me purchase. Bitcoin is quite keen to have merchants on board too.
Ripple allows people to donate money to a cause. Some of the causes are: Grammen Bank for microcredit loans to women in poor countries, Oxfam, Water,Food, Education etc.
Ripple has some Tasmanian Real Estate agents on board.
with some attractive real estate. A person using the system can deposit any sort of money into a personal Ripple wallet through a business that is signed up as a Ripple gateway. That money can then be moved to the wallet of another Ripple user, without going through a bank or a credit card system.
To buy Ripple:
You can buy as little as $10 and there are give-aways included.