Ripple Is Paying Users To Use Their Digital CoinJuly 3, 2018
In the last months, many XRP users found out that the Ripple company has been practically giving away much of their digital currencies to their users. An excellent example of this was when Ripple donated XRP (amounting to almost $29 million) to charity to purchase supplies for U.S. classrooms.
The actor and Crypto entrepreneur Ashton Kutcher also presented a $4 million in XRP during his appearance on The Ellen DeGeneres Show, which he gave to The Ellen DeGeneres Wildlife Fund.
The sum was on Ripple’s behalf.
But they aren’t only giving XRP away from charity projects. The company also searches for ways to reward users using XRP. Last year, in October, the company gave $300 million worth in XRP through a program aimed towards rewarding financial institutions and consumers that use XRP; the company is known as the RippleNet Accelerator Program.
Ripple and XRP
XRP is the digital coin released in 2013 by the company Ripple, a Cryptocurrency corporation based in San Francisco. Since 2013, Ripple made its way to place XRP as the third most famous Crypto coin when we talk about market capitalization, surpassed only by Bitcoin, followed by Ether. Ripple released XRP to be used; the company aims towards people using the XRP they possess to send value internationally.
An example of what Ripple wants could be the next one.
If a user had 1,500USD and wanted to send it to a friend in Europe or somewhere else, the user should convert his dollars into XRP, transfer it to his friend in Europe, and then he could choose to exchange it to Euros or any other currency they want. To make this happen, Ripple already established a partnership with many banks and different financial institutions.
The Problem With XRP
Taking a look at reports made by Cryptocurrency followers, blogs, and newspaper, many users are buying and trading XRP, but they aren’t using them. It is common to see people doing this with Cryptocurrencies, but Ripple doesn’t want its coin to be only for buying or selling as speculative investments. Ripple wants XRP to be used as a regular fiat currency, but right now you can’t go to your neighborhood grocery store and go shopping with your Cryptocurrency.
What’s The Solution?
If you want people to use a currency, you need to make sure they get a lot of it. That is precisely what Ripple intends to do and has been doing with these donations to charities and other projects.
Ripple’s decisions play a huge role when it comes to how people will be able to use XRP and its supply in the market. For example, the difference between Bitcoin and XRP is that the amount of Bitcoin is determined by the number of transactions (More transactions mean more mining and as a result, more Bitcoins). While Ripple already created all XRP available globally in 2013, they kept 80% of the 100 billion they generated.