Buying Ripple Is An Exciting Investment Venture
Ripple (XRP) is an exciting cryptocurrency that is worth buying if you want to invest in digital assets. Unfortunately, buying crypto in the past has not been all that easy due to the high fees charged. But some platforms have lowered the fees to make it easier for traders to buy the cryptos whenever they want.
Thus, if you can learn how to invest, you will be able to buy and sell Ripple, just like other cryptos. But to do this, you need to identify a reputable broker with rules that are easy to follow. Read on to learn more about Ripple.
Crypto Trading in the UK
In the UK, trading crypto assets has risen to unprecedented levels. A few exchanges which are FCA registered, allow the public to buy and sell Ripple. However, FCA still considers crypto assets risky because they are speculative.
But on the flip side, the UK cryptocurrency guidelines are maturing fast in this post-Brexit financial landscape. So, traders can expect to hear more about cryptos from the government. In 2020, the country declared that cryptocurrency assets are property. However, it is yet to formulate specific cryptocurrency laws to enable the public to consider them legal tender.
On the other hand, the Bank of England says that cryptocurrencies do not have the classical characteristics to make them be considered money. Also, the FCA and the Bank of England agree that since the status of the currencies changes without warning, the public needs to remain cautious when trading the assets. Once in a while, the two institutions issue warnings and guidance on crypto usage. Also, they opine that since there is no monetary and regulatory protection, the asset’s status as a store of value is questionable. In addition, they say that the assets’ volatility and speculative nature makes them risky.
What is Ripple?
It is a network for transferring money, but which is specifically designed to meet the needs of the crypto financial industry. XRP is thus the main cryptocurrency on the Ripple network. The currency is listed among the leading 10 cryptocurrencies in the world and is owned and run by Ripple Company. It is a currency exchange network and a payment settlement system that processes global financial transactions. Ripple network was designed with the weakness of SWIFT in mind and is intended to replace SWIFT.
But so far, the network is a trusted agent between parties in a transaction since it can quickly confirm whether or not the exchange has gone through. It thus facilitates easy exchanges for various cryptocurrencies such as Bitcoin and fiat currencies.
Why Is Ripple an Exciting Investment?
The adoption of Ripple in Europe, US, UK and Asia is gaining momentum for various reasons. Firstly, cryptocurrencies are quickly getting accepted, and many countries are in a hurry to formulate laws to regulate them. As a result, investment in leading cryptocurrencies such as bitcoin and Ripple is becoming popular.
Secondly, since the ripple network is universally accepted for settlement between fiat and cryptocurrency, it is quickly getting recognition. Thirdly, Ripple is the network under which different currencies are transferred. Therefore, investors have confidence in the digital asset, and this is the reason why it is attracting investment from different parts of the world.
The Ripple system is also getting popular because it is designed to free people from the limitations and hefty fees charged by the existing financial networks such as PayPal, credit cards, banks and other financial institutions.
Outlook
Buying Ripple has become easier than it was a few years ago. All you need is to open an account, make your initial deposit and search for XRP. The currency is universally accepted since it is backed by the Ripple network.