What is Crypto Currency and how does it work on XRPDDM.com

What is Crypto Currency

There are a wide range of Crypto Currencies and this basic introduction to Crypto Currency video was created by the IMF, after watching the video learn more about the Crypto Currency XRP and the XRP Ledger below which remedies the concerns mentioned in this video.

What is XRP

the XRP Ledger was released by Ripple Labs in 2012 as a Cross Border payment system. However! It is an open source software network so any developer, whether individual or part of an organisation, can develop use cases such as Apps, Tools, Websites to utilise sending and receiving of XRP which is the XRP Ledgers native currency, XRP is called the native currency but the XRP Ledger can actually support many different currencies. This website XRPDDM.com and its sister site XRP4U.com accepts XRP as payment for items purchased on these websites.

 

Infact Ripple Labs has a very active division called Xpring which is actively working with global developers to utilised this ground breaking technology, by sharing knowledge and investing hundreds of Millions of Dollars to help create the next generation of Mobile apps, payment systems even in game currency!

 

Ripple refers to this global technology shift in moving currency (money) as the Internet Of Value, or IOV for short.

What makes XRP different from other Crypto Currencies

The developers of the XRP Ledger were quick to analyse the first Crypto Currency at that time, Bitcoin, to find where improvements could be made, to save getting too techie the biggest improvements are:

  • Energy Use

    Bitcoin and other similar protocols use incredible amounts of energy to function, in todays environmental challenges this is not acceptable! The XRP Ledger uses a fraction of the energy to work and has been labelled by many as the GREEN Crypto Currency

  • Speed

    One concept of Bitcoin was to change the way currency (money) moved around the world and in a world of immediate satisfaction Bitcoin falls down badly with just a few transactions completed per second the network can quickly become congested. The XRP Ledger is currently capable of completing a transaction within 3 to 4 seconds, this means the XRP Ledger can compete with the likes of Visa and Mastercard as a means of immediate payment on speed!

  • Network Fees

    To send Crypto Currency across their different networks you must pay a fee, this fee can change and in regards to Bitcoin may change dramatically in a busy period as the fee will go up with network congestion. The XRP Ledger primarily has a fee to stop bad people spamming the network so the fee was set at fraction's of a cent/penny! Regardless of the amount of value you are sending, it would cost a fraction of a cent/penny to send Millions of Dollars/Pounds!

  • Transaction Transparency

    As mentioned in the IMF video there are some Crypto Currencies where the transactons are not traceable, meaning no one can track from whom and to whom the crypto currencies move, non transparent crypto networks can be used for illegal purposes. The XRP Ledger is transparent, this allows anyone to use an XRP Ledger explorer to track from point to point the movement and traceability of the crypto!

How will you use XRP on this website.

Firstly lets cover how you will be setting the price of your Digital Content

When a platform has sellers from all over the world it is almost impossible to set the prices in local currency, as the Dollar is a globally recognised currency this site will show prices in Dollars.

XRPDDM.com has a payment system built into it that will convert the Dollar value into an XRP equivalent value, so on checkout when you select the Pay button you will be shown how many XRP to pay for the items(s) you have purchased. The payment system uses one of the largest Crypto to regular Currency exchanges in the world and will use the latest ‘Market’ price to calculate how many XRP are required to pay for the Dollar checkout total price.

How do you Pay using XRP

Firstly you need a mobile application on your phone called an XRP Wallet app. When you checkout you will be requested to use your XRP Wallet app to use the mobiles camera to scan a QR, this will then enter all the required payment details into your XRP wallet app to confirm your payment. You can also copy the provided XRPL address and other payment details into your XRP Wallet browser if using, for example, a Laptop or a PC.

For Content Creators how do you get your XRP

As a content creator if you have selected Donations for your content then the XRP will be sent direct from the website visitor using their XRP wallet app to your XRP address provided via a QR code or an XRP address.

For content where the content creator has set a price then the XRP will first be received by XRPDDM.com into their the address configured on the payment system, an admin will then transfer the XRP amount to the content creator within a reasonable short period of time to avoid market price changes, due to current market volatility the price may go up, in which case you get more Dollar value than the price set and of course it may go down and you will get less. The admins can provide the exact amount of XRP received for the purchase on request but I can state right now there will be no ‘creaming’ XRP off way from the content creator, Trust will make this platform a success, breaking trust will be its doom!!

Setting yourself up to send or receive XRP

If you are already an XRP enthusiast then you will no doubt have XUMM mobile app installed and your are ready to go.

If you are new to Crypto or just new to XRP then a link will be provided shortly below step by step to help you get yourself setup!

We are here to help you join the #XRPcommunity we will be with you all the way to make you an XRP expert! 🙂

Become an XRP Guru by visiting our sister site! XRP4U.COM

XRP Enthusiasts