Ripple (XRP) — one of the oldest and most respected cryptocurrencies, consistently ranking in the TOP-10 digital assets by market capitalization. Stability and reliability make it popular among crypto enthusiasts and large corporate investors.
The cryptocurrency market is filled with billions of dollars every year: stable growth and increasing interest in digital gold allow it to pose serious competition to traditional financial institutions. Some altcoins are launched successfully due to special technological advantages. This explains why Ripple (XRP) has firmly established itself in the leading positions of numerous market rankings. Among many experts, there is even a claim that in terms of significance, this cryptocurrency holds third place in the world.
Authority, popularity, constant demand — all of this drives enthusiasts to the question of mining. So how can one obtain such a valuable asset? Unfortunately, many will be disappointed here, as traditional familiar mining does not exist in this case.
Mining Ripple (XRP) is impossible, and that's a fact.
For those who are used to the fact that the beloved Bitcoin can be 'earned' through honest work, the news that one of the most popular cryptocurrencies cannot be mined is disappointing. The creators of the Ripple project made this impossible from the very beginning. But why was such a decision made? There are three answers to this question:
If we put it simply, the principle of mining assumes that there is a reward for creating each new coin or other structural unit of the cryptocurrency platform. Users gradually mine new tokens, whereas with Ripple, they were all created by the developers and released at the moment the project launched.
The cryptocurrency platform Ripple and the token XRP were originally created not so much for ordinary users, but for banks and other financial organizations. In theory, banks can implement their own blockchain-based technologies and operate successfully on them. However, the idea of using a universal cryptocurrency has become more promising. Ripple's popularity is largely due to the fact that hundreds of banks from different countries around the world have joined in working with the platform.
The cryptocurrency boom has largely arisen due to their decentralized nature. With Ripple, things are somewhat different. Although transaction processing and confirmation in the system involve independent external nodes, on a global scale, the work of the XRP Ledger blockchain is supported by Ripple Labs.
The creators immediately indicated their attitude towards mining. According to them, the initially issued XRP is sufficient for the stable functioning of the blockchain network infrastructure. The platform simply does not need additional tokens and does not provide for their creation.
How can Ripple (XRP) be obtained then?
Since XRP cannot be mined, the only way to obtain this cryptocurrency is through purchase. Various mining pools or other workarounds are often fraudulent schemes. You can buy Ripple on any major cryptocurrency exchange.
Many wonder: is it worth buying XRP to diversify an investment cryptocurrency portfolio? Why not: it is a very reliable cryptocurrency that will only gain in value in the future, making it advantageous for long-term investments. Additionally, it is a quite popular liquid asset, so selling it when needed will not be difficult.
It is also worth noting that with Ripple (XRP), you can make international transfers with minimal, almost non-existent fees. Therefore, this cryptocurrency and the platform itself can confidently be called a budget alternative to major money transfer services like MoneyGram, PayPal, Western Union, and others.
There are no loopholes for mining either.
Sometimes you could find offers such as ‘XRP mining platforms’ with colorful promises of token mining. This is nothing but fraud and deception — there is absolutely no way to mine Ripple out of ‘thin air’. Only purchase on an exchange. You can also see advertisements for cloud mining, which also has nothing to do with reality.
The only indirect way to put mining and Ripple in the same chain is to mine other digital coins and subsequently exchange them for XRP. There are many alternative altcoins that are successfully mined by many users. At the same time, if you monitor the fluctuations in cryptocurrency prices, you can make the most successful trades.