The cryptocurrency community typically considers Ripple as a black sheep. It does not care about your computing power and there is no such thing as “mining.” Unlike Bitcoin and Ether, which rely on a continuous inflow of new coins, XRP started with one hundred billion coins and its creators had no plans to expand.
However, some people enjoy making use of the protocol’s features. XRP’s unique mechanism presents some serious benefits, especially for online gambling.
So, if you have been wondering whether you can gamble with XRP, the short answer is yes. Let’s dive into what Ripple is, and how it can benefit you as a gamer.
What is XRP?
Ripple is inherently a payment system for large enterprises like banks and payment providers. Its focus is largely on B2B operations, particularly large sums, rather than C2C transactions. It is the ideal way to transfer huge amounts overseas and exchange them for any currency you want. While the more mainstream SWIFT system takes two days to process a payment from the US to a European country, Ripple works in seconds.
Ripple tokens are not connected to an exchange or a payment provider’s transfer operation. Instead, they are controlled by a network of trusted nodes, which are verified by Ripple executives to handle transactions. Therefore, unlike conventional cryptocurrencies, XRP is not decentralized.
The best thing about Ripple is that it is independent. While other cryptos rely on their users for support, XRP supports itself and can, therefore, allow users to pay fewer fees. As an online player, you can easily play both ways; staking in XRP directly or exchanging the tokens to another currency.
Why is Ripple good for gambling?
Cryptocurrencies generally offer online players speed, anonymity, and low fees. But how does XRP stand out?
Ripple is one of the fastest crypto networks available. Transactions happen within three to four seconds, which is a significant improvement from Bitcoin’s 10 minutes. This difference may not mean much in typical transactions but it can make a big difference in gambling. Can you imagine how it would be if a slot spin took three seconds to complete?
Besides speed, Ripple fees are the lowest on the market. Many online casino players prefer not to keep their winnings in cryptocurrencies because of their volatility. Because XRP offers cheap exchange rates, you can exchange the tokens without parting with a significant chunk of your money.
The downside of gambling with Ripple
XRP has some notable benefits but it is not without shortcomings. For starters, because it is not decentralized, it is more likely to be affected by third-party regulators. Coins are not mined and any maintenance and transactions are executed by several trusted nodes controlled by Ripple executives. If an entity like the government pushes hard enough, these executives might cave and change their policies.
Additionally, although XRP is used for gambling, not many online casinos support it or cryptocurrencies in general. Still, it is possible to find a Ripple casino and gamble with XRP tokens directly, without exchanging them.
Ripple gambling is advancing
XRP has been around for eight years now, and the company has been gradually improving its system. Today, it is the third most popular cryptocurrency after Bitcoin and Ethereum. For online gamblers, XRP offers the fastest transactions and cheapest rates. We do not doubt the casinos dealing with Ripple will continue increasing as cryptocurrency takes hold.
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