Excerpt From ‘The 90 Minute Bitcoin Quick Start’
Ripple XRP has been a fascination of mine for several years now. In fact, many in the crypto world consider me a prophet due to my December 2013 YouTube video titled, ‘Is Ripple the Next Bitcoin?’ Ripple is presently the third-largest cryptocurrency in the world, based on market capitalization. As mentioned earlier, I started buying Ripple for myself and then began giving it away to newsletter subscribers.
One of the big reasons for the enthusiasm surrounding Ripple XRP is the price per coin. Ripple is presently trading for 70 cents. Earlier this year it briefly jumped to a high of $3.65.
Despite being the third-largest crypto, Ripple offers an extremely attractive price point. Granted, the reason the price is this low is because there will be a total of 100 billion coins in circulation (compared to Bitcoin’s 21 million). Nonetheless, investors unable to buy a full Bitcoin can’t help but be enamored with the idea of getting more than 100 coins for $100. Ripple is attracting a lot of crypto newcomers because of both its affordable price and perceived future viability.
Ripple Is Not Decentralized
Among the most passionate arguments made against Ripple is its ‘centralized network.’ The main reason that decentralization is such a big issue with crypto enthusiasts is the belief that it establishes privacy and security. However, the degree of privacy and anonymity created through decentralization is subject to some debate. Still, it’s hard to disagree with the general consensus that a decentralized network gives more power to the people.
With true peer-to-peer transactions, there’s more privacy and security. They also make it harder for asset confiscation to occur. Without so much as a court hearing, the IRS can take your paycheck and your bank account. However, this kind of heavy-handed thuggery is much more difficult for a government to effect when dealing with a decentralized asset like Bitcoin.
Still, it’s not as though the government is without any options if it decides it wants your crypto. A federal judge could order you to turn over your holdings, or jail you for contempt. This is exactly what happened to infomercial guru Kevin Trudeau when he refused to surrender overseas assets. He was not a holder of crypto, but the mechanism works the same way. Trudeau was eventually sentenced to ten years in prison.
Crypto Purists Consider Owning Ripple Tantamount To Sleeping With The Enemy
Another aspect of Ripple that is sacrilege to many crypto enthusiasts is its integration into the banking system. This is because the traditional financial marketplace is anathema to the alternative asset community, and particularly to crypto investors and adherents. Accordingly, Ripple’s alliance with banks is viewed by many as a case of ‘sleeping with the enemy.’ WHILE I AM NO FAN OF BANKS MYSELF, I ACCEPT THE REALITY THAT REVOLUTIONS TEND NOT TO HAPPEN OVERNIGHT. IT IS HIGHLY UNLIKELY THAT CRYPTO WILL COMPLETELY REPLACE TRADITIONAL ASSETS, INCLUDING CASH, IN THE NEAR TERM. WHAT IS MORE PROBABLE IS A CONTINUED MELDING OF CRYPTOCURRENCY WITH THE BANKING SYSTEM.
Plans are already in motion for the complete integration of crypto into the U.S. banking system. Ripple’s tactic of bringing crypto to banks may just turn out to be the most brilliant chess move in the history of the crypto movement – those at the foundation of Ripple are gaining institutional support from the very same people working to destroy Bitcoin.
I invest to make money and don’t spend a lot of time indulging philosophical debates about how the sausage is made. Many readers may consider it traitorous of me to be giving such a positive review of Ripple, but, as I see it, I’m just covering another number on the roulette wheel. I believe there are a lot of crypto investors who very quietly own Ripple themselves. However, admitting to it publicly might diminish the anarchist ‘credentials’ some of them value. I CONTINUE TO BELIEVE THAT RIPPLE XRP MAY HAVE THE GREATEST UPSIDE POTENTIAL OF ANY CRYPTOCURRENCY TODAY.