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What is Ripple? Cryptocurrency Explained After Ashton Kutcher Donated $ 4 Million To Ellen DeGeneres

What is Ripple? Cryptocurrency Explained After Ashton Kutcher Donated $ 4 Million To Ellen DeGeneres

  • Ashton Kutcher surprised Ellen DeGeneres with a $ 4 million donation in XRP
  • Ripple Coin is the third most valuable cryptocurrency after Bitcoin and Ethereum
  • Kutcher and his partner Guy Oseary have invested in Ripple through their fund

Ashton Kutcher surprised Ellen DeGeneres with a donation of $ 4 million (£ 3 million) to the talk show host’s Wildlife Fund in the form of Ripple’s XRP coin, the third most valuable cryptocurrency after Bitcoin and Ethereum.

At the push of a button on his phone, Ashton Kutcher and his business partner Guy Oseary were able to transfer the full amount to the bank account of the Ellen DeGeneres Wildlife Fund immediately on the NBC show.

The tech investor stated, “Ripple is basically a platform that allows people to transfer money from bank account to bank account, person to person, really safe, really easy, really fast. ‘

Kutcher and Oseary have invested in Ripple through their tech mutual fund Sound Ventures, which has also funded cloud-based enterprise software company Zenefits, and Ashton has also been a supporter of Airbnb and Uber from the start. But what is Ripple?

Ashton Kutcher surprised Ellen DeGeneres with a $ 4 million donation to the Wildlife Fund

What is Ripple?

Ripple is a settlement network with the goal of eliminating legacy systems like Western Union and SWIFT, allowing anyone to transfer money in any currency to any currency in seconds.

Ripple also offers an alternative in XRP that can be used as a common currency for money transfers between different currencies. Transaction fees are lower to convert from XRP to another currency and vice versa, and transfers take a maximum of four seconds to execute and verify.

Although Ripple wasn’t released until 2012, Ripple is actually older than the well-known cryptocurrency Bitcoin, with the original company founded in 2004. Since then, Ripple’s virtual currency XRP has been adopted by many banks and financial institutions around the world.

Ashton Kutcher and Guy Oseary were able to transfer the full amount at the push of a button

Ashton Kutcher and Guy Oseary were able to transfer the full amount at the push of a button

While similar, the Ripple coin and the Ripple network have advantages and disadvantages over Bitcoin: as fewer people exchange XRP, transaction costs are lower, but as more of them are used the fees are likely to increase.

All of the 100 billion XRP that can be used already exist and some are launched every month to prevent flooding. In 2017, Ripple promised to lock 55 billion XRP in 55 smart contracts, which would then put billions of dollars in escrow.

It did so because buyers feared that if billions of XRP were released, Ripple would lower the price of the coin, and the “locking” would mimic the effect of mining, the process of keeping records of transactions called blocks Records are added. also known as blockchain.

This was done so that the currency will steadily increase its price and as more and more banks accept it, the process will be legitimized and not as a competitor in the way Bitcoin is perceived. Because of this, Ripple’s success depends on the banks buying it and pushing it.

Ashton Kutcher has invested in Ripple through his technology mutual fund Sound Ventures

Ashton Kutcher has invested in Ripple through his technology mutual fund Sound Ventures

How to buy Ripple

Ripple’s goal was to provide an easier way for its users to make money transfers easier, faster, and safer, and it’s still a long way from being used as a payment method. However, you can buy Ripple just like any other cryptocurrency.

While transferring money with an XRP wallet is easy enough, you can make money with Ripple by getting paid in Ripple and then refunding the money that is in your account (wallet) or just buying XRP and waiting – it’s not mining allows ripple.

Ripple price

Ripple’s XRP coin is currently worth over $ 23.3 billion, but like any other virtual currency, it’s extremely volatile and has lost more than 80 percent of its value since it was priced at Reached $ 3.84 (£ 2.87) per token in January 2018.

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