The way that both individuals and big business are viewing money is changing. In our increasingly global society, paper money and fixed regional currencies can be cumbersome, making it difficult to carry out international transactions at the speed that businesses are increasingly moving. Instead, digital currencies are the future with cryptocurrencies such as Ripple at the helm. Ripple is a real-time settlement system that allows financial institutions, businesses, and individuals to move their money instantly to anywhere in the world. This thorough guide to Ripple will fully explain what Ripple is, how it works, and how it can best be applied to your finances, both business and individual:
A Digital First Generation
We are increasingly becoming a digital-first society, and Millennials are certainly a digital-first generation. They will instinctively look to see if something can be done online before they go to a physical store to make a purchase or physical bank to complete a transaction. Whilst this shift in terms of mindset has already taken place, and is only going to grow with each generation, particularly given the current climate, as the convenience of doing everything without leaving your sofa increases in appeal. From virtual drinks via Zoom to online gambling paid for using the cryptocurrencies you already have wired into your phone, digital convenience will be king.
Payments Should Be Easy
Ease and convenience are the key buzzwords here, and it is this ethos that is driving brands like Ripple to success. Ripple is reliable, low-cost, instant and everywhere; there is nowhere in the world that you can’t transfer funds using this system, meaning that even the most obscure payment location will be easy to reach. Ripple is also compatible with a wide range of different cryptocurrencies, meaning that if you have diversified your portfolio across a range of financial options, you can still transfer, access, and utilize each of these currencies with ease. Effectively, Ripple is the middle-man between your cyptocurrency balance, and the place where you want to send these funds: allowing you to transfer between digital and real world currencies across the world in the blink of an eye.
Ripple works by using advanced blockchain technology to take and transfer global payments. Financial institutions in particularly are reaping the benefits of the technology, as it enables them to offer faster and more appealing transfer times to their customers. With these digital systems in place, many banks and other financial institutions can offer expeditated fund transfers to their customers, without them ever having to set foot inside a bank.
The Importance of Building Connections
Many detractors of the growing digital arena believe that it is leading to a fractured and disjointed society, but in reality digital currencies, much like digital life and social media, are helping us to build connections and make the world a much smaller place. You can be living in Germany and meet friends from Canada in your favourite cryptocurrency casino to play and hang out. You can be working in the UK and send cash back to your family in the Philippines instantly using tools such as Ripple. And social media itself means that you can see your favourite celebrities wearing something you want, and then order it directly to your front door at the click of a button. The digital world has changed the way we do almost everything, and cryptocurrencies such as Ripple will be at the forefront of driving this change forward. It really is a brave new world, and the changing world is set to be a digital one.