Is Ripple an actual cryptocurrency? Existing cryptocurrencies have one thing in common is that their inspiration is bitcoin. In short, bitco...

Is Ripple an actual cryptocurrency?

Existing cryptocurrencies have one thing in common is that their inspiration is bitcoin. In short, bitcoin is a true definition of cryptocurrencies, and earlier attempts were just a glimpse of how a digital currency with a cryptographic ecosystem can look. However, the complex attributes depend upon numerous specific functions and aspects. 

For example, this legendary token comprises a public and non-partial database, and on this database, a magnificent number of nodes accumulate and record the exchange. You can visit bitcoin investment if you want to know about the mechanism of bitcoin trading. Bitcoin as a currency also comprises a cryptographic hashing mechanism. Due to this, participants can utilize a network of utterly public and nonpublic keys to protect the entities. 

The exchange is executed with the help of nodes. Miners are classified as a community of anodes that are very supportive and rewarded by a cryptocurrency network. After a profound influence of bitcoin on the cryptocurrency market, if a digital coin does not have features like bitcoin, it should not be classified under a cryptocurrency category. Such facts also led to concerns about whether Ripple is an actual cryptocurrency. Here is a detailed answer to your question, is Ripple an actual cryptocurrency. 

Ripple: An Unusual hybrid!

The developer of this system did not develop Ripple as a currency or standard cryptocurrency. At the same time, BTC and similar altcoins render a value of the currency equivalent to other features like the strength of a network, alongside its pace and other scalability attributes. Therefore, Ripple does not consider the native token as an investment asset, and the complete focus of developing it is to make the blockchain very robust. 

As per the development team of this coin, in the end, blockchain is going to survive, and other technologies might diminish, so they decided to focus only on blockchain robustness. Therefore, to accomplish goals similar to a cryptocurrency, the Ripple banking system developed XRP but added all the traditional aspects of profound digital coins.

A System without Miners!

Cryptocurrencies devoid of a mining network sounds pretty unusual. However, Ripple never hesitated to form a system without a viable mining community. As a result, people sometimes wonder if Ripple does not comprise any group of miners checking the authenticity of each exchange executed on their exchange. 

It might sound shocking, but a centralized ledger empowers the authenticity of every exchange that takes place on the Ripple network. Developers of this system think a centralized ledger is more powerful and productive than a decentralized one. Mining accounts for a fundamental tenet of majority cryptocurrencies. The consensus mechanism, an integral aspect of blockchain, adapt to upcoming challenges.   

A centralized blockchain!

Like another digital currency model, Ripple comprises a wallet system; the challenging part is having access to this system's ledger. Developers have prohibited blockchain access by retail participants by addressing the issues related to public accessibility. 

In short, ripple blockchain comprises a closed source code, unlike bitcoin. In short, for a developer, it is nearly impossible to develop a new flanged cryptocurrency using the ripple blockchain. 

A Cryptocurrency or Just a Digital Banking System!

Cryptocurrencies attained prominence on the global level due to their speculation use case. But even the developers of Ripple don't recommend seasoned traders, investors or professional speculators to use it for such purposes. So, although an analogy can be drawn between Ripple and a standard fintech organization, undoubtedly, there is a fine difference line between them. 

Ripple does not usually display any profound cryptocurrency's attributes, but it comprises technical aspects of this digital monetary complex. For example, a ledger recording exchange information is present in both models. But rather than resembling cryptocurrencies, it is more similar to standard banknotes.   

People refer to Ripple as a division between both fiat currencies and cryptocurrencies. People usually confuse Ripple as a cryptocurrency because it is not like one, so you should ripple. Ripple is not a fiat currency but not also an entire flash cryptocurrency. 

Ripple can be referred to as a semi-cryptocurrency or technical cryptocurrency. The developing team is currently working to introduce more stability in the ripple network and stabilize the monetary system. 

The above-listed portion depicts the nature of Ripple as a currency and what it should be named.