Ripple Rises and Becomes Second Most Valued Coin After Bitcoin

It has been one of the most actively traded coins for the year but hovered in the 0.25 cent range most of it. Suddenly, Ripple took off and is now near $3. Ripple is a cryptocurrency like bitcoin but slightly different in that it’s a token whose value is tied to something else. Ripple Labs, a global transaction company, created the token.
The goal of Ripple is to create seamless transactions that occur must faster than present transactions. Banks like Santander are using Ripple to process payments. Workers in foreign countries also use Ripple to send money back home to relatives. The goals outlined by Ripple are cetainly good if they can hold up. They are:easy access, speed, traceability and cost.
As compared to Bitcoin, this would be good. The original goal of Bitcoin was to lower the cost of a transaction but transacting Bitcoin often has high fees that make it impractical to use regularly. One person went to use Bitcoin for a $50 purchase but would have to pay $30 in fees making the total $80. Not a great deal and far away from the original concept of Bitcoin which was to halve processing fees for using a credit/debit card.
Speed
Since Bitcoin exploded so has the demand. This demand has created a lag in settlements at various times. Sometimes 10 hours have lapsed before settling a transaction. Another goal of Ripple is the reduce this.
Recent Rise
The rise in Ripple is mostly on rumors and speculation. It is rumored to being added to Coinbase, the largest cryptocurrency exchange in the U.S. The demand alone could send the price much higher. It jumped when it completed a cryptographic lockup of coins. Speculation is also fueling the rise – an investor gets more return on a lower cost coin like Ripple vs higher priced Bitcoin.
The future of Ripple remains unclear. If it catches on with more banks use could rise and this could become the cryptocurrency to look for in 2018. Right now, early investors are enjoying a great gain. The creators of Ripple are now multi-billionaires.

Bitcoin and Cryptocurrency News

Wallet app, Abra, will start offering support for Ethereum, the second most popular cryptocurrency behind bitcoin.
Abra is digital wallet started by Bill barhydt who was the former director of Netscape, remember them? Users can use bank accounts, credit cards and cash to fund their wallet and buy cryptocoins. Abra’s storage ability is also going to get an upgrade so that users can have three different types of coins in their accounts.
Abra is also developing a multi-signature transaction model so that both users and apps with have to approve a transaction. Today most places us the single signature model to approve transactions. This will add a level of security that is needed in the cryptocurrency markets.

Bitcoin Rockets Past $12000
It’s beginning to look a lot like Christmas – at least it is in the Bitcoin market. Bitcoin delivered an early present yesterday when it set an all-time high in trading at more than $11,000. It’s a record for any cryptocurrency and will certainly have many early investors wearing smiles for the entire month of December.
For early investors, the good things just keep getting better with bitcoin. It has rocketed past the $12,000 for a whopping gain this year over 1000%. For Christmas and Hannakah who could ask for anything more than this major success.
There is concern of a correction but that comes with the territory. Will the uptick ever stop? It seems of all cryptocurrencies, bitcoin is most established. For big players entering the cryptocurrency market, bitcoin is where it’s at right now. As cryptos flourish, other cryptos that sound promising might work out and become more popular.
One example of this is audiocoin. It’s meant for the world of music and somehow a bridge for payments. The only thing is that most people are downloading music for free and this leaves little room for any type of payments. Will it go anywhere remains to be seen. But like bitcoin several years ago, it’s trading for pennies.
There are dozens of cryptocurrencies out there now.

Monero Making Gains
Bithumb, the Asian crypto exchange listed Monero and the coin scored its greatest gain jumping by 84%. Along with all the major cryptos its continuing an uptrend and over $300. In general, it’s tripled in the last six months.
Monero was released in 2014. Like bitcoin, it was available for pennies on the dollar and this run has moved it up with healthy profits for early investors. Though not as popular as bitcoin, ethereum or litecoin, Monero is still a major player in the cryptocurrency market.

Dash Coin Making Gains
Along with most cryptocurrencies, dash coin has been making gains as well. It’s now at $850 on the Bithumb exchange and is the third most popular traded coin. The dash protocol was upgraded and another factor is the blockchain was upgraded to 2mb and transaction fees were lowered.
KuvaCash was also established by Dash. This promotes the currency for use in Zimbabwe. For the country in the midst of a political coupe, the dash coin represents some security for their money.
Dash will also be offering Zimbabweans a method of exchanging US dollars for dash coins via telephone.

Ethereum Breaks $500 Mark
The second largest cryptocurrency is making new gains. It’s finally past the $500 mark at $511. The total market cap is over $40 billion dollars. The gains seems to follow all the cryptocoin action lately.
Overall most major cryptocurrencies have only gains recently. Major gains that is compared holding a penny stock that just went hog wild. For early investors, it’s time to pop a bottle of champagne!!