Ripple’s XRP makes it to the Simex crypto exchange platform

On the other hand, the Ripple (XRP) as a virtual payment network and as a cryptocurrency is a platform that connects banks, payment providers, and …

Simex crypto asset exchange platform announced yesterday that it had launched Ripple (XRP) crypto-asset against Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).

As a Russian crypto asset exchange platform and an equity investment network that is registered in the US, the Simex exchange platform supports trading in Ethereum, Bitcoin, a sundry of ERC-20 tokens, and now Ripple (XRP). The Simex crypto exchange platform also supports fiat currencies such as the US dollar and the Russian ruble (RUB).

The crypto exchange platform is credited with offering start-up businesses and small companies clear, open, and transparent opportunities to fundraise funds from investors. Also, the Simex exchange platform avails secondary market that gives liquidity to the initial investors.

On the other hand, the Ripple (XRP) as a virtual payment network and as a cryptocurrency is a platform that connects banks, payment providers, and financial institutions. Ripple allows frictionless experiences in the safe transfer of money globally.

A Brief Description of Ripple’s XRP

XRP is a virtual token or coin that is used to represent the transfer of monetary worth across the Ripple Network. As a cryptocurrency, XRP acts as a mediator for both crypto and fiat exchanges. Co-founded by Jeb McCaleb and Chris Larsen, Ripple XRP was first released in 2012.

Unlike other virtual currencies like Ethereum and Bitcoin, Ripple does not have a blockchain platform. Contrary to what many assume, Ripple does not have a blockchain platform attached to its technology; instead, it has a patented technology that is known as the Ripple protocol consensus algorithm (RPCA). The term consensus in the name indicates that if every node is in agreement with others, no issues are experienced in the transfer of funds from point A to point B.

Imagine, it is in the ancient times where one hundred wise men represent a whole kingdom. For the Kingdom to undertake any significant activity, all the 100 wise men need to agree. If everybody agrees, they can go ahead and start or end a war, hike taxes, change the law and all manner of exciting things. But if one wise man refuses to agree, nothing will move until his issues are resolved.

Although the Ripple platform is more complicated than this example, the illustration demonstrates the basics of how the Ripple protocol works. Trust is a significant component of the workings of the Ripple Network.

Simex Crypto Exchange Platform

As an exchange platform, Simex provides users with the opportunity to create their virtual assets through the platform’s web terminal interface.

P2P TRANSACTIONS

Within SIMEX you can easily transfer any asset to other users by ID, phone number or via E-mail, with minimum commissions around the world.https://t.co/Q2ndNMSS2upic.twitter.com/c2EJoMcQjh

— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) August 14, 2019

According to Simex, the creation of virtual tokens does not necessitate special skills in programming and blockchain technologies.

According to a senior Simex representative:

“The verification and recording of a smart contract in Ethereum’s blockchain, for instance, happens automatically after the approval of the information initiated by the user. Therefore, anyone on planet Earth can create their token and get rid of it at their discretion after they have registered as users in the Simex website.”

As per the management of Simex, this attribute is specifically useful for companies who wish to release their tokens. Upon releasing the release token order, the company’s order is then automatically positioned in the Simex listing.

A senior Simex representative said,

“As it stands right now, Simex can cease to be categorised as an ordinary virtual wallet. At present, Simex is a multiplatform that allows numerous fintech and blockchain operations to take place on its platform.”

Simex Advantages

Apart from its multiplatform status, the Simex platform supports the transfer of fiat currencies (US dollar and the Russian ruble) on its network, making it easy for users to buy virtual assets using cash and cash out using cryptocurrencies.

Also, the latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations. Fiat currencies can be deposited to and withdrawn from the Simex platform using Webmoney, credit/debit cards, Yandex, and bank wire transfers. It is worth noting that these transactions attract charges.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Will Russia’s cryptocurrency and blockchain agenda catapult the country to new heights?

The following year, the Kremlin officials also backed Russia to develop their own national crypto assets or a blockchain-based financial system.

Russia, with all its might, is one of the most dominant countries in terms of political presence and bureaucracy. However, its significant status did not resonate economically as Russia only has the 12th largest economy. With the US being the undisputed leader in terms of economics, Russia seems to look forward to challenging the former’s hold on trade and investment with the assistance of the next big thing in the financial landscape- cryptocurrency and blockchain technology.

First signs of Crypto in Russia

According to reports, Russia is not unfamiliar to the idea of cryptocurrency as the development of a Russian national virtual asset was first raised in 2015 itself, but the discussion was restricted to private sectors. The same year, the Central Bank of Russia received a proposition from two Russian payment entities namely Qiwi and Webmoney but the proposal was blatantly rejected by the central bank. However, the following year, Andrei Lugovoi, deputy of the State Duma, suggested that introduction of crypto assets would assist Russia to avoid US and EU sanctions.

Development through the years

It is no secret that Russia has been looking forward to breaking the US stronghold for a long time in terms of trade and investment. It was indicated that Russia’s political sector was now motivated to trade “outside” the U.S dominated financial system.

Besides, the trade sector, Russia also wanted to reduce the influence of U.S sanctions and improve its foreign currency reserves. In order to do that, Moscow has been massively prioritizing blockchain technology to implement long-term security goals and improve the country from an economic standpoint.

The sentiment towards cryptocurrency and blockchain improved considerably in Russia, and in 2017, a Russian intelligence officer stated in international blockchain conference that “The internet belongs to the Americans – but blockchain will belong to us.”

The following year, the Kremlin officials also backed Russia to develop their own national crypto assets or a blockchain-based financial system. Vladimir Putin, President of Russia, initially did not agree to the introduction of a crypto asset but with a better understanding of the technology, he conceded to carry forward the crypto revolution.

Currently, the Russian National Security Depository [NSD], has been laying down the groundwork in order to kick start the blockchain endeavors in Russia but a blockchain evolution in Russia would likely take decades before it bears impressive results. Central Banks have also stated their support towards crypto assets but it was recently claimed by Elina Sidorenko,head of the working group on cryptocurrencies at the State Duma said,

“The country lacked the legislative framework, regulatory authorities, and technical requirement to immediately combine its financial system with cryptocurrencies.”

Although there are several milestones to cross in terms of developments in the blockchain sector, the crypto ball has started rolling in Russia.

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How to buy Litecoin in Russia

For those who have decided to join the world of cryptocurrency and are wondering how to buy Litecoin in Russia, there are several ways. Let’s find out …

You probably already know that Litecoin (LTC) is one of the oldest cryptocurrencies available and consistently ranks among the five largest in terms of market capitalisation.

Created by Charlie Lee, the former Google employee and later CTO of Coinbase, Litecoin was one of the first altcoin projects to show huge real-world potential.

Litecoin is one of the most popular digital assets as it offers cheaper and faster transactions than Bitcoin, making it useful for everyday purposes.

Let’s take a look at how to buy Litecoin in Russia.

Bitflip and Exmo

If you are interested in buying or selling Litecoin, your path will surely pass through the most popular Russian-language crypto exchanges – Bitflip and Exmo.

Exmo

To begin, you will need to go through a simple registration procedure on exmo.com. Once registered, you can open the wallet, which, of course, is empty. You need to add funds using any electronic payment system or bank card. You can add funds in rubles, euros, and dollars.

https://exmo.com/ru

You can add funds directly with a bank card using AdvCash, Payeer, OKPAY, and MoneyPolo. But keep in mind the commission is quite high. It is better to use proven methods such as Qiwi and Yandex.

https://money.yandex.ru/

https://qiwi.com/

How to buy Litecoin on the Exmo exchange

Go to the “Trades” tab. This will show a list of multiple pairs that are available for trading. If you are using rubles and want to buy Litecoin, then choose the LTC/RUB pair. The exchange will then show the LTC/RUB chart in the form of candles with two options below: buy and sell.

The “Purchase” column is divided into two sections – you can choose to buy using limit or market orders. The latter means that you want to buy Litecoin at the current market price. A limit order means that you want to buy only at a better price that suits you, but you have to wait for the price to change.

Below the chart there are three more important columns with information about the orders that have been traded on the exchange in reverse chronological order from the last to the most recent. The first two columns correspond to sell orders and buy orders. The third column displays your own orders.

Enter how many Litecoins you want to buy in the corresponding field and click on the blue button “Buy LTC” to purchase your crypto.

Bitflip

Bitflip only launched in the summer of 2017, but it is already a very popular and respected exchange in Russia. It features a simple registration procedure and a convenient Russian-language interface that is easily understandable even for beginners.

While the commission percentage for trades is quite high, the exchange is one of the most convenient and reliable places for cryptocurrency trading in Russia.

https://bitflip.li/

You can add money to your account using Kiwi, WebMoney, Yandex, and electronic payment services with bank cards. The site interface is so simple that you will immediately see where to buy Litecoin with rubles. To start trading, click on “Trading Pairs” on the right side of the screen and select LTC/RUB.

The most important thing that attracts people to the exchange is the simplicity of adding and withdrawing funds. It does not require any verification using a bunch of supporting documents and passport data. Therefore, if you want to buy Litecoin quickly, reliably, and without unnecessary red tape, then Bitflip is a worthy option.

Conclusion

If you are looking to buy Litecoin with rubles without commission, then please note that this is impossible. Some form of percentage for the operation is required on every exchange.

The exchanges mentioned in this article are legitimate options and have proven reliable over the years. You can check BestChange.ru to view the only verified and reliable exchange points in Russia that have been thoroughly tested. Each of the exchanges listed on this site has a decent foreign exchange reserve and strong experience in the exchange of electronic money.

You should also note that many exchanges are also struggling with fraud. To combat this, exchanges often set daily limits on the purchase of currencies using credit or debit cards. For example, new users can exchange no more than $100 a day, and this limit increases gradually over time.

This should also be taken into account when choosing an exchange, especially if you urgently need to purchase a large number of coins. As for trading on your chosen exchange, in order to successfully buy or sell Litecoin, it is important to wait for the right moment to open or close the transaction, and not to panic if the price of cryptocurrency has suddenly increased or vice versa.

Discover how and where to buy Litecoin using our latest guides:

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BTC Or XRP? An Excellent Store Of Value vs An Excellent Payment Network

Lately, a lot of cryptocurrency advocates have been pushing the idea of Bitcoin replacing gold. And fans of Ripple have always held the belief that …
XRP The Standard? Why Did Coinbase Choose XRP Over Bitcoin?

Some people are Bitcoin maximalists, and some think Ripple and XRP will rule the financial world. But Weiss Ratings is thinking both can be valuable assets well into the future.

#XRP vs #BTC. Why not both? They’re not mutually exclusive – BTC is an excellent store of value, and XRP is an excellent payment network. They complement each other, and it is how XRP creators envisioned it. #Bitcoin#altcoins#crypto#cryptocurrency

— Weiss Ratings (@WeissRatings) May 29, 2019

Lately, a lot of cryptocurrency advocates have been pushing the idea of Bitcoin replacing gold. And fans of Ripple have always held the belief that XRP would serve as a bridge asset between the crypto world and the traditional financial sector. And Weiss Ratings is thinking these assets could interact with each other in a multi-coin future.

Grayscale Investments has been one of those vocal components of buying Bitcoin over gold. Their argument is that in a digital world, BTC is the future. They have even infiltrated American TV with an ad campaign. If Bitcoin closes in on gold’s market cap, the digital asset would rocket to six-figure sums.

Meanwhile, Ripple aims to provide the worldwide crypto payment system to compliment Bitcoin. XRP can give users a speedy and cheap way to make transactions with no boundaries.

According to Weiss Ratings, Ripple and XRP will soon become the best means to make international transactions. The international remittances industry is one example of an industry that can be turned upside down by Ripple’s worldwide appeal.

Many experts have argued that there is room for a multitude of coins and tokens in the future. Payment systems, stores of value, and smart contract platforms are just a few examples of the use cases cryptocurrencies can bring. And with next-generation cryptos like IOTA, the future also promises to see financial interactions between our devices, tools, and vehicles.

Although some see value in only one digital asset, it is easy to picture a future where a number of are used by the masses. As people become more familiar with the specific uses of different tokens, these coins may start taking a more defined role in society.

What’s Your Thought On This ?, Let Us Know In the Comment section Below.


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Mega Middle East Banks Are Ready to Adopt XRP

Ripple XRP acceptance by financial institutions has increased recently. Over fifty more banks in the Middle East have indicated interest in the digital …

Ripple XRP acceptance by financial institutions has increased recently. Over fifty more banks in the Middle East have indicated interest in the digital asset. Most of these banks developed interests in the digital currency because of the speed at which transactions can be done at the cheapest rate.

The Chief Transformation Officer at Al Ahli Bank of Kuwait, ABK bank in an interview demonstrated how fast a transaction could be done. In his demonstration, he showed that when a transaction is done in XRP using the phone, everything is completed in a jiffy. Now more banks are joining to test the waters, most of which were using SWIFT network.

During the recently concluded Paris Blockchain week summit, Ripple executive Marjan Delattine, disclosed that about ten 10 out of over 200 financial institutions partnering with RippleNet use XRP.

These banks use Ripple xCurrent to facilitate cross-border payment transactions, which he considers an accomplishment and very encouraging.

Other Reasons for XRP Adoption

Currently, Ripple is undergoing customer integration, this upgrade will enable customers who are using xCurrent to automatically start using XRP.

Ripple’s xCurrent is a decentralized financial tool which enables banks to settle cross border payment with end-to-end tracking. It allows transactions to be monitored from the transferring as well as the receiving end. Banks can communicate with each other to confirm payments and transaction details.

The CTO of Ripple, David Schwartz confirmed on Twitter that there is work in progress concerning the upgrade. When asked on Twitter about the status of xCurrent 4.0, he confirmed that though the process is a complex one, they are working to ensure all customers are upgraded.

The upgrade will enable users to be easily integrated on the platform which was not possible before now. New features will be added to the platform with the existing xRapid support, easier peer-to-peer commute, and Multishop. All of these will be accessible to the customer on the Ripple platform.

TelegramTelegram

This new move will increase XRP adoption by banks and other payment processors who are the major users of Ripple xCurrent.

The future looks bright for XRP because this adoption will have a multiplier effect. Since banks will now be using XRP as they use xCurrent, all their customers will, in turn, transact in XRP on bank apps.

Disclaimer: this article is not a financial advice and should not be used as one. It is only written for informational purpose. Do personal research, by contacting financial experts, before investing in any crypto.

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