As previously stated in my last blog post, I have taken a major interest in cryptocurrencies. They have absolutely changed my life. I wanted to highlight my absolute favorite “crypto” and explain why it is the best.
Figure 1. XRP and Ripple Logo (Not currently trademarked)
In late 2015 I found my very favorite cryptocurrency: XRP. This is a pre-mined token, which means that there is a finite amount of them and they are all distributed. Inversely, cryptocurrencies like bitcoin need to be “mined”. Large percentages of coins like Bitcoin are still stored in complex equations that are uncovered when the equation is solved. XRP was pre-mined for transparency reasons.
XRP was created by its parent company Ripple. Ripple is a Google and Apple backed liquidity solutions company. Using XRP, they have created technology to bring the bank solvency time to just a few seconds. XRP is the asset that their system uses to transfer currency. It is a central asset that provides a market-based value for the system to transfer value across all currencies.
Back in 2015 I had little expertise in investing. All I had was a little bit of luck and logic. When I came across XRP and Ripple I read the documentation on the technology. I thought to myself how annoying it was to wait three days to receive my paychecks when I worked. It would be so much better to get access to them in just seconds. On my small scale I was certain that XRP would make an impact on me financially.
However, I began to think about the real-world application. I thought what it would be like for companies and firms to be able to transfer money almost instantly. I thought about what that could do for the federal reserve lending money to banks. Even to banks lending money in general. The realm of opportunity was endless, and I was among the first few to discover this new tech. In short, my investment decision was based in XRP’s inability to fail. I tried to shoot holes in it, but I could not find a target.
In late 2015 I scraped together all the money that I possibly could and I invested in XRP. For years I sat and watched the charts. There were some good runs and eventual falls. Every forum and chat room was filled with “haters” who were not behind the “hodl” culture. I never folded.
Late in 2017 XRP’s price shot to all time highs. In my time I saw XRP go from nine cents to almost four dollars per token. This is my most notorious investment. Without this decision I would not be where I am today. For that I give thanks to XRP and the Ripple team. Only time will tell where XRP is headed.
