Bitcoin-mania is running mild baby, because despite being the talk of the town when it came to cryptocurrencies, Bitcoin wasn’t the best performing digital currency for 2017. In fact, its 1,000 percent rise wasn’t even enough to put it among the 10 best-performing cryptoassets of 2017.
In a year where fortunes were made and lost in the cryptocurrency trading, Ripple took the title for best performing digital currency thanks to XRP’s meteoric rise in value. The currency gained 36,018 percent last year compared to just 1,318 gained by Bitcoin.
The currency’s rise has potentially catapulted its creator, Chris Larsen, high up in the list of the world’s richest people. Larsen, who currently owns 5.19 billion XRP coins, could very well be sitting on a $12.82 billion fortune.
XRP was created by Larsen and Ripple to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” XRP is now the second-most valuable crypto-coin by market capitalisation and has a number of potential advantages over Bitcoin which is currently the largest.
For one, Ripple’s technology allows for a much faster transfer meaning that it has the potential to scale much larger. In contrast, Bitcoin has experienced transaction-related problems thanks to its popularity with many transactions taking over an hour to process. The strain on the network also jacked up transaction costs…
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