With the recent downturn of the economy, tons of individuals are seeking ways to supplement their income. And, this is exactly where the Internet comes in handy. Thanks to all the technological advances in online retail, there are now tons of opportunities online where one can supplement their income. Heck, you have everything from affiliate programs to opening your own online retail store. Sure, these methods are great and have proven effective time and time again, but if you really want to clean up, you should consider cryptocurrency. Not just any cryptocurrency, but Ripple. Below, you are going to learn everything that you need to get started.
Is Ripple Mined?
When it comes to cryptocurrency there is a lot of misinformation out there on the web. And, this is because most people don’t truly understand everything that there is possibly to understand about the currency. For instance, Bitcoin is a currency that is mined. Ripple is a currency that cannot be mined. You can use a machine to constantly buy and sell Ripple, which we are described to you below, but there is absolutely mining involved with Ripple. Instead, transactions are powered through a centralized blockchain system that makes the entire process faster and more reliable. What does this mean? This means that you have to mine other cryptocurrencies and exchange them for Ripple.
Take Advantage Of An ASIC Mining Rig
If you want to start mining Ripple and do it effectively in a short period of time then there is no better method than the ASIC mining rig. Of course, there are some drawbacks to these machines and they will cost you a bit upfront in start up costs, but in just a few short months the machine will easily pay for itself. So, what is an ASIC mining rig? This is basically nothing more than a machine that consists of a motherboard, an ASIC chip, and a cooling system. These machines were specifically designed to mine Ripple and they are what they are going to do.
They will do it well, but there is a large problem with noise, heat, and power demand. Machines like this that run around the clock could easily work themselves to death is just a few short months as well, but if you check out the Ripple price prediction, you will see that you will easily be able to make up for the cost of the machine with your profits.
Use XRP As An Intermediary
If you have heard of Ripple then you have probably already also heard of XRP. XRP is a FinTech that aims to service institutional players like banks and other international institutions. XRP was specifically designed to substitute SWIFT and SEPA systems to integrate with existing financial infrastructure. This is a system that makes use of a number of international money-transfer solutions and RippleNet gateways such a xRapid, xCurrent, and xVia. Xrapid is a mechanism that can be used for mostly fiat-to-fiat settlements using XRP as an intermediary.
Conclusion
Supplementing your income online has never been easier thanks to cryptocurrencies. Not just any cryptocurrency, but Ripple in particular. As you learned above, the currency cannot be mined. This means that you will have to mine other cryptocurrencies and exchange them for Ripple, but the extra time and effort will prove to be more than worth your time