- Blockchain, the technology that lies at the heart of Bitcoin and other cryptocurrencies, is a decentralized ledger with peer-to-peer supervision.
- The XRP Ledger is hailed by enthusiasts as one of the most secured networks, with speedy transfers
- SpendTheBits uses the XRP Ledger to build a comprehensive ecosystem for BTC payments
For an amateur enthusiast, the crypto-verse might be all about Bitcoin as a tradable asset. In the past few years, there has arguably been no other variable return asset that has produced comparable returns. In the race to add these assets to their respective portfolios, there might be some key elements that enthusiasts may miss.
If you take a deeper look, the crypto-verse is quite complex. There are technologies like blockchain and hashgraph that power most assets. Blockchain is usually understood as a decentralized ledger with peer-to-peer supervision. There is a lot more, like the technology any trading app uses, which can either make crypto enthusiasts’ funds more secure or can expose them to unscrupulous elements.
SpendTheBits is a crypto payment mobile app powered by the XRP Ledger blockchain, which has arguably become a benchmark. The XRP Ledger is a network that is trusted for its enhanced security features, besides enabling lower costs and faster movement of funds. These elements add a formidable layer of validity for the users of the SpendTheBits app. SpendTheBits thus makes transacting in cryptos a lot more secure for all the stakeholders, including merchants.
Let’s explore more, but first, let’s zero in on why the XRP Ledger is the industry benchmark today.
XRP Ledger meets SpendTheBits’ key needs
First, the XRP Ledger has lowered the cost of transactions in the blockchain space. Crypto fans have always deemed these virtual currencies as superior to fiat currencies with respect to pay fees. It is the XRP Ledger that has helped make it possible. And SpendTheBits always envisioned minimum cost of fees for its users, which is why the XRP Ledger was a natural choice for the app.
Second, and equally important, is the turnaround time. Bitcoin transactions are slow, which is why new side networks like the Lightning Network came out with claims of trimming down the settlement time but that is the centralized solution and includes pre-funded accounts. Crypto transfers are meant to be quick, which is one of the reasons why blockchain enthusiasts want the global financial world to be decentralized.
Third, the XRP Ledger is a widely adopted network, especially by banks that dominate the conventional payments infrastructure. The XRP Ledger is often likened to the SWIFT network.
XRP Ledger vs others (like the Lightning Network)
As stated earlier, the Lightning Network was set up in an attempt to make Bitcoin transactions quicker. The network adds a second layer to the main Bitcoin network. But experts are wary that the Lightning Network is leading to a “hub and spoke” model, with the same centralization as is in the case of traditional finance.
Separately, there are concerns regarding hacks, and that the user may permanently lose their Bitcoin on the lighting network. Also, network costs may rise with time due to the “knock-on” costs. This single element provides SpendTheBits with one of the most important features in the crypto world – the security of funds.
The XRP Ledger, on the other hand, scores points in all respects. It lets BTC move quickly, with the benefit of low costs. This is cited as one of the primary reasons why big institutions prefer the XRP Ledger network. Besides, the transactions are believed to be comparatively more secure.
Source: SpendTheBits Merchant Portal
SpendTheBits and the XRP Ledger
SpendTheBits is piquing the interest of crypto enthusiasts, thanks to the XRP Ledger underpinnings. An app that can transfer BTC within seconds, SpendTheBits claims to wed crypto assets with security.
Currently, the SpendTheBits app only facilitates peer-to-peer transfers of Bitcoin. The
value proposition is that via the app, transfers of Bitcoin can be finalized in a matter of
seconds, vs. the 10-minute to 40-minute lag time on the Bitcoin blockchain. By deploying a
user’s Bitcoin onto the XRP blockchain, the user gets all of the benefits of the XRP blockchain; faster transactions per second, minimal transaction cost, etc.
The upcoming release of the app will facilitate payments in Bitcoin to bricks-and-mortar and online merchants, over the XRP blockchain. Users will be able to send fast and cheap payments to merchants. Transactions will be confirmed in a very fast, efficient manner, unlike the current situation with Bitcoin where transactions are slow to process and inefficient for retail payment. The app can also act as a wallet service to store BTC holdings. It is building a BTC & crypto payment ecosystem, brick by brick. Bringing crypto enthusiasts, merchants, and other stakeholders in one place enables synergy within the crypto-verse.
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