The public frequently refers to Ethereum as a cryptocurrency, but that’s not really true. It is more of a platform that permits folks to carry out transactions and create/execute contracts by using a currency (crypto-token) called ether. To recognize what differentiates Ethereum from a cryptocurrency like Bitcoin, it helps to know what a cryptocurrency is, plus the concept of a blockchain.
A cryptocurrency is a type of digital currency produced through encryption. A cryptocurrency has no material form like a banknote or coin, and it is not issued by any central bank or governmental authority.
Similarly, Ripple is a digital currency and is inhabitant to the RippleNet payment network. Ripple, with the ticker XRP, is at present the 4th biggest cryptocurrency in the market with a market capitalization of greater than $6.5 billion. Ripple is utilized in the Ripple payment system to make conversions, pay for transaction fees and is essential to be stored in wallet addresses that utilize the network. Ripple transactions take not more than 4 seconds and over 1000 transactions per second can be processed on the network.
BitIndia, a platform which is blockchain based and will allow people to trade cryptocurrencies in India has launched its Pre-ICO on 11th September. The platform has introduced the crypto wallet for Ripple, along with other cryptocurrencies like Bitcoin and Ethereum.
Based on the blockchain network, it creates an easy and safe atmosphere for people to buy, sell and hold Bitcoin, Ethereum, Ripple to people living across India. BitIndia has launched its cryptocurrency wallet to enable more people to get into the blockchain networks. By doing so, the company plans to boost the usage of cryptocurrencies in India. The economy can see a massive positive change if more people move to blockchain and cryptocurrencies. BitIndia will thus help to expand the usage and growth of Ripple and Ethereum in India.
Blockchain and cryptocurrencies can be utilized in many sectors of the Indian economy, like real estate, banks– to make payments, for trading goods and services, as well as for investment purposes. Since blockchain is a network which is transparent and ledger based, this will lend a hand to form a “cheat-free” network in India. BitIndia platform is decentralized, that signifies there are no mediators concerned, and customers can make payments or transactions in safety by means of cryptocurrencies over blockchain.
Though right now there are only a few platforms for Ripple and Ethereum in India, the scenario may soon change once the cryptocurrency related regulations become clear in the near future. Many cryptocurrencies like Bitcoin, Ethereum, Ripple, have been finding their way into India. Growing prices will further boost the use of digital coins, but the process needs to get quick and easy for the investors.
BitIndia Wallet aims to extend the scope for the transactional activities, which will include the usage of Ripple and Ethereum as well, through the wallet. The fundamental goal of BitIndia Wallet is to present the platform to buy, sell their desired commodity in India in the real world, thus permitting the Indian user’s to freely make purchases on a local level in the upcoming days.