XRP Now Facing Serious Competition

The popular cryptocurrency XRP, also known as Ripple, is finally facing some serious competition. for its first few years on the market, it was sort of immune to the typical kinds of business competitors because of how it was designed. In some ways, XRP stood above the crowd and offered a uniquely streamlined way to facilitate financial transactions. Now, what was once the preferred tool for banks and similar institutions is seeing competition from new market entrants and older, established players like Bitcoin.

Keep in mind that the main reason crypto coins came into existence was to facilitate financial transactions among individuals and banks. An additional role they play is to make it easier for banks to do business with each other. Everyone has its own niche, and tends to specialize in one or more of these diverse functions. How do most investors and banks use this popular crypto?

Ways to Use It

One of the early advantages that Ripple offered was a low entry price. Unlike many of its competitors, its price was low enough that traders didn’t have to buy fractions of it and could buy entire coins. That opened up new ways to use it, in addition to its primary function as a bank-to-bank cryptocurrency. For example, many forex enthusiasts trade XRP against the US Dollar on a regular basis, right along with their other pairs trades. It’s easy enough to follow the charts because this is not nearly as volatile as others. In fact, one of the key characteristics of this type of currency is their extreme price swings. In some cases, that makes crypto not very good candidates for forex. But XRP is different because forex pros treat it as just another stable currency.

What are the Advantages?

Ripple enjoys a few unique benefits that you don’t typically see with other big names. In addition to the low cost and ease of ownership noted above, the price is relatively stable, and its creators designed it to be able to work alongside other cryptocurrencies, rather than against them. Additionally, XRP-based were created all at once, which means there is a finite amount of them. They can’t be mined or created by anyone else. In the world of crypto, this is a truly unusual situation. The upside of it all is that it enjoys several built-in advantages against its potential competitors.

Who Are the Main Competitors?

The coin’s main competitors are SWIFT and Square, who are essentially duplicating the business model of Ripple with their offerings. But a more subtle challenge to XRP is coming from the world’s central banks. Working together, the mega banks are now cooperating at an unprecedented level, making the its use almost obsolete in some cases. When banks set up their own trade protocols and confirmation systems, there’s really no need for a coin working in between. So, the world’s major banking institutions have essentially done an end run on many of the cryptos that they had previously relied upon for transaction verification and other functions.

Untapped Resources for Investing in Property Management

Although you may have an excellent job and a high income, it’s still difficult to build wealth because the cost-of-living keeps rising. Since it’s always challenging turning time into money, a better route is to use your money to make more money. When you invest, you put your dollars to work for you.

It’s never too late to invest  and you can earn money quickly when you find the right investment vehicle. Real estate investments have always been popular because tangible assets act as a hedge against inflation, and one of the easiest ways to get into real estate investing is to buy rental properties, such as single-family homes or apartment complexes.

However, when you buy a rental property, it is better to outsource all the work you need to do as a landlord to a property management company. The reason you would earn more when hiring real estate professionals is that your business can access invaluable resources through the property management company.

However, it is important to hire a company familiar with the local real estate market. If, say, you are investing in the Greater Charlotte area, then it makes sense to work with a property management, Charlotte, NC company rather than an outfit outside of Charlotte or North Carolina.

Two Resources to Generate Stable Rental Income

When you hire a property management company, they will provide you with numerous resources to ensure that your rental properties generate consistent cash flow. Out of all the resources they provide, you’ll find two indispensable ones–keeping your tenants happy and maintaining your rental property value.

Resources to Keep Tenants Happy

It mystifies many landlords why they find it difficult to keep long-term tenants. Because of constant turnover, they lose rent, need to clean up the property for the new tenant, and must do minor repair work, like replacing the carpet and painting the walls. After this, they must advertise, interview applicants, and do background and credit checks.

A good property management company has the resources to keep tenants happy because they have developed a systematic method to develop good relationships with tenants. Their process includes doing repairs quickly, resolving rental-based disagreements amicably, and finding elegant ways to show customer appreciation, such as sending gift baskets on birthdays, wedding anniversaries, or other special occasions.

Resources to Maintain Rental Property Value

Real estate rental property value is partially determined by how well a landlord takes care of the property. Rental properties quickly decline in value when maintenance slips. Delayed and shoddy repairs mushroom into larger, more expensive problems. If this erratic process continues long enough, many important repair jobs that should have been done are abandoned.

Although landlords try to keep on top of maintenance issues, they either try to do the work themselves or hire handymen. When landlords try to do the work themselves, they rarely have the technical skills to do it well or they get behind in repair work if they have many properties. Additionally, the handymen they hire rarely stay long because there is seldom enough steady work for them to earn a full-time income.

A good property management company has the resources to get all repair work done quickly and competently because they have a team of professional service people to take care of all types of maintenance issues. Often, too, they hire specialists like electricians and plumbers to take care of complicated jobs.

You’ll Earn More Than You’ll Spend

Although it will increase your expenses to hire a property management service, it will not only lower your stress levels and increase your free time, it will also help you earn more money in the long run than if you manage rental properties yourself.

Some Background on Cryptocurrency Before Deciding to Invest

While it’s possible to become wealthy by earning a high salary and living below your means, it’s difficult because of the rising cost of living. That’s why the primary way to build wealth over time has been through prudent investments.

The earlier you invest, the better. Ideally, you should start in your twenties because of the magical effects compound interest has on your retirement portfolio, but it’s not too late to become a first-time investor in your thirties or even later.

Besides traditional ways of investing, such as stocks, mutual funds, bonds, commodities, and exchange-traded funds (ETFs), you may also want to consider leveraging the power of blockchain technology to benefit from profitable cryptocurrency investments.

The Origin of Cryptocurrency Investments

In 2009, Satoshi Nakamoto created a blueprint for a new type of currency he called Bitcoin. He described Bitcoin as a cryptocurrency because it protected buyer and seller anonymity.

Nobody knows if Nakamoto was a real person, a pseudonym, or a group. The inventor’s identity remains a mystery.

Bitcoin disrupted the world of currency minting, exchange, and distribution. For thousands of years, currency exchanges revolved around two or more people or organizations exchanging banknotes or coins. Financial institutions acted as a middleman to verify all legal transactions.

Bitcoin eliminated the role of financial institutions to validate transactions between buyers and sellers. It also made online transactions safer, faster, and cheaper because it relied on blockchain technology.

Initially, people viewed Bitcoin and blockchain technology as inseparable, but now with more than 2,957 cryptocurrencies with a total market value of approximately $221 billion  (as of October 2019), traders recognize the blockchain as the underlying mechanism that supports any type of cryptocurrency.

The Incorruptible Blockchain Technology

We can describe the blockchain as a distributed ledger spanning a peer-to-peer network. Because it involves tens of thousands of computers, it’s highly accurate. However, its main claim to fame is its incorruptibility. No middleman, such as governments or central banks, can alter its purchasing value.

In their 2016 book, The Blockchain Revolution, Don and Alex Tapscott describe the blockchain as “…an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

How Blockchain Technology Works

A blockchain is like a spreadsheet that continually duplicates and updates across a network of tens of thousands of computers.

Here is what happens when you ask for a cryptocurrency transaction:

First, you send your request to nodes, a network of peer-to-peer computers.

Next, the nodes ensure your transaction is valid and use your credentials to establish an algorithm.

Then, after verification, your transaction blends in with all the other transactions, becoming a new block in the digital ledger.

After the P2P network adds your block to the blockchain, it becomes permanent. No third party can alter any part of your completed transaction.

A Perfect Monetary System

Although many governments and central banks around the world are reluctant to endorse blockchain technology because it interferes with their ability to levy banking transaction fees, the current system of fiat money is a far inferior method of exchange.

So, since blockchain is a digital system that a government or financial authority can corrupt, it’s here to stay. Besides recording financial transactions, it can verify many other transactions, such as official records or contracts.

Currently, the governments that support cryptocurrency include the United States, Canada, Australia, and the European Union. Governments that feel threatened by the power of cryptocurrency to usurp government control of their fiat currency are China, Russia, Vietnam, Bolivia, Columbia, and Ecuador. China, however, may be working on a cryptocurrency of its own, which could have ramifications in the future if they are successful.

If you decide to invest in cryptocurrencies, learn as much as you can and then experiment with small investments to understand how cryptocurrency online trading works.