What is Ripple?
First of all, you need to know, that Ripple isn’t only its Cryptocurrency XRP, but also a platform.
This Ripple-platform is an open-source protocol which allows users fast and cheap transactions all over the world.
What is XRP?
XRP is a token, that visualizes the transactions in the Ripple-network.
XRP wants to be an intermediary for Cryptocurrency- and Fiat-exchanges with the goal to offer them cheap and fast transactions. These cheap transactions are possible, because you can use XRP as every Fiat-currency.
What is Ripple-Net?
The main purpose of XRP-Net is to be a mediator for people or institutions, with the goal, that these institutions meet their needs, without having to search for the right partner to exchange with.
Short said: XRP works as an intermediary for business deals.
For example: John wants to go to a concert, but has no tickets. John also has shoes he wants to sell.
Tina has a TV, she wants to sell and needs wheels for her car.
Peter is looking for a TV and wants to sell his concert tickets.
In real life, this people would never find a way to exchange their goods, but with the Ripple-Net, which finds possible exchange-partners, all their needs can be satisfied.
Ripple is designed to be a “every-day-currency”, which makes it more secure than bitcoin.
Transactions are fast and cheap.
Because of the early on partnerships with banks, there are less conformity assessment procedures, Ripple has to run through, which could possibly slow down developments or cause other regulatory problems.
Ripple can be exchanged for every other currency with little fees.
Against the typical definition of a cryptocurrency, Ripple is strongly centralized. Because of all tokens being already mined, the developers can decide, when and how much they can push out into circulation.
As already said, Ripple is based on an open-source-protocol, which means, that it could possibly be hacked.
Why is Ripple being hated so much?
There are several reasons, why Ripple is being hated so much in the crypto-space.
The main reason for the criticism might be the strong centralization, but there are some other aspects I would like to mention.
A big disadvantage of Ripple is, that the banks working with Ripple are primary using the Ripple Network and not the token.
Another reason for the hate is, that there is a possibility, that transactions can be dismissed, what is against all principles of Cryptocurrencies.
The last reason for ripple being a red rag for Crypto-enthusiasts is its big moon-boy community.
There is no other Crypto-Currency (except bitcoin) that creates more price predictions and price-hypes than Ripple. The constant exaggerations in how much 1000% the price is going to increase in a couple of months, weeks or even days is just irrational.
Should I invest in Ripple?
This is no financial advice and you should always do your own research, but with all the partnerships with banks and institutions working with Ripple, this currency could indeed increase in its value.
On the other hand, there are other products trying to replace Ripple as an intermediary for exchanges and banks and could make Ripples future end before it even started.
This is no financial advice!
Always do your own research!