8

The transaction fees in Ripple are simply destroyed. There is no mining. We had to use ripples because we couldn't use dollars, both because dollars in Ripple can only be represented as debt (Who would owe them to the system? Who would they go to?) and because Ripple is intended to be cross-currency (How would you manage exchange rates?). The beauty of ...


7

There are only two known "attacks" you can perform with a large amount of XRP. First, you can dump a large amount of XRP on the market. This will reduce the value of XRP, which OpenCoin would have to report as a loss. The net effect would be that people who hold XRP as a store of value would be harmed. So if you choose to use XRP as a store of value, you ...


5

The fee is variable over time. As the supply dwindles, the relative value of each XRP will be higher, so the transaction fee will get lower. They'll never really run out. https://ripple.com/wiki/Transaction_Fee


4

The answer you cited discusses the fees that can be charged on fiat currencies by gateways, when exchanging currencies, and when using other users to swap IOUs. The XRP fees are imposed by the network itself. The transaction fee is the only fee that is destroyed. Currently, it is 10 drops per transaction under normal load conditions. (A drop is a millionth ...


3

This is most likely explained by the high fees on bitcoin. These services still have to move the bitcoin from one wallet to another and you have to pay a fortune at this time, about $6- $19. You didn't do anything wrong this is something that will be fixed on the #bitcoin chain once #segwit and Lightning Network are highly adopted.


3

Nobody gets that fee, as simple as that. To protect the XRP Ledger from being disrupted by spam and denial-of-service attacks, each transaction must destroy a small amount of XRP. This transaction cost is designed to increase along with the load on the network, making it very expensive to deliberately or inadvertently overload the network. Every ...


3

For now, gateways are using transit fees as their primary revenue source. Bitstamp currently charges 0.2% and that's pretty typical. We hope that those fees will go down over time for two reasons. First, competition and increased volume should bring the fees down. Second, when interest rates start to rise to more historically normal levels, gateways can use ...


3

We debated how to handle XRP IOUs during the design. Ultimately, we decided not to have any official support of them because of the potential for user confusion. However, we did reserve the currency name "XRR" for IOUs denominated in XRPs. There is no built in mechanism to pay them off with XRPs, but it's not difficult to place a 1-to-1 exchange offer. Such ...


2

The base fee is contained in the ledger and can only be changed by a pseudo-transaction that gets into the consensus set. It's managed by consensus the same way the reserve levels are.


2

What does it mean to buy XRP as an individual OTHER THAN speculation? You can also use it as a means of payment and as a means of exchange for other assets on the network. (If investing in XRP could mean something other than speculation) How can we "use" XRP to do something other than speculation as an individual? You can pay it to other people to ...


1

I use this: https://bitinfocharts.com/bitcoin/ You can click on any other cryptocurrency on the top bar and look for the value of "Avg. Transaction Fee", in USD.


1

If it's a native wallet on the ledger, then 20 XRP will not be transferrable, though you can use it to pay transaction fees. Exchanges typically have you pay into their account, so there's no reserve that you need to pay. For reasons that nobody has ever figured out, Poloniex does make you pay the 20 XRP reserve.


1

The transaction fee is specified by the signed transaction itself and is consumed when the transaction is first processed, regardless of the transaction type or amount or its success or failure. For example, an offer than is later cancelled takes one transaction fee to place the offer and another to later cancel it and a properly specified payment ...


1

Technically XRPs have no counter-party risk as long as no single entity (including OpenCoin, Inc) does not have enough of them to corner the market. Perhaps a better name for this would be Systemic Risk ?


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