Expanding My Crypto Knowledge

Back to my acquisition of crypto knowledge, this is why its always good to stay up to date with crypto, after doing numerous reading and understanding I learnt a lot today. Mind you, this post is not a sign for you take my ideas as a financial advise. This is just my random daily crypto experience. In the past I have been a die hard XRP fan, one of the the reasons was because it was among the top 10 crypto in the world and it was very cheap compared to the rest which are Bitcoin, Ethereum, Litecoin and the rest. So I became invested in it, and besides the transfer fee was extremely low compared to the rest of the other coins, so that blew my mind away.

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I was buying a lot of XRP with the fixed knowledge of its cheap, and its very fast and cheap to transfer, without doing proper research. Although due to my understanding of the difference between token and coin, I knew XRP was a coin as it has its own blockchain. I was too lazy to expand my knowledge to know what other utilities XRP had. Then the SEC law suit came and drove the price really low, giving me the opportunity of to acquire more XRP, which was great because I had an XRP goal I wanted to reach. But I found Hive and realised that Hive was what I thought XRP was and even better. Hive was way cheaper as a matter of fact its free, and it can do al what XRP can do and more. So my obsession with XRP died and I focused more on Hive.

But today I came across a tweet about some XRPLedger, which is a decentralised wallet for XRP, I was surprised because I didn’t know XRP had its own DEX wallet, then I dug deeper and realised that people do mint NFTs, on the XRP blockchain and then tokens get created on the XRP blockchain, something we will call the XRP layer 2 tokens. I cam accross an XRP DEX wallet called XUMM, I set it up and its seed phrase its one of the hardest I have encountered, then I got a domain name on the XRP blockchain that cost me about 5 XRP, then I participated in some XRPLedger faucet that are free to claim everyday, although their values are extremely low, but its better than nothing.

Then I realised that XRP actually has more utilities rather than the cheap and fast transaction features I had in mind earlier and its way cheaper to transfer with DEX wallet than with a centralised exchange wallet. Although I had to spend 10 XRP to activate the wallet which was kept in the reserve, I dont know why though and I dont know how I am going to retrieve that. Then I noticed that for every faucet and airdrop link I try to get into 2 XRP is kept in the reserve, I was scared at first until I terminated one of the faucet and got refund my 2 XRP reserve.

Probably not a serious post but I was amazed at the information I got today about XRPLedger.

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