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riddler

20 XRP Minimum

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So if 20 XRP is the minimum how would someone start a wallet if say 1 XRP is = $100? Would they need $2000 to open a account/wallet just to get started?  

 

"In Ripple protocol, to create a new account you need to initialize it with a funding of at least 20 XRP. An account under 20 XRP is considered as not exiting. Thus, your balance must always be at minimum 20 XRP and you are not allowed to make transactions that would result in your balance going under this limit."

 

Thanks for any input!

 

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25 minutes ago, riddler said:

So if 20 XRP is the minimum how would someone start a wallet if say 1 XRP is = $100? Would they need $2000 to open a account/wallet just to get started?  

 

"In Ripple protocol, to create a new account you need to initialize it with a funding of at least 20 XRP. An account under 20 XRP is considered as not exiting. Thus, your balance must always be at minimum 20 XRP and you are not allowed to make transactions that would result in your balance going under this limit."

 

Thanks for any input!

 

This has been discussed across a few platforms, like LISK Delegate proof of stake voting costing 1 LSK and the consensus seems to be that as the price of said asset goes up, the actual associated transaction costs / minimum requirements, etc should go down accordingly.  So if 1 xrp = $100, the minimum wallet fee could be reduced to .25 xrp as time passes.  

Edited by CryptoLearner

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1 hour ago, riddler said:

Would they need $2000 to open a account/wallet just to get started? 

It this was Bitcoin, the entire market would collapse as it approaches a new fork to deal with the issue.  With XRP, these minimum fees and reserve amounts could be changed via the amendment process with very little fanfare:  https://ripple.com/build/amendments/

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16 minutes ago, huslin said:

Bitcoin was single and one of its kind when it came. Ripple came to the party years later :P

I have much respect for Bitcoin but feel like Bitcoin is MySpace and XRP is Facebook (a enterprise class coin), so many issue with Bitcoin (slow transactions speeds, mining (such a waste of energy), China running largest pools, forks, trying to work around governments) etc... Just seems unsustainable. XRP seems like a coin serious investors, banks business could actually get behind, Ripple appears to be reputable, 160+ employees, worldwide offices and want to work with regulators to actually make Crypto viable....

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