February 1 was a big day for XRP HODLers as crypto payment process CoinGate announced it will add support for Ripple payments. The Lithuania-based company launched back in 2014 and later created CoinGate March 2015. What exactly does this company do and how does it benefit crypto holders?
WHAT IS COINGATE AND WHAT DOES IT DO FOR RIPPLE HOLDERS?
Let’s pretend you’re a merchant. You want to sell a service and let your customers pay for it in crypto. You would then use CoinGate to calculate how much the customer needs to pay in crypto. Then, the customer users their crypto wallet to make the payment. You, the merchant, get paid by CoinGate payment (with a 1% processing fee included). Previously, the merchant could choose bitcoin, Euro or USD but now, Ripple (XRP) support is added and it’s a huge boost for the community.
RIPPLE HODLERS INFLUENCE COINGATE DECISION
In CoinGate’s announcement of XRP support, they said the addition came because of the “very popular demand by the community.” With this new support, “XRP coin owners can now use it as a means of payment at more than 4,500 shops online.” For years, the crypto community has been begging for mainstream adoption. They’ve been begging for shops to start accepting their crypto. Well, now it’s here. How will the market react?
HOW WILL THE MARKET REACT TO COINGATE AND RIPPLE?
From the tech side of things, XRP is improving vastly. Many think it is not completely decentralized. At first, this was true. But now, there is an ongoing strategy for further decentralization of the XRP ledger. Once complete, Ripple’s value will rise along with this new opportunity with Coingate. For now, though, it is best to HODL on to your XRP assets.
One good tool to hold your crypto but still get cash if you need it is YouHodler. This crypto backed lending platform features the highest loan to value ratio (80%) in the industry and some of the lowest interest rates. Featuring XRP, BTC, BCH, BTC, ETH, and LTC as collateral options, HODLers can temporarily put up their crypto as collateral in exchange for cash when they need it. That way, they never miss out on a bull run again.