ieRipple or XRP is both a digital payment technology and a cryptocurrency in itself. It acts as a peer to peer, open source platform allowing for a seamless transfer of money in any form, be it USD or Litecoin or Bitcoin.
Transactions on the Ripple network make use of a medium known as a gateway that serves as the link in the trust chain between two parties wanting to make a transaction. The gateway acts as the credit intermediary that receives and sends currencies to public addresses over the Ripple network.
What makes this exciting is the fact that anyone or any business can register and open a gateway which authorizes the registrant to act as the middleman for exchanging currencies, maintaining liquidity, and transferring payments on the network.
Similarly, there are several advantages of Ripple over traditional banking systems. Transactions on Ripple are significantly faster and are settled within seconds on the Ripple network. The platform handles millions of transactions in a short span of time.
This is unlike banks which could take days to complete a wire transfer. The fee to conduct transactions on Ripple is also minimal, with the minimum transaction cost required for a standard transaction set at 0.00001 XRP, compared to the large fees charged by banks for conducting similar transactions across countries.Recently the National Bank of Abu Dhabi started to use the technology for some of its overseas transactions.
How to buy Ripple?
XRP was released in the year 2012 and co-founded by Chris Larsen and Jed McCaleb.
Also it is due noting that in the last year alone, Ripple is up 3733% and is currently trading at $0.24 a piece.
Step 1: Get a Ripple wallet
For investors who look forward to holding coins for longer periods, the exchange might not be a good place to store coins. Hence Desktop or mobile based wallets and offline wallets is the way to go.
Rippex wallet is completely open source wallet available for Windows, Macintosh, and Linux and the code can be found on GitHub. On the security aspect, the Rippex team provides redundant infrastructure for the online component of the wallet.
The other alternative would be the Gatehub platform, which is the “official” online wallet solution for XRP owners and promises a neat and clean UI at use.
For best possible security, offline hardware wallets are the way to go. The best ones include Ledger Nano S or Trezor, both of which support most of the major cryptocurrencies including Ripple.
Step 2: Buy Ripple from an exchange
The actual purchase of Ripple can be made in two ways, either via Bitcoin or fiat currency.
How to buy Ripple using fiat in any country
Currencies are different in different countries, so are the exchanges that support those currencies. Every exchange that uses fiat in exchange of cryptocurrencies, has to go through a simple KYC process whereby users must submit government issued id(s) and other personal information in order begin trading on the platform.
The process usually takes 3-4 working days depending on the exchange. Once the KYC is done, you’re free to purchase Litecoins, which are automatically stored in exchange’s online wallet.
Buy Ripple in the United States (USD)
If you’re a United States resident, there are many exchanges that would give you XRP in exchange for USD. Exchanges that accept XRP/USD:
Buy Ripple in the China (CNY)
China’s recent ban on initial coin offerings and the crackdown on cryptocurrency exchanges lead a few major Bitcoin exchanges in the country to shut down. Although, at the time of writing following exchanges continue to operate as normal. Exchanges that accept XRP/CNY:
Buy Ripple in the Korea (KRW)
Today Korea is the largest market for Ripple. In the past 24 hours, XRP/KRW pair has traded maximum Ripple volumes on Bithumb – $10 million worth of Ripple to be precise. Exchanges that support XRP/KRW:
Buy Ripple in the Japan (JPY)
After China’s crackdown on local cryptocurrency exchanges, Japan has become the largest Bitcoin market in the world. Exchanges that support XRP/JPY:
Buy Ripple in the Europe (EUR)
Europe has always been an odd region when it comes to cryptocurrencies. Too many countries with their own law in place working under the same financial regulation umbrella. Every country has its own set of payment options, yet there is no universal solution except SEPA transfers, which are only used for online transfers. Exchanges that accept XRP/EUR:
2. Buy Ripple using Bitcoin
Most of the exchanges mentioned above can also facilitate the purchase of XRP using Bitcoin, regardless of the country you’re in. In other words, if you hold Bitcoin, you can practically purchase any other cryptocurrency.
Although aforementioned exchanges only support a limited number of cryptocurrencies. There are some exchanges that only support trading of Bitcoin with other cryptocurrencies – no fiat involved. You’re likely to get a better price for Ripple on such exchanges:
Step 3: Withdraw XRP to your wallet
After the purchase of XRP, the coins can be transferred to any of the above-mentioned wallets of your choice and can be stored safely for the longer perspective.