What is Ripple (XRP)-a Simple Definition of Ripple Cryptocurrency
Ripple is a company based in California and XRP is the digital asset of Ripple.
Ripple (XRP) is the most recognized and popular real-time gross settlement system. Ripple (XRP) can be used as cryptocurrency and a digital payment system for any financial transactions. Ripple was released by its co-founders Chris Larsen and Jed McCaleb in the year 2012.
What is Ripple meant for?
Ripple’s main purpose is to create a global settlement system for monetary transactions between any two parties in real time. Ripple is based on shared global ledger known as XRP Ledger, which is used to manage all cross-border monetary transactions. XRP Ledger uses a process based on consensus mechanism in which payments, exchanges and remittance are processed. Prime validators for Ripple network are ISPs, Companies and MIT(Massachusetts Institute of Technology).
Ripple is most popular among banks and payment networks for settlement process. There are many companies using it as UnitCredit, Santander and UBSs.
Ripple platform allow users to transfer money safely from one location to any other location and it can be in different currencies. Every transaction happens in seconds. For banks and other financial organizations it’s a kind of boon, as it will provide secure and fast service to its customer globally.
Ripple has following applications
Low Transaction Fee
As number of banks and financial institutions are adopting ripple, the cost of transactions will certainly come down and ultimately the customer will get benefitted.
As ripple network works beyond the borders with a global ledger, the settlement processing time is reduced exponentially. The transactions are more efficient and trustworthy.
Scalability and Performance
As compared to Bitcoin or Ethereum network, ripple has better scalability. Bitcoin can process around 3.3 to 7 transactions per second and Ethereum has around 15. Ripple XRP can process around 1500 transactions per second which is far better.
How to Buy Ripple
You can buy Ripple (XRP) in two ways:
- Directly through Debit/Credit card or bank
- Through any exchange
If possible as per the country law buying directly with $ is the best. If you are looking it through exchange then first you need the search for the exchange that provides this facility. Another alternate is to register with any crypto exchange, buy some Bitcoin or ether and then exchange it with the Ripple.
Buy Ripple with Coinbase and Binance
On Binance exchange you cannot buy Ripple directly, but first you need to register and buy some intermediate currency as Bitcoin or Ether and then buy Ripple in exchange.
On coinbase Ripple can be bought directly.
- First you need to create an account on Binance website. It asks for email and password.
- Then you need to deposit some Bitcoin, ether or any other cryptocurrency into Binance account. Scroll over “Funds” button on the top and click on “deposit withdrawls”.
- Then choose your exchange currency (BTC or Ether) and then click on “Deposit”.
- Copy BTC address displayed, this is your recipient address.
- Now we need to transfer some BTC to this address
- Let us say we use Coinbase exchange to purchase some BTC and transfer it to this address.
- Once the process is completed and transactions are confirmed on the Blockchain network, it should get reflected into the Binance exchange account.
- Once the Binance account shows the total amount of BTC, we can purchase some XRP by exchanging the desired BTC amount.
- This is done by entering the exchange value and XRP quantity and a click on “Exchange” button.
- Under Total Balance the total XRP value is displayed.
Ripple can be purchased through Bitstamp, which you can use to directly transfer USD to XRP.
Buy Ripple with USD
As per the Ripple Website, Ripple can be bought directly using debit/credit card or cash in following steps:
- Create an account on Bitstamp.
- Log in to your account.
- Verify the account.
- After account verification process you can proceed to deposit money using any of the provide options.
- Then select international wire transfer and fill out required data.
- Then transfer fund from your bank account to Bitstamp account.
- After the fund the successfully transferred you can buy XRP.
- Enter the amount you want to buy into the “I want to spend” input box and then click “buy XRP“.
- XRP will be added to your total balance in Bitstamp account.
Reference site(s): https://www.thestreet.com
Note: This post is just to give information about the Ripple, if you wish to buy or sell it then please do it as per your country laws.