How to Buy Ripple
Before we talk about how to buy Ripple, let’s discuss what Ripple is. Ripple is a technology that serves a dual purpose; it acts as both a digital payment network for transactions and also as a cryptocurrency. Ripple works on a peer-to-peer decentralized platform and is open source. Money can be transferred from source to receiver via a gateway, which acts as a credit intermediary. This allows for money to be transferred in any form, be it in bitcoin, litecoin or even USD.
Ripple is the third largest cryptocurrency market after bitcoin and ethereum. Its market cap is $37.05 billion USD. In the current market, ripple yields a high-profit percentage. Ripple was valued at $0.25 USD in early December and is now valued at $0.95 USD. One of the main reasons why ripple is relatively cheap is because of a large number of coins in circulation. 100 billion coins were initially created, and around 40 billion of those are currently in circulation. Although the value of ripple is considerably less than that of bitcoin (which is valued at $11,700 USD), it has certain advantages. Ripple gives bitcoin more ways to connect with those using other forms of currency. Ripple is not mined by users – its supply is controlled by a San Francisco based company called Ripple. Unlike other cryptocurrencies, ripple is connected to banks. The Union Bank of Switzerland (UBS), and the Bank of America (BOA) are among a few that use it. A large number of transactions can be handled in a period of time, and they are generally processed within 10 seconds. Transaction costs are very low as well – amounting to 0.0001 XRP.
Great care must be taken while choosing a wallet. Having looked through the advantages of purchasing ripple, here are a few ways to buy the cryptocurrency.
It’s a game of wit and luck when investing in the exchange market. A cryptocurrency exchange provides a smoother path towards trade. An exchange represents the easiest method to trade and invest in cryptocurrency. Well-known exchanges like ‘BitStamp’ and ‘Kraken’ are renowned exchanges and ensure there is no theft or privacy concerns Every Exchange has a different operating environment. A user must authenticate his identity and link his bank account to the Exchange, after which the user can purchase ripple. Depending on the exchange, there are different ways in which ripple can be purchased. A user can buy ripple on an exchange by buying another cryptocurrency first and purchasing ripple with the cryptocurrency (like bitcoin or ether). Users can directly purchase ripple as well using currency (like USD or Yen). To store the cryptocurrency safely after purchase, the use of cryptocurrency wallets is recommended.
The video below serves as a guide as to how to use the Binance exchange:
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There are several ways to purchase ripple with other cryptocurrencies like Bitcoin or Ether. The use of ‘Asset Exchange’ sites is prevalent. These sites provide for an easy manner of trade between different cryptocurrencies. ‘Bitsane’ is a trusted site and allows you to buy ripple using ether. Bitcoin can be bought from sites like ‘Coinbase’, and exchanged on ‘Kraken’ or ‘Shapeshift’. It may sound like a complicated procedure but it is quite simple to execute. ‘Cointal’ and ‘Paxful’ allow for direct asset exchange as well, but it depends on the availability of ripple and the market demand. If one means to store the cryptocurrency safely after purchase, the use of cryptocurrency wallets is recommended.
The video below explains how to buy ripple with ‘Coinbase’ via the ‘Binance’ exchange
Source image: www.youtube.com
Direct trade is a sure method of purchasing ripple. There is no tension regarding the volatile nature of an exchange. Cointal is a trusted site that allows you to trade currency for ripple. Users can pay using PayPal, credit or debit cards, or their bank accounts. A user must authenticate his account, choose his method of payment, and simply specify the amount of ripple they want to buy, or the amount of money that they are willing to spend. Several trade options will appear on the screen and the user can choose any that suits him/her. There is no direct way of buying ripple in the US, hence ripple must be purchased through the exchange of another cryptocurrency, or through direct trade. If one means to store the cryptocurrency safely after purchase, the use of cryptocurrency wallets is recommended.
The video below serves as a guide to buying ripple on Cointal:
Source image: www.youtube.com
In order to use any cryptocurrency, you will need to use a cryptocurrency wallet – a software that allows you to easily store and manage your private keys (secure digital code known only to you and your wallet) and public keys (a public digital code associated to a certain amount of currency). Never store your ripple on an Exchange! Wallets are secure and prevent theft of cryptocurrency. Ledger Nano S, Trezor, Exodus and Jaxx are a few of many good wallets a user can trust. After purchasing ripple, make sure to transfer the cryptocurrency to a secure wallet.
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