What is Ripple?
With Ripple you can simply transfer nearly any currency to anybody on the planet in seconds. The platform has revolutionised what used to be a traditional SWIFT or Western Union based system. Ripple offers greater efficiency and cost-efficacy on real-time global payments than banks currently do.
How Does Ripple Work?
It is unlikely that you will be able to invest in Ripple directly as that is reserved for large-scale investors. XRP is Ripple’s native currency which launched in 2017 when it rocketed from 1 cent per coin to 30 cents per coin.
XRP enables you to make transactions seamlessly and simply between any currency with minimal fees. XRP allows for seamless financial transactions from any given currency to any other currency with negligible fees. The individual who receives XRP can then trade it for the currency of their choice.
Transferring XRP is the easiest and cheapest way to send value over the Ripple protocol. At some point, it may not make sense to move into any other currency, while instead, simply using XRP exclusively for global payments.
How Can You Buy Ripple?
How to Buy Ripple in 3 Simple Steps:
Step 1 – Acquire a Ripple (XRP) wallet
You must write down the secret key and store it in a safe place. XRP wallets generally operate the same as Bitcoin wallets. It is best to keep your XRP on a hardware wallet for maximum security. It should be noted that every Ripple wallet must initially be funded with a 20 XRP reserve in order to protect against low-level spam attacks.
Ledger Nano S is currently the only reliable hardware wallets for storing XRP and a number of other cryptocurrencies.
Rippex offers a desktop wallet for Mac, Windows, and Linux that gives users full functionality.
Step 2 – Locate a Ripple Exchange
You have multiple options for purchasing Ripple. You can either buy it with fiat currency (i.e. USD, EUR, etc.) or you can trade Bitcoins for Ripple on specific exchanges.
Buy Ripple With Fiat Currency
If you don’t already own Bitcoin, the best way to buy Ripple is through a wire transfer or credit card.
Buy Ripple with Bitcoin (trade BTC for XRP)
The least expensive way to purchase XRP is by buying Bitcoin from a provider like Coinbase. Subsequently, Bitcoin can be sent to exchanges and traded for XRP.
The easiest way to trade Bitcoin for XRP is by quickly exchanging it on Changelly or Shapeshift.
Kraken is another popular exchange that allows users to trade bitcoin for XRP.
Step 3 – Withdraw your XRP to your wallet
You should not leave your XRP on the exchange otherwise you risk losing them because you don’t have proprietary ownership of private key so therefore the coins don’t actually belong to you while they are in the exchange.