On this article, you will learn How to Buy and Invest in Ripple XRP (a Cryptocurrency and Digital Money)
The world is truly going digital, and third world countries are not left behind.
Paper currency, which is also known as fiat money, is gradually going digital, especially with the current rise of Bitcoin (BTC).
Bitcoin is a cryptocurrency (digital currency) amongst many others out there. Bitcoin is not only just digital money but decentralized digital money.
It means that any bank or financial institution do not control it. It is the reason many countries distance themselves from the decentralized digital currencies as it can easily be used to fund terrorism without any trace.
Now that we have understood what Bitcoin is and the new trend of the digital currency, the list below are the top 5 cryptocurrencies that are on top.
- Bitcoin (BTC).
- Ripple (XRP).
- Ethereum (ETH).
- Litecoin (LTC).
- NEM (XEM).
You can trade all cryptos mentioned above with each other, and that means if you convert any crypto money to Bitcoin. You can quickly sell the Bitcoin and make your cash depending on the current price per unit.
Amongst the cryptocurrencies mentioned above, Ripple (XRP) is the only crypto to be centralized. We tend to see it as the most significant rival to Bitcoin (BTC) as it can easily be regulated.
Centralization here means that the government or central banks can trace the transactions that happen on its blockchain.
Wikipedia stated that Ripple is a Real-Time Gross Settlement System – currency exchange and remittance network by Ripple.
The Ripple Transaction Protocol or Ripple protocol is built on a distributed open-source Internet protocol, consensus ledger, and native currency called XRP (ripples).
I know you wish you could take back the hands of the clock to buy some Bitcoins when it was sold for less than $1 for 1 BTC.
It is this same drive that is pushing new entrants to Ripple and other cryptocurrencies.
How to Store Cryptocurrencies
Each cryptocurrency has a wallet, which can either be online or offline. Most people prefer to have online wallets as its easier to manage.
- Store Bitcoin in blockchain.info
- Store Ethereum in myetherwallet.com
- Store Ripple XRP in gatehub.net
You can search on Google to get information for storing other cryptocurrencies.
How to Buy Ripples XRP
To buy Ripple (XRP), you will need to open an account on Gatehub. After submitting all the necessary details and documents, you should see your Ripple address.
The address is a combination of different characters and can even be likened to your bank account number.
Ripple address could be as shown below;
Once you get your Ripple address, the best way to buy Ripple is to buy Bitcoins and convert the Bitcoins to Ripples XRP.
In other to buy Bitcoins, it’s best to use localbitcoins.com, or you can buy from a seller directly, as lots of scammers exist online.
How to Store Bitcoins
It is recommended to store your Bitcoins on blockchain.info
Registration is quick and easy too. If you register on Blockchain and have your address and then you can go ahead to buy bitcoins.
Next, you will have to register on localbitcoins.com – After that, you will see the list of all verified sellers with their Bitcoin rates.
To avoid scam ensure all transactions are on the localbitcoins platform.
After you have paid and the equivalent, Bitcoin will be sent to your Blockchain.info address, which you can then use to get Ripples XRP.
If you choose not to buy Ripple, you can always keep the Bitcoin in your wallet while you wait for the price to appreciate and then sell it later.
The Bitcoin can also be used as a mode of payment across several online platforms globally.
How to convert Bitcoin to Ripple XRP
Use any of the platforms below to convert your Bitcoin to Ripples or any other cryptocurrency.
- Shapeshift.io does not need any form of registration, and it is the easiest to use.
- Changelly.com needs registration and also very easy to use.
- Poloniex.com needs registration.
On either shapeshift.io or changelly.com, all needed is to select Bitcoin as the cryptocurrency you have. Then select Ripples XRP as what you want.
If you need other cryptocurrencies which you have the wallet, then you can change from BTC to it also.
You will be asked to provide the Ripple address you want your XRP sent to. shapeshift.io has an option of a refund address if the exchange fails, you will get have your Bitcoin returned immediately.
Once details have been provided, an address is displayed where you should send your Bitcoins to. Immediately you send it the exchange will be done in less than 30 mins. You can now login to your Ripple wallet to confirm the sent amount.