Ripple is a decentralized payment system majorly for the banking industry that lets them receive and send currencies and also settle transactions much more faster and cheaper than their current banking system. Ripple has three parts: the Ripple Labs, led by CEO Brad Garlinghouse; RippleNet, which is the payment system itself, and XRP which is the token used on the Ripple network for peer-to-peer transactions.
Though the Bitcoin and Ripple blockchain are somewhat similar, the Ripple concept started in 2004 which was before bitcoin but didn’t launch until 2012.
Where Ripple parts of Bitcoin is that it was not the intention of the RippleLabs for it to be a digital currency like bitcoin, it was a utility the banks used to conduct their transactions. It was called a settlement token for the Ripple blockchain.
Ripple is not a minable coin like bitcoin and ether; where more coins are created by activities of miners, instead Ripple is verified by different parties. There’ll never be any new currency created. Ripple Labs control 60% of the coins in existence and circulation, and the success of the Ripple network doesn’t rely on the price of XRP on the market.
How and Where to Buy XRP?
There are a lot of exchanges on which Ripple is listed and depending on your location; you can buy from the following places.
If you are from the EU and have BTC/ETH to exchange for XRP you should consider buying from:
Bittrex is an exchange platform built and operated in the US. It’s the next generation of crypto trading created by the best security professionals. Because security is essential, Bittrex employs the best security technologies available, having to save up to 90% of deposited monies in an offline wallet. Transactions are processed in an instant so that people don’t notice any delay in processing transactions.
Before you can trade your BTC/ETH for Ripple, ensure you have Bitcoin or Ether in your wallet already. These are the big coins that represent the base currency of the crytosphere. It’s not that easy buying altcoins with fiat, so the best way is to buy the Ether or Bitcoin to trade for other alternative currencies. You can first buy bitcoin or ethereum from friends or at LocalBitcoins. Then you are set for purchasing some Ripples on Bittrex.
Here is another option for those residing in the EU. Binance has been receiving a lot of traders and crypto lovers of recent not just from EU residents but also from all over the world. Binance gives everyone the opportunity to trade without verification with a reasonable limit, but buyers and sellers are still able to carry out transactions, and also send out their purchased coins to an external wallet without having to submit identification documents.
Those from South Korea should find the following places easy to use:
The Coinrail platform, suitable for Asians helps in exchanging cryptocurrencies just like other exchange platforms. The advantage it gives the South Koreans is that Ripple can be traded against the South Korean Won (KRW) which is the local currency for the South Koreans. The site might be a little tricky for international users, but with the help of a page translator, people should be able to get on the platform just fine.
Bithumb is similar to Coinrail as well, located in Seoul, Korea. Bithumb tends to improve the inconveniences of trading Bitcoins in the markets, presenting you with low commissions. Bithumb is strict on verification though; you can’t deposit or withdraw without proper verification and approval. Deposits on the Bithumb exchange platform can also be in KRW or other cryptocurrencies available to be deposited on the platform. After deposit, you can then go ahead to trading your deposited funds for the Ripple.
Trying to exchange your cryptocurrencies for Ripple without an exchange? Then consider this:
The Shapeshift platform, similar to Changelly is a place where you get your cryptos exchanged without having to deposit your cryptos first on an exchange or you needing a verified account to do so. Your cryptocurrencies go from your wallet, and the exchanged funds end in the other wallet for the crypto you exchanged to. Shapeshift currently allows you to exchange Ether and Bitcoin with 43 other cryptocurrencies for Ripple.
Other exchange to consider buying ripple with USD or other cryptocurrencies:
Bitfinex boasts to be the world’s largest and most advanced cryptocurrency trading platform out there. Having a huge number of cryptocurrency listing, you can easily trade your cryptocurrencies for the Ripple. Alternatively, you can trade Ripple against USD. Deposits and withdrawal are fast, and the platform is pretty easy to use.
This is also a big name among exchanges. With lots of volumes being traded daily, you can exchange your bitcoin, ether, and other altcoins for Ripple. You also get to deposit to the platform in USD, especially when you are depositing from a European bank account. The SEPA transfer option on the Bitstamp makes depositing in USD easily.
The Kraken platform is a top European based exchange that offers a variety of pairs which includes trading for fiats as well. Security on the platform is high with them offering the two-factor authentication option. Withdrawals and deposits on Kraken are variable depending on methods. You can easily trade the EUR or USD for Ripples on the Kraken platform.
Depending on your location and deposit/funding method, your choice of choosing an exchange will vary from person to person. As much as you can buy cryptocurrencies with fiat, if you have some other cryptocurrencies aside Ripple, you can as well exchange them for Ripple smooth and fast on any of the platforms above to save time. Having to deposit fiat takes a lot of time sometimes, in some cases, days. Another thing you would want to put into consideration before choosing an exchange would be the exchange that allows you trade without restrictions; having to submit documents that may not be readily available before you can buy or sell your cryptocurrencies.