Want to buy Ripple without getting ripped off? Try CoinSwitch, the best trading platform to perform a BTC to XRP exchange.
Before we get into why CoinSwitch is the most obvious choice, here’s what you need to know:
You will need a wallet: To store Ripple, you should have one of the best Ripple wallets as storing it online on an exchange is not recommended. Online exchanges are prone to hacks and although CoinSwitch has not subject to one, it is better to be safe than sorry.
You can choose between online and offline wallets. Hardware and paper wallets are considered to be the safest but online wallets make it easy for one to make daily transactions.
Once you get the wallet, you have to look at different exchanges to find the best possible rates. Now, since the crypto market is extremely volatile, the rates that you see before conversion may not be the rate your holdings are converted at.
But, there is a way to curb this issue – CoinSwitch. CoinSwitch is the world’s largest cryptocurrency aggregator that tracks data from all major exchanges like Huobi, Bittrex, Changelly and Binance and finds the best rate for over 300+ coins and 45000 pairs.
CoinSwitch allows you to exchange your crypto holdings to Ripple or you can purchase Bitcoin or Ethereum or one of the popular coins and exchange that to gain Ripple.
Remember to only invest money that you deem disposable. Crypto currency market is unpredictable and although Ripple has a real world effect, there are hundreds of coins that may displace Ripple. A prime example of this Stellar’s Lumens. Lumens are in direct competition with the Ripple. So, choose your investment wisely.
What is Ripple?
Ripple is both a platform and a currency. The open source protocol allows transactions to happen faster and cheaper. Ripple was intended for international transactions worldwide and has its own currency XRP. However, users can create their own currency through RippleNet.
What is RippleNet?
RippleNet is a network of institutional payment providers like banks and other financial services that use solutions that Rupple has developed allowing money to be transferred on a global scale without any friction points. The platform is not free to prevent DDos attacks.
What is XRP?
XRP is the token used on the RippleNet. This acts as a medium between cryptocurrencies and fiat currencies.
Creators of Ripple
Ripple’s prototype was ready in 2004 even before Bitcoin was launhced. But in 2013, creator of EDonkey, Jed McCaleb invited investors around the world to invest in Ripple Labs. A well known programmer and entrepereneur, Jed McCaleb co-founded several crypto startups including Mt. Gox (way before the hack).
Does Ripple have a Blockchain?
No. Ripple doesn’t have a blockchain. The transactions are verified through its patented technology – Ripple protocol consensus algoritm (RPCA). Every node has to be in agreement with the rest.
What can Ripple be used for:
- Low commission currency exchange
- Fast international transactions
- Payment ecosystem