Ripple is different from Bitcoin. Despite being among the top three currencies in the world, you’ve heard less about it.
What is Ripple?
Like Bitcoin and Ethereum, understanding Ripple’s concept and how it works may also be a bit difficult.
The RippleNet or Network and the Ripple XRP were introduced in 2012. RippleNet connects to banks and large institutions and transfers money or other assets can be done on the network. All transactions are registered in the XRP Ledger.
RIP Currency, or XRP, is the currency used to perform transactions on the Ripple network. Ripple was created to facilitate online payments. Each transaction in Ripple is done in just 4 seconds. For comparison, it is better to compare transaction speeds with Ethereum and Bitcoin networks. At Ethereum, a transaction takes at least two minutes. In Bitcoin, this time may be more than five hours longer than network traffic. In traditional systems, payments may seem urgent, but in fact, the transfer of funds between banks will take three to seven days.
The main differences between Ripple and Bitcoin
Ripple is fully scalable – Ripple’s network can now make 1500 transactions per second, which, according to developers, will increase this amount. Bitcoin makes only seven transactions per second.
In addition to speed and scalability, the cost of the RAM is also significant in this network. The fees in this network are negligible. Currently, more than 75 large financial companies use the Ripple network.
Ripple is a payment and communication network for financial institutions around the world. This ecosystem is a serious rival for Swift. Currency Ripple can be traded as stocks. The main difference between Bitcoin and Ripple is the goals and capabilities. Bitcoin has been designed to become an official global currency and facilitate online payments, but Ripple has not been developed to become a routine payment method, although this may be possible in the future.
Bitcoin is a new online payment method that takes people away from the bank. Ripple, on the other hand, has provided its network for linking banks around the world to reduce transaction costs and costs faster.
Another key difference between Bitcoin and Ripple is Block Quin’s Block of China. Unlike Bitcoin and the Chinese Block Currencies, Ripple is a focused company. That’s why it comes in with criticisms. The company started making all currencies before launching the network and it is automatically released slowly.
Ripple prices and the factors affecting it
When writing this article, the price of each Ripple unit is more than $ 2. If you bought a $ 1,000 Ripple last year (early 2017), today, with a price of $ 2 each, you would have $ 360,000. At that time, the price per unit was $ 0.066. Unlike most digital currencies, Ripples are not mineable or extracted. As mentioned before, there are about 100 billion units of Ripples, which are currently circulating around 40%, which are being offered by the company in order to regulate the market.
Is Ripple Fit For Investment? The digital currency market is very new and in the beginning. Long-term investment (at least one year old), digital currencies have not hurt anyone to this day. As you said, if you invested about 3 million last year on Ripple, today you have about 1 billion USD. However, nothing is 100% and profit can not be guaranteed.
Ripple is a functional currency. Obviously, the greater the acceptance of banks and financial institutions, the higher the price will be. One of the big risks is investing in Ripple’s focus. The news and events that take place at Ripple’s company will be heavily influenced by its price.
Contrary to the popularity of this currency, wallets have always been one of the problems for Rip’s users and investors.
This wallet is the best option to save Ripple. With this wallet, you will be the real owner of Ripples and will not risk others hold on online wallet.
Ledger Nano S has high security and is easy to use. Also, it can be taken everywhere. Hence, using this hardware wallet is one of the best ways to save currencies.
For details Click HERE
Gatehub is a popular website that allows you to save Ripples and buy them using Euro or American Dollar. You need to create an account to get started.
Note: Write the recovery key on a piece of paper and keep it in a safe place. If you forgot your password one day, the only way to recover your password would be the same piece of paper.
Once you’ve created an account, enter the KYC (Customer Identification Process) step where your account will be activated.
Because of the site’s compliance with US laws, Ripple’s storage on this site is risk averse to some other contries.
Online currency exchanges provide wallets for holding currencies. Hitbtc, binance and bitfinex exchangers are good.
The binance exchange is far less risky than Ripple because of being Chinese.
Queen’s Quinn Pimentos
One CoinSutra member advised to use CoinPayments Wallet. In this multipurpose wallet, you can use the option to store Ripples, other popular digital currencies as well as future altoquin by building an account.
Users have reported bugs to this site so the responsibility for using this wallet is at your own risk.
Other sites, like ripplex and ripplepaperwallet, provide Ripple desktop and paper wallets, respectively, but because they were not tested, we did not introduce them in this article.
How to buy ripple
You can buy Ripple after picking up and wallet. Buy Ripples online from online exchanges. Some exchangers sell directly, which we do not mention by name, but you can find them with a simple search.
Buy Ripples from Foreign Exchange
There are two basic ways to buy Ripples from foreign currency exchanges: 1 – Direct purchases with dollars or euros 2- Conversion of other currencies (bitcoin, ethereum, etc.) to Ripple
Buy Direct with Dollars or Euros
You need MasterCard or Visa Accounts for direct purchases with Dollars. The preparation and use of these cards requires various intermediaries that increase your purchase costs. The Bitstamp, Gatehub and Kraken sites are the best RIPPLE shopping sites with dollars or euros.
Convert other currencies to Ripple
The most common and most convenient way is the conversion method. You can convert your currency to Ripple via exchange sites by purchasing Bitcoin or Ethereum through domestic or foreign sites.
One of the simplest ways to convert currencies is to look at the site. This platform has a simple and beautiful user interface and anyone can easily convert their currency into it. The high security of this currency exchange is among the users. This system does not store your currency so it will not threaten your blocking. The speed and cost is also a good feature of the system.
The Chinese Guyanese exchange is also a good way to buy Ripple. Due to the fact that the Chinese are a stock exchange, there is very little chance of boycotting and blocking money. You can charge bitcoin or other currencies in this exchange and buy ripples or other currencies. As you said, this currency exchange can save your money as a wallet.
Like the Beynes, this platform is also a good place to buy Ripple. The risk of blocking in this currency is much higher, so try to safely transfer your money to your wallet immediately after purchase.
Other exchange providers, such as bitfinex, but because of the very high risk, we do not recommend recharging them.