Ripple, or XRP, is both a cryptocurrency and a platform. To be exact, Ripple is the name of the company and network (RippleNet), and XRP is its native currency. The founders of the Ripple platform are committed to building up a fast and cheap digital cross-border transaction payment system. So far, international banks like Santander, American Express, and J. P. Morgan are its biggest users. The usage of XRP is widespread due to its technology and competitive characteristics. Before answering the question of how to buy xrp, let’s first understand why XRP is used.
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Why Use XRP (Ripple)?
Why do banks like Ripple the most rather than Bitcoin, Ethereum, and other cryptocurrencies? It’s mainly based on its lower cost but the faster speed of payment, huge scalability per second, and eco-friendliness. Let’s analyze one by one.
Lower Cost Of Payment
The cost to complete a transaction on the Ripple network just takes 0.00001 XRP or 10 drops. Ripple, as a currency, eliminates the intermediaries and cuts out all the costs related to sending money electronically. For instance, if you need to send money to someone through SWIFT, the recipient would be charged 3%-5% of the amount as a processing fee. But with Ripple, the recipient pays only 0.00001 XRP as security for the transaction.
Faster Speed Of Payment
Transaction confirmations are so fast that it generally takes three-five seconds, while it may take banks days to complete a wire transfer or Ether and Bitcoin minutes or hours to verify transactions. Meanwhile, there are different time zones among the international banks while money can be transferred at any time via RippleNet.
Huge Scalability Per Second
XRP consistently handles 1,500 transactions per second, 24×7, and can be scaled to handle 50,000 transactions every second. According to the data from Ripple.com, it created a record that it has dealt with 65,000+ transactions per second, as of July 15, 2019. In comparison, Ethereum can execute 15 transactions in a second, and Bitcoin only up to 6 in a second.
The XRP Ledger settles transactions instantly without the energy costs associated with proof of work or mining. This is a great leap to the international transaction, which makes it far better than mined Bitcoin.
Where Can I Buy XRP?
Besides using XRP to process transactions, you can buy XRP as an investment, like any other digital currency. But due to the lawsuit filed by the SEC in December 2020, alleging that Ripple’s sale of XRP was an unregistered securities. After that, XRP has been delisted from many crypto exchanges.
So where to buy Ripple now? XRP can still be purchased on various exchanges or platforms like Kraken, Bitstamp, and Crypto.com.
How To Buy XRP?
The method of purchasing Ripple is similar on different platforms. Here we will list out the general steps about how to buy ripple on crypto exchanges.
STEP 1: Sign up for an account
An email address is necessary. Then you need to set up a username and create your password.
STEP 2: Verify your account
You can buy XRP with your Bitcoin, Ether or other cryptocurrencies by providing your name, date of birth, country and phone number according to the instructions of the platform. If you prefer to use fiat currencies to buy, you’ll usually need additional support documents.
STEP 3: Deposit fiat or cryptocurrency
Use the deposit address in your account to receive funds from your crypto wallet. Or you can add fiat currencies to your account by the way of SWIFT, SEPA and domestic wire transfers, etc.
STEP 4: Buy XRP
Open the buy order page, fill out the order form and click BUY.
Note: Every Ripple wallet requires an initial 20 XRP deposit to prevent the creation of fake accounts. You won’t be able to access this deposit after your initial purchase.
Where To Keep My XRP?
You should look for a way to secure it after buying. A wallet that supports XRP is one of the best ways to keep it safe. There are various types of wallets that you can choose, including hardware, software and cloud wallet.
Should You Buy Or Invest XRP?
It is risky to involve any cryptocurrency activity, so does XRP investing. If you decide to buy or invest in XRP cryptocurrency, you should do your own research and set your financial goals. Always remember gains and losses are twins – you may earn a high profit while may lose a lot in this volatile crypto market.