Farewell Bitcoin. Forget Litecoin. Say hello to the new cryptocurrency in the block, “Ripple”.
Designed for global money transfers and banks, Ripple has witnessed the value of its digital currency, XRP hit the roof in just a few months. One of the factors that has contributed to the Ripple uprising is that, the price of a single Ripple XRP is substantially more affordable when compared to its counterparts. And it is for this very reason Ripple has become more attractive to cryptocurrency fanatics. Enough about how far ripple has come, what exactly is Ripple?
What is Ripple?
Ripple is actually older than the famous Bitcoin, even though it was not introduced to the world until 2012. According to Bitcoin Magazine, the company’s original version was formed in 2004 but never really expanded until a professional management team that included Jed McCaleb, founder of MtGox, and Chris Larsen, co-founder of E-loan, was put in charge of it.
A number of banks and financial institutions have incorporated Ripple’s cryptocurrency, XRP, into their system. These institutions strongly believe that Ripple’s system can offer them both security and better prices than its alternatives, especially Bitcoin.
You might be wondering why these institutions believe in Ripple than other cryptocurrency. Here is why; Ripple allows you to hold, receive, and send currency via the Ripple channel, in a decentralised form. Ripple has positive cash-flow and stores a vast amount of XRP that it releases periodically into the digital market. Fascinating isn’t it?
How is Ripple Different from Bitcoin?
Yes, they are both cryptocurrencies, but they differ in many ways. Let’s quickly look at how Ripple differs from bitcoin:
- It is Cheap and Fast
- It is mining-free
- It is probably the only cryptocurrency accepted by banks
How to Buy Ripple
So, Ripple has finally gotten your attention, and you are now wondering how you can get some and start earning big. It’s as simple as ABC.
The easiest way you can buy the Ripple cryptocurrency is via a two-step procedure, which would require you exchanging another cryptocurrency for XRP.
- Buy some Ether or Bitcoin
You need to first buy Ether (ETH) or bitcoin (BTC) through an exchange. Coinbase is one of the simplest and fastest cryptocurrency exchange, and is highly recommended for aspiring crypto chasers.
- Exchange your Ether or Bitcoin for XRP
Once your Ether or bitcoin gets to your digital wallet, move them to an exchange that offers XRP. Binance is a great option for exchanging cryptocurrencies, and charges the lowest fees, especially in the UK.
Since its introduction to the market, Ripple’s cryptocurrency, XRP, has increased in value up to 7000%, which caused an increase in its market cap to about 7,700%, and it doesn’t seem to be backing down anytime soon. Its future depends completely on banks adopting the platform, which is where the focus of the company is.
Now, you have known a bit about Ripple and how you can easily buy it. For much information on exchanging cryptocurrencies, all you have to do is check out Binance and you will get all you need.