Unless you are living under a stone, you guys might have heard about Bitcoins. So why did Bitcoins make such a big news? Well, if you had that doubt, here is the answer for that: The price of Bitcoins(BTC) started at about $900 during January 2017, and by December 2017, it reached an insanely high price of nearly $20,000 (Actual: $19,783.21 on Dec 17). So if you are doing the math, we get an astonishing 2000% return. Now that’s intense. And that is why it made a huge mess. Although after the sudden rise, the price came tumbling down and as of Dec 30, the price of Bitcoin in USD is $12,847.33.
Well, you guys might be thinking, “We came here to know about Ripple, and why are you talking about Bitcoins!!”. Well, I told all these things about Bitcoins, just to make you understand how valuable and profitable can a cryptocurrency become. Now Bitcoins are slowly becoming less of a news and other cryptocurrencies are showing good progress. Today, we are talking about Ripple, which just passed Ethernet to become the 2nd most valuable cryptocurrency.
What is Ripple?
Ripple is real-time gross settlement system, currency exchange, and remittance network….. Wait, this thing is just complex and I am making this article for Beginners too. So let me explain Ripple with an example: Directly transfer currency from Nicaragua to India (NIO/INR) isn’t generally feasible. So the bank will first convert NIO to USD, then USD to INR. All these conversions increase the total fees, hence sending money internationally becomes expensive.
|Ripple official logo( Pic: Wikipedia)|
This is where Ripple xrp comes in. The sender can trade the NIO to XRP,(fees are very low compared to Bank fees) to the recipient, who has a Ripple Wallet( We will discuss this in a bit) and trades it into INR. Ripple is even used among some banks because they can save about $4 in each transaction using their protocol.
I am not going much into the details of Ripple coin as you can find most of the information in Wikipedia. Let’s learn how to Invest in xrp.
How to buy Ripple xrp
Step 1: Get an XRP Wallet
If you are not new to cryptocurrency, you might know what a wallet is. The Ripple coins are stored in wallets, so it is important to have a wallet before starting investing in Ripple. I am going to mention some of the best Ripple wallets:
- GateHub- Desktop Wallet: GateHub is probably the best Desktop wallet available as it is the official wallet from Ripple. It has an xrp coin fee of just 0.2%. It is very easy to set up, just sign up on the website and activate the wallet by verifying your KYC and add funds to your wallet to buy the coin.
- CoinPayments- Android Wallet: CoinPayments can be used to store XRP and over 70 other cryptocurrencies. So go for this one if you are interested in investing in more than one cryptocurrencies.
Important Note: As soon as you create your wallet you will get a private key which you should note down somewhere and if you forget the pin, all your coins will be lost.
Step 2: Find a Good Ripple Exchange
Now we have a Ripple wallet, and now we have to buy some XRP coins. We can buy the coins using Fiat currency (Fiat money is the currency that a government has declared to be legal tender, i.e. USD, EUR, INR etc.) or trade it with bitcoins.
Using Fiat Currency
If you are an Indian Investor, I would prefer you to buy Ripple against INR from Koinex
If you want to trade against USD, go for Bittrex
. Using wire transfer, you can buy XRP from BitStamp
, the signing up process is similar to GateHub, you have to verify using KYC procedure, and you can send the money using SEPA transfer for EUR and bank transfer for USD. Gatehub itself can also be used to buy Ripple coins.
So if you are a bitcoin enthusiast and wants to try Ripple, you can transfer your Bitcoins to XRP coins. Here are some great websites to transfer your BTC to XRP:
Step 3: Transfer Your XRP to your Wallet
Leaving your XRP on the exchange you bought them from is highly unrecommended. So the first thing to do after buying the Ripple coins is to transfer it to your personal wallet that you created in Step 1. After the transaction is confirmed, you have finished the process of buying an XRP Ripple Coin.
Ripple recently surged nearly a whopping 56% all-time high on Friday to a record high of $2.23. If the current trends go on, we can expect XRP Ripple to give us some good returns within 2 months. Anyway, cryptocurrency is subjected to market risk. Team TechnoRivals will not be accountable for your loss, trade it at your own risk.
So anyone out there who had tried Ripple XRP? Comment your experience below.