Everyone interested in the cryptocurrency market sooner or later comes across Ripple (XRP). You may be ready to invest in XRP right now. Before making a decision, it pays to get to know the property you are interested in better.
Are Ripple and XRP the same?
Ripple is the company that created RippleNet and developed an open source payment protocol. Ripple now functions as both a platform and a cryptocurrency. The main advantage of the Ripple ecosystem is fast, secure and cheap transactions, including international ones. Bitcoin was initially positioned as an alternative to fiat currency. Ripple was created as a link between the current banking system and the world of cryptocurrencies to simplify and improve the operation of the banking sector.
The Ripple (XRP) cryptocurrency differs from its closest competitors in that it was created by a centralized private company. On the one hand, the excessive centralization of XRP goes against the main idea of the world of cryptocurrencies. On the other hand, it gives a clear answer to the question: “Is Ripple a good investment?” The creator company is interested in developing its business and promoting its products, including the altcoin XRP.
It is significant that the Ripple blockchain system is used by:
- Bank of America
- OSE holdings
- Standard Authorized Bank (SCB)
- Santander
- amexpress
- Royal Bank of Canada
- MoneyGram
- money match
- Westpac Institutional Bank
- Australian Bank
- UniCredit
The interest of large financial institutions in the Ripple network is explained very simply: a transaction for any amount and anywhere in the world through the network takes a few seconds, without additional reliability and security controls. Due to the high speed of the transfer of funds, losses due to exchange differences are completely eliminated.
How to invest in Ripple?
First of all, choose a reliable platform where you can buy XRP. It can be a custodial cryptocurrency exchange or a non-custodial service. Among the classic custody exchanges, it is worth noting:
- Kraken is one of the oldest crypto platforms
- Coinmama is an intuitive platform
- eToro is an exchange that provides the ability to trade fiat and digital currencies.
To access the functionality of the tutoring services, registration and identity verification are required. This will take some time. You can buy XRP on LetsExchange’s custodial-free platform without registration, with just a few clicks. In the exchange widget on the home page, do the following:
- Select the currency you want to change and specify the amount of the change.
- Choose a cryptocurrency to buy. Our search engine will instantly offer you the best BTC to XRP rate available on the major exchanges.
- Enter your wallet address to receive the exchanged cryptocurrency.
- The next step is to send the coins needed for your trade.
- When the payment is done, your exchange from BTC to XRP will happen automatically.
Please note that exchanging fiat currency for XRP is not available on all platforms. Before investing in Ripple, you need to buy Bitcoin or Ethereum and then exchange your cryptocurrency for XRP.
Where to store Ripple (XRP)
If you are considering XRP as a long-term investment tool or planning to invest large amounts, the best solution for storing your coins is a hardware wallet. Hardware crypto wallets are called “cold storage”, inaccessible to cybercriminals.
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Source: HIS Education