Everyone interested in the cryptocurrency market sooner or later comes across Ripple (XRP). You may even be ready to invest in XRP now. Before making a decision, it pays to get to know the asset 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 low-cost 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 work of the banking sector.
Cryptocurrency Ripple (XRP) differs from its closest competitors in that it is created by a centralized private company. On the one hand, the over-centralization of XRP goes against the main idea of the cryptocurrency world. 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.
Significantly, 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 using the network is carried out in a matter of seconds, without additional reliability and security controls. Due to the high speed of transferring funds, losses from the difference in exchange rates 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 custodian exchanges, the following stand out:
- 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 escrow services, registration and identity verification is required. This will take some time. You can buy XRP on LetsExchange’s non-custodial 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.
- Select the cryptocurrency to buy. Our search engine will instantly provide you with the best BTC to XRP exchange rate available on all major exchanges.
- Enter your wallet address to receive the exchanged cryptocurrency.
- The next step is to send the coins required for your trade.
- When the deposit is made, your exchange from BTC to XRP will happen automatically.
Please note that exchanging fiat currencies 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 sums, the best solution for storing your coins is a hardware wallet. Hardware crypto wallets are known as “cold storage”, inaccessible to cybercriminals.
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Source: vtt.edu.vn