Categories: Crypto Currencies

How To Convert Bitcoin To Ripple – Easy Guide

Most of you are probably familiar with Bitcoin, but the list of cryptocurrencies is not limited only by it.

Ripple is also a separate digital currency, its value lies in a super-fast payment system. We’ve prepared a step by step guide for you on how to convert bitcoin to ripple .

What is Ripple (XRP)?

Ripple is a startup based in San Francisco. The startup has developed a blockchain-like payment system. It is a payment protocol that functions similarly to a payment system, money transfer network, and currency exchange. It works with cryptocurrencies, currencies and commodities.

Ripple uses a similar blockchain as Bitcoin, except that Ripple’s cryptocurrency is called “Ripple”.

In terms of market capitalization, Ripple is the third largest cryptocurrency after Bitcoin and Ether.

Difference between Ripple and Bitcoin

Ripple is considered a competitor to Bitcoin and has certain advantages. Ripple does not depend on any company to provide security and transactional database management. Thus, there is no block acknowledgment timeout.

Both coins do have a lot of similar characteristics, but Ripple still have a couple of differences:

  1. Ripple offers faster settlement times: as explained above.
  2. Ripple uses The Consensus Iteration process\ Bitcoin uses so-called mining.
  3. Currency vs Transaction Network: Bitcoin is a decentralized digital currency whereas Ripple is basically a transaction network that also contains the digital currency Ripples.

Some most efficient ways to convert BTC to XRP :

Changelly (For Instant Exchange)

Let’s look on simple process of converting Bitcoin (BTC) to Ripple (XRP) using China based exchange – Changelly

  • Register using your Email-ID to create an account. There is an alternative to using a pseudonym if you want to hide your identity. This procedure is simple and only takes a few minutes.
  • Proceed to Changelly home page and select the currency you want to exchange for ; in this case XRP.
  • Enter the exchange amount (desired XRP amount). It depends on the amount you want or the amount of BTC available on Changelly.
  • Click “exchange” and enter your wallet address. This is your personal wallet address to which you want to send XRP.
  • Check the transaction details and then confirm the transaction.

Convert BTC to XRP through Binance

Another way for acquiring XRP is using most commonly used exchange in cryptosphere is Binance. It is the largest of exchanges out there but also offers fabulous services. The size of the site means that you will always be assured of high liquidity. Therefore, the site is ideal for investors looking to make large-scale purchases. Brief guide to show how it works:

First of all you have to register on Binance using email. You can use your own email or a temporary service email for one time anonymous transaction.

Secondly, Deposit Bitcoins on Binance using the “funds” button. You will use this amount of BTC to exchange for XRP. Send BTC to the generated wallet address.

Another step, find the BTC\XRP pair on the top right side of the page. Enter the amount of XRP you want to buy and then click “Buy XRP”.

Lastly, go through the transaction details and confirm the transaction. You can send the XRP to a secure wallet

There are many other exchanges that can be used.  The process for most is very similar to one of the above guides.

What are the risks of Cryptocurrency trading (Ripple)?

As with any financial asset, there is a risk that the price will move up and down. The Ripple rate is subject to market fluctuations such as supply and demand. However, such price fluctuations allow traders to find a way to successfully buy Ripple and find interesting trading opportunities.

Given the widespread acceptance of Ripple as a financial network by major financial institutions and banks, it is unlikely that any major problems will occur in the near future.

Last but not least, each Ripple account requires a small reserve of 20 XRP with a 0.00001 XRP commission per trade. These actions are used to combat hackers who want to overload the network. But, in general, these costs are very low.

Is it worth to buy Ripple for the future?

Simply, the future of Ripple looks bright and promising. The Ripple network processes payments much faster and builds numerous partnerships with global firms. For example, 40% of Japanese banks will be connected to Ripple. National Bank of Abu Dhabi uses Ripple for international transactions.

Of course, Ripple is not as popular as its famous counterpart Bitcoin. However, with the growing interest in cryptocurrencies in general, as well as Ripple’s unusually fast network and the ability to offer cutting-edge payment solutions, Ripple will compete with market rivals in the coming years.

That’s it, thanks for reading how to convert bitcoin to ripple article.

Also see: How To Transfer Bitcoin From Coinbase To Kraken

Olivia Chloe

Recent Posts

5 Ways To Short Cryptocoins | Step by Step Guide

The essence of trading is simple: buy at a lower price, sell at a higher…

3 months ago

What’s A Crypto Coin Wallet? Is It Secure To Use?

With the advent of cryptocurrency, the modern world has changed. A new alternative to the…

3 months ago

What is Uniswap? How To Use Uniswap?

What is Uniswap? Uniswap is an open source protocol and non-custodial crypto exchange that allows…

3 months ago

How to Follow Coin Trends Live?

Trading and crypto investing requires constant analysis and monitoring, and traders need to keep track…

3 months ago

Difference Between Litecoin Vs Ethereum?

This article was prepared to show the difference between Ethereum and Litecoin. Lets start with…

3 months ago

Difference Between Coinbase Vs Coinbase Pro

You want to start buying, selling or trading cryptocurrencies and want to know the difference…

3 months ago