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