The cryptocurrency market has exploded in the last few years and has seen massive growth in market capitalization and user base.
One of the most popular cryptocurrencies on the market today is Ripple’s XRP token, which is used as currency on the Ripple network that enables instant, borderless payments anywhere in the world, to anyone, and without the need for an intermediary such as a bank or payment provider.
In this blog post, we’ll look at several ways you can use Ripple’s XRP to increase your own business profits and improve your life at home and at work.
What are its uses?
Ripple’s underlying technology is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodity, or any other unit of value such as frequent flier miles or mobile minutes.
Ripple enables secure, instantly, and nearly free global transactions of any size with no chargebacks. The ledger employs its native cryptocurrency known as XRP. (To learn more about these features, read Isripple-Inside Story on Forbes.) This is where it gets interesting-XRP has many use cases
How does it work?
The digital currency platform works by using a shared public database or ledger, which uses a consensus process that allows for payments, exchanges, and remittances in a distributed process. All of these transactions are performed via Peer-to-peer networks, mobile phones, and desktop applications.
The system does not require a centralized trust or third parties to complete transactions. It simply works because enough people have to agree that something is true. In other words, if everyone agrees that Alice sent Bob 10 Bitcoins, then it becomes true in an instant (and vice versa).
Since there is no central authority involved, there are no fees associated with making payments on such a network. For example, I can send you $100 just as easily as I can send you 1 cent while someone else pays me $10,000 without my involvement.
Where can you buy XRP?
Where can I buy xrp? Well, you can buy it on popular exchanges such as Bitstamp and Kraken. You can also use Gatehub to trade BTC/XRP or USD/XRP. If you’re looking to trade XRP, it’s important to do some research into wallets before purchasing any amount of cryptocurrency.
Some wallets have fees attached to using them and make it hard (or impossible) to access your funds in times of need.
How can you trade cryptocurrencies using Coinbase?
Though it’s possible to trade cryptocurrency on Coinbase, etherium trading software and other exchanges, we recommend using a crypto wallet (or cold storage) as your best option. That said, Coinbase does have an advantage over some of its competitors when it comes to ease of use, as well as user security.
To get started with trading cryptocurrencies, you’ll need to sign up with a digital currency exchange like Coinbase. Once you sign up with the exchange and create your account, you can fund it with U.S. dollars or transfer funds from any linked bank account.
If funding via U.S. dollars, simply choose USD Wallet when prompted by Coinbase. You can then buy and sell cryptocurrency right away. If transferring funds from a linked bank account, simply click Deposit USD after selecting your desired cryptocurrency at Coinbase.
Then just enter your desired amount in U.S. dollars and hit Submit Deposit Request. Your deposit will be processed within one business day, though it may take longer depending on how long it takes your bank to process wire transfers.
Which wallets support XRP?
To use XRP, you’ll need a wallet that accepts it. There are many wallets out there, but at present, only one full-service option (Ripple Labs’ own GateHub). For everyday purposes, however, you can use any number of other popular crypto wallets to hold your cryptocurrency-including MyEtherWallet and Ledger Nano S.
That said, bear in mind that using a third-party wallet means losing access to some of your control over your currency: if something happens to that service-or if it experiences downtime due to high user traffic-you could lose access to your currency altogether.
It may be worth investing in a hardware wallet just for holding significant amounts of cryptocurrency.
How to trade XRP
The main application of ripple is as a currency exchange and a remittance network. It can be traded on exchanges with bitcoin, litecoin, and many other digital currencies. This can provide investors with additional diversification to their portfolios, which may be useful in markets where volatility is high or risk aversion is strong.
To use ripple as an investment vehicle, investors need to convert it into a fiat currency, also known as legal tenders, such as U.S. dollars or euros. One way that people can buy ripple is by exchanging it for bitcoin using an online currency exchange such as Kraken (link below).
Then you can transfer that bitcoin to your own personal wallet and send it anywhere in the world instantly without having to pay bank wire transfer fees or use Western Union or MoneyGram services.
