Ripple is one of the top 10 cryptocurrencies, and being an altcoin, it has its own string fundamental and peculiarities. Those who have investments in ripple or have the XRP tokens can make bold to ascertain the healthiness of the ripple price trend. Nonetheless, if you are just looking forward to investing in ripple, then you are in the right place! There are not too complex terms in the ripple blockchain, as it’s pretty easy to use and store. Before explaining the steps involved in buying ripple and why you should probably invest in ripple, here’s a brief recap of what ripple is all about.
What is ripple?
Ripple, like other cryptocurrencies, is a digital currency aimed at servicing the needs of the financial sector. The native token on the ripple network is XRP, and it’s amongst the top 10 cryptocurrencies by market capitalization. So, in simple terms, ripple is a currency exchange platform and a payment settlement network where the processing of financial transactions are facilitated. Hence, ripple in this context serves as an intermediary between the sender and the receiver. Ripple is such that it could facilitate several financial transactions. Thus, its targeted audience are primarily financial institutions and banks. One of the most interesting fun facts about ripple is that it works towards striking a blend between decentralization and centralization. Recall that ripple is born of blockchain technology, which runs on a decentralized system. Nonetheless, you can buy ripple, send it as a medium of exchange or store it as values.
What are the advantages of buying ripple?
There are some particular advantages of investing in ripple. These advantages are more unique to the ripple ecosystem, although some of them are general advantages of investing in cryptocurrencies, and they include the following.
- Fast transaction confirmation:One of the reasons we have altcoins was the slow transaction speed on the Bitcoin network. Ripple could take at most 10 seconds for every transaction confirmation. This speed cannot be compared to days used to confirm transactions in banks or confirm transactions on the Bitcoin blockchain.
- General usability ratio:Again, ripple has an active community and a much active market. As 3cplaimed earlier, ripple is mainly used by financial institutions and other enterprises where finance is vital. Some of the financial institutions that have adopted ripple include Yes Bank, Santander and Axis Bank. So, its user adoption ratio is something other cryptocurrencies don’t have, and it’s one of the green lights!
- Very low transaction cost: the cost of every successful transaction on the ripple blockchain is very pocket-friendly. Estimates at about 0.0001 XRP make it very cheap to transact, irrespective of the location or distance between parties.
How do I buy ripple?
You can buy ripple with just three easy steps. Still, the most important of it is buying from a reputable crypto exchange platform like Bitvavo, where you can easily exchange your fiat for ripple or any other cryptocurrency. Follow these steps to buy ripple without stress.
Choose a reputable exchange platform:
As mentioned earlier, choosing a reputable exchange platform is very important when dealing in crypto. It makes trading and cryptocurrency investments more accessible and more fun! It’s easy to navigate with significant trading volumes and pairs. Be sure to choose a platform that has your preferred coin to make your trading less stressful.
Supply your details and open an account:
Once you’ve chosen your preferred platform, you’ll have to supply your email address and password by creating a new user account. Once you’ve successfully verified, you should enable two-factor authentication to keep your account extra secured. Upon successful account opening, depending on the platform and the bulkiness of your intending transactions, you might need to verify your identity and location just to keep the platform away from scams and help your account stay secured. Again, identity verification varies from platform to platform. You can go through the terms and conditions of the platform just to be sure what you are diving into.
Finance your account and start trading:
Once your account is fully operational, the next step is to fund your account. If you have Bitcoin, then it’s easier. All you need to do is transfer some to the platform and choose the XRP/BTC trade pair to buy ripple with your BTC. If you are a newbie, you might want to buy USDT or fund your account with USD to buy ripple. Either way, buying ripple will require you to fund your account then you choose the appropriate trading pair to buy ripple.