Last updated on December 21st, 2017 at 03:44 pm
Table of Contents
- Introduction – Ripple (XRP)
- What is Ripple (XRP)?
- Send Money From Slovakia to China via Ripple (XRP)
- Why choose Ripple?
- Are Banks Using Ripple?
- How to buy XRP.
- Expert’s Opinion about Ripple (XRP)
Introduction – Ripple (XRP)
Undoubtedly, digital currencies are here to make life easier; one such currency is Ripple (XRP). Cryptographed chiefly by David Schwartz and released in 2012, Ripple is proving to be no fluke, offering services to not only owners of Ripple but also the whole financial system.
What is Ripple (XRP)?
Ripple is both a global payment network and the currency (XRP), which is used as the currency of the network. Through Ripple, fiat money can be sent around the world easily without huge bank charges, while also eliminating delay in transfer as a result of slow processing as seen in banks. This payment system renders obsolete, the services provided by SWIFT, Western Union, credit cards and PayPal. It aims at transferring money around the world as fast as internet transmits information, from anywhere, at any time.
Send Money From Slovakia to China via Ripple (XRP)
Someone who wants to transfer money says from Slovakia to China, just has to buy Ripple (XRP) using fiat money and then through the Ripple platform, send the XRP to the receiver in China in as fast as just 4 seconds. This receiver will, in turn, convert the (XRP) to Chinese Yen. Now there is usually a very significant loss of value in money which is transferred across borders because of the exchange rate, and banks will, in this case, convert from Euros to US Dollars before converting to Chinese Yen. This fiat money conversion process adds up fees and is time-consuming, but because XRP is in itself a valuable “internet currency” and Ripple charges as low as a thousandth of a Cent, both time and money is saved.
Why choose Ripple?
With a market cap worth billions of Dollars, XRP is among the top cryptocurrencies and is still very cheap to acquire. We have seen how Bitcoin price increased rapidly, speculating with Ripple is very likely to be profitable.
Are Banks Using Ripple?
Banks are also using the Ripple system, as it saves them some millions when considering that millions of people transfer money to different countries annually. Banks like Santander, Axis Bank, Union Credit, and Westpac already use Ripple.
How to buy XRP.
Here are the 3 easy steps required to buy XRP.
First, step-Get a Ripple (XRP) wallet
A Ripple wallet is where you store your purchased XPR. You have to ensure that the wallet is secure and reliable, Hardware wallets such as Ledger Nano S will do. A secret key will be given to a wallet owner, with which to access the wallet, never lose this secret key, in fact, write it down and keep it secure. You will also receive a wallet address after opening the wallet.
The second step- Choose a Ripple (XRP) exchange.
A Ripple exchange is a site where fiat money or other cryptocurrencies such as Bitcoin are exchanged for XRP. After paying for the exchange, you will receive the XRP in the exchange account. Bitstamp is a very good XRP exchange.
The third step- Withdraw XRP from the exchange to your wallet.
Due to cyber theft threat, leaving your XRP in the exchange account is very risky. Therefore, you will have to transfer the purchased currency from the exchange account to your XRP wallet. To do this, you will have to fill in the address of the secure wallet to which XRP should be sent.
Expert’s Opinion about Ripple (XRP)
There are a total of 100 billion Ripples, but only about half that amount will be circulated. If more people can retain their Ripple (XRP) without converting it to fiat money, its price will increase rapidly.
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