What is Ripple?
Ripple is a real-time gross settlement system, currency exchange and remittance network by Ripple. Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to give one frictionless experience to transfer money globally. It is also known as Ripple Transaction Protocol or Ripple Protocol. It is made upon a distributed open source internet protocol consensus ledger and native cryptocurrency called XRP (ripples). It allows secure, instantly and nearly free global financial transactions of any size with no chargebacks.
How to Buy Ripple?
- First of all, we must install a wallet on your computer to store your Ripple coins. Once you finished downloading the Ripple Wallet, install the wallet and open it. Then create a new account and save it somewhere safe on your computer.
- Then you have to encrypt your new wallet file-mention a password that you won’t forget. After that click ‘encrypt account.’
Which Hardware wallet support Ripple?
Hardware wallets made by Ledger support the storage and sending Ripple. To get a Ledger Nano S, you can visit their official website or Amazone. With Nano S, you can manage your coins easily as it has small LCD screen and two buttons.
Then save your Ripple Address and also take note of the secret key. After that, you have to activate your Ripple account. To activate it, you will need to send at least 20 XRP to your wallet address. This 20 XRP fee is a feature of the Ripple blockchain, and it is an anti-spam fee to prevent people opening new wallets. These 20 coins cannot be withdrawn from your wallet.
Now we need to purchase the popular cryptocurrency named Ethereum so that we can exchange it for Ripple. After that choose which Ethereum exchange you would like to use it.
How to Buy Ripple by Using Coinbase
- First of all, press the ‘sign up’ button and then fill out your name, email, password, and location. Coinbase is regulated by US government just like the US bank, so it has to follow some strict financial rules. So they verify your identity very seriously. To verify your account, you must supply a phone number and need to upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
- After your payment details are verified, press ‘buy/sell’ from the top menu. Then select ‘Ethereum’ and on the top of the page select how many coins you want to buy. Then click the buy button.
- Then press ‘Confirm button.’ In the next step, we need to use the site Binance to exchange your Ethereum for Ripple. Then visit the Binance site, and press ‘Register’ from the top right menu.
- Mention your email and strong password and click ‘Register.’ Then confirm your email address.
- After that, you will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login.’
- Then you need to set up 2FA on your account which will give all the securities for your Binance account.
- Now you can see ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals.’ Then write ‘Ethereum’ in the search box. Then press ‘Deposit.’
- Then you will be given an Ethereum deposit address, copy this address and keep it somewhere safe.
- Now back to Coinbase
- Press ‘Accounts’ from the top menu, then search your Ethereum wallet listed on the left. Then click ‘send.’
- In the ‘Recipient’ box, paste the Ethereum wallet address that we copied from Binance. After that decide how much Ethereum you wish to send. Then click ‘Continue.’ Then you need to confirm your password/phone.
- Now we need to wait for a while for the coins to move across the network. The coins will take between 20 and 60 minutes to appear in your Binance wallet.
- If the Ethereum shows in your ‘available balance,’ then we are set to trade for Ripple. Jump straight to the XRP/ETH exchange market on Binance.
- There are two options for buying coins:
- A ‘Limit’ order, which allows you manually fix the price at which you want to buy XRP.
- A ‘Market’ buy, which fills your order automatically at the best price available. As market buy is the simplest one among the options. So we can select ‘Market buy’option. Then you need to mark the ‘amount’ you now need to fill in how many XRP you would like to buy. Then press the buy button. Then your order will be filled immediately.
- Now press ‘Funds’ from the top menu, then ‘Deposits Withdrawals.’ In the search box, type XRP. Then you can see your new XRP in your XRP wallet.
- Now you can leave your coins on Binance, and it will be safe. Keep the coins in a personal wallet for the safety. Then press submits button. Once you’ve set up two-factor authentication, then you will be asked for a code from your phone, enter it and click ‘Submit’ button. Then you will get an email to confirm the withdrawal. Then go to the email and click the link that has been sent to you.
- Then return to your wallet. Click ‘Overview.’ Press it to return to your wallet balance. Within few minutes, you will be able to see the Ripple in your wallet. ripple price, ripple mining, how to mine ripple, ripple price chart, mining ripple, ripple mining, ripple mining software, current ripple price