Cryptocurrency Ripple, XRP – blockchain platform, designed for use by payment systems in transactions on currency exchange, transfers and payouts between network participants. It does not imply return payments, that is, a processed transaction cannot be appealed or canceled, as it is possible, for example, with Visa or Master Card. Thus, Ripple is not just a cryptocurrency, but a whole company with a large infrastructure and staff. The IT-system developed by Ripple, was launched in 2012, it was decentralized and could operate autonomously from a legal entity. The Ripple cryptocurrency was not copied by any of the operating systems while its creation, so it is a completely unique product. Since the beginning of 2018, Ripple is in third place in the market capitalization of cryptocurrency, second only to Bitcoin and Etherium.
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If we try to explain the mechanism of Ripple’s work not in technical, but in simple language, it happens like this: Ripple maintains a single register of all transactions containing the requisites of users of the network. This register can be multiplied and passed to participants of the chain for use. For example, to the bank-partner. Upon the transaction, there starts the update of all copies of the registry transferred to the partners through the central registry of Ripple. Thus, for all the network members, the information is always up to date. It is important that the system does not crash down due to the existence of multiple copies of the registry and the readiness of the system to create a new one on demand.
If the general algorithm is transferred to the application plane in the banking sphere, then the transaction must go through 2 stages: data collection and payment processing. The collection of data implies the receipt by the beneficiary bank of information on the solvency of the correspondent bank, the activity of accounts, the availability of funds. The payment is processed with a help of cryptographic encryption using the online signatures of the transaction participants.
Ripple was created for banks from the very beginning, that’s why the developers listened to the bank’s needs, created new integration tools for credit organizations. Thanks to the breakthrough technology, as well as flexibility, the blockchain company succeeds in attracting new partners to its network more actively. So the list of banks which are in business relations with Ripple has perceptibly increased at the end of 2017.
How to buy ripple cryptocurrency
To begin with, let’s consider the stock exchanges – such sites where the Ripple and other currencies are traded. Each participant of the site can replenish his internal account, and then invite other participants to sell or buy a certain amount of currency at a specific price. The price at which the users agree to buy and sell Ripple makes up their rate. The rate also depends on many other factors. Even a minor joke about hacking XRP system or an exchange may trigger a collapse of Ripple for a couple of hundred dollars. Anyway, by advantage, the exchange is the best way to buy ripple.
On the most popular sites there is no need to go through identification, and also a large number of users are using them, which allows you to make an exchange quickly. The process consists of the following: first, you need to input the funds to the stock exchange profile. You can input them with the help of cryptocurrency, PayPal or credit card. Some of the services may require credit card scans, which will take several days to check. But the wallets of other services can be replenished without extra endeavors and without commission, for example, by transfer through a bank or a vending terminal.
After the appearance of money on the balance of the stock exchange, you can participate in the bidding. Payments may not always appear instantaneously. For the bidders, the price is set for Ripple, with an orientation to the current rate. If the price you set is acceptable, then after some time on the user’s internal account there will be an amount of ripple minus the trade commission, if such a commission is charged by the stock exchange. If the games on the exchange do not interest you, then you can withdraw money onto the wallet. Thus, there on the exchange, you can buy ripple with credit card, PayPal, another cryptocurrency, bank transfer or any other method of payment. Best exchange to buy ripple is the one that has been working for a long time and has good reviews.
Such services will help to convert money into Ripple and back, according to the internal rate. This way of buying the Cryptocurrency is slightly benefiting the exchanges in simplicity. There are many such exchangers, where you can buy Ripple quickly enough.
Of course, you can choose any, but you must remember that the commission of any transaction must be accompanied by a verification of the seller’s reputation. Do not trust new services with understated rates, as there is a lot of scam in this business.
On our site, you can see the rating and testimonials on both: exchangers and exchanges. You can check the reputation of all services and find for yourself the best place to buy ripple.
How to buy ripple with usd cash
In this case, we need to look for someone who wants to sell their ripple tokens and discuss the rate, which will be somewhat lower than, for example, on the exchange, and the buyer and seller save on the commission. Usually, you are to be the first to transfer a certain amount of money, and in return already receive the equivalent in Ripple. If you fall for the rascal’s trick, you will not get anything. Why should you be the first to make the transfer? It is simple. Because if the seller transfers Ripples to you, and you are hiding, then you can not return your money back. Do not buy cryptocurrency “from hand to hand” without making sure in a fair reputation of a person.
Also in lots of countries, there are cryptomats installed where you can also buy ripple with usd cash.
Here we have figured out where to buy ripple. But what to do owning such a cryptocurrency – you decide. The owner has only 3 options: to sell it and fix the profit, leave it as it is, in anticipation of its growth, or buy something on the Internet for it. Each option has the right to be, especially the third one. Today, more and more online stores accept cryptocurrencies as the method of payment for goods and services. Many prefer to fix profits, then you know for sure that you will always have money in your pocket.