The Ripple Storm Has Arrived. Here’s What You May Be Missing Out!
If you have some insight into the crypto world, you must be familiar with Ripple. Since the introduction of Bitcoin and a steep surge in bitcoin price, the market has witnessed the rise of other alternative currencies as well. Among the leading cryptocurrencies and altcoins that are dominating the trading market, Ripple has created quite a noise. Before you start investing in any random currency, update yourself with what’s taking the crypto-world by storm.
A Leading Blockchain-Based Digital Ledger
Ripple has become all the rage in the trading world, emerging as one of the biggest competitors of Bitcoin. Ripple stands for both a digital currency and a blockchain-based payment network, responsible for fast transfers of funds between different currencies. As the leading block-chained based public ledger, Ripple strives to replace the existing financial networks, enabling people to break free from outdated traditional systems like credit cards, banks, PayPal, etc.
With such an open-source payment network at the disposal, people can do away with traditional institutions that offer limited access to fees, delay important transactions and impose high charges for currency exchanges. When approached to OpenCoin, the company regulating Ripple, they expressed their intentions to do “for money what the internet did for all other forms of information.” Powered by the open-source C++ application called rippled, Ripple’s primary vision is to allow money to disseminate freely.
Who’s Behind XRP Ledger?
What are the big names behind Ripple? Ripple is officially regulated by OpenCoin which was co-founded by CEO Chris Larsen and CTO Jed McCaleb. While Larsen is one of the founders of E-LOAN, a reputed financial company, McCaleb hails from Mt.Gox which dominates a substantial amount of Bitcoin trades. Aside from these illustrious personalities, OpenCoin boasts a highly experienced team of developers, striving to take ripple at the zenith of financial success.
How to Buy Ripple (XRP)?
Much to the people’s disappointments, buyers cannot get XRP directly from the organization. One of the widely used methods of purchasing XRP is via BTC/ETH or LTC on Coinbase, a provider of Bitcoin/ETH and LTC wallets. By registering with Coinbase, investors can buy BTC/ ETH or LTC with Mastercard, charge card, and other alternatives. Many traders use Changelly to flash trade BTC/ETC or LTC for XRP. The following segment discusses the steps to make investments in XRP:
- Open a Ripple Wallet:
The first step for buying Ripple is opening a wallet with a good wallet supplier. The internet is booming with numerous wallet providers, but this does not mean they are all trustworthy. Before making investments, traders/investors are recommended to find out about accredited sources to avoid losing money. Two of the popular suppliers include Gethub.net and Ledger Nano S. After opening the account, acquire the Ripple address. However, to activate the account, investors need at least some XRP reserve.
- Register with an Exchange:
Once you have opened a Ripple wallet, you are set to buy BTC/ETH or LTC from Coinbase. In case you have cryptocurrencies and all need to do is convert them into XRP, you can open a Binance account. However, it is essential to examine the URL before proceeding, as there are many duplicate sites available. After signing up with Binance, investors need to do a 2-factor Authentication to secure the account.
- Make Deposits:
After you are all set, you can consider making necessary deposits. To make deposits, you need to select the deposit/withdrawal section and select the coin that you want to deposit. You can type into the search bar to select your chosen coin. Generate the address to transfer your coins for conversions. Many traders exchange BTC for XRP but going by the affordability factor, buying LTC offers a much for a convenient option. While making BTH or LTC transactions via wallets to Binance, the transfers must be made to this generated address.
The above-mentioned recommendations will enable investors to make successful transactions with XRP.
Ripple is very particular regarding the security of funds. They regulate who can have access to modify the official server codes and ensure that the codes are audited. The rippled source code is made available to developing bodies and branches and is digitally attested by Ripple to ensure full security. All details pertaining to release are provided through a secure website that also gives the commit ID of the repository.
The Ripple Storm Anticipates to Topple Bitcoin
Bitcoin, the largest cryptocurrency, unanimously dominated the crypto market in the past, but its popularity is threatened with the rise of altcoins in the recent years. After Ethereum and Bitcoin Cash, a new rival has arrived that has the potential to overthrow Bitcoin to initiate ‘The Rippening’. Ripple, a viable alternative to other cryptocurrencies, is designed to ensure faster transactions across countries. For a number of worthwhile attractions, from faster transactions to low transfer charges, Ripple has created a bustle in the market, drawing customers from both small and large companies. So, who’s buying Ripple? Ripple owes most of its volume to Korea, but that’s true for all cryptocurrencies. Most investors that want to invest in crypto assets do not bother about decentralization, full nodes, or Bitcoin developments, as what matters to them is profit, and XRP has grown to become a very profitable asset for investors. The big question for the Ripple investor is not who’s buying XRPs, but who bought them back. Discernibly, numerous crypto billionaires, including the co-founder of Ripple, Chris Larsen, are accountable for over 5.00 billion XRP. Just like any other speculative asset, the investors determine the course of the coin.
Ripple’s Forecast for 2018
For many attractive features and user-friendly upgrades, Ripple is most likely to remain a favorite among crypto traders. What adds to the fame of Ripple is the fact that it is now suitable for real-time transactions. Ripple has witnessed a steady rise in its price with thousands of traders migrating to it from rival coins. Many analysts blame it on the Bitcoin fork that took place towards the end of 2017, devastating many Bitcoin buyers. With the emergence of Bitcoin Cash, the traders bifurcated into two halves, many switching to other alternatives. As experienced traders and neophytes are streaming into Ripple in multitudes, it has become a viable option for many influential financial institutions. Ripple has been successfully integrated into major banks today and XRapid users have started to deploy it. With big names like SBI and Codius divulging their plans of latching themselves to Ripple, 2018 might be a promising year for XRP.
In summary, Ripple’s growing popularity among various traders can be attributed to a number of factors, from open-source transactions, record-breaking upgrades to its pronounced advantages. Ripple is gradually becoming one of the sought after currencies in the trading world, and it’s not difficult to guess why. Today Ripple is a big name in the currency world, boasting thousands of followers. Equipped with a number of advantageous features, whether it is the top-notch security, affordable prices, or their path-breaking developments, Ripple strives to overthrow the redundant traditional financial institutions, enabling a seamless flow of money. Overall, 2017 has been a golden year for Ripple with big names inching towards it for advanced financial solutions. And hopefully, going by the analysts’ prediction, the coming year will continue to be a big year for all XRP lovers.
DISCLAIMER: Opinions expressed by Coinschedule Blog contributors are their own.