Over the past few weeks, Ripple has been a trending topic worldwide, especially after it briefly became the second-ranked digital currency. Its trading value has massively improved from $0.20 per coin in the previous year to $0.71 per coin this year, and the value keeps on rising. Many people like referring to Ripple as a cryptocurrency, but Ripple is a company that produces a digital currency known as XRP.
XRP was first introduced as a means of enhancing global money transfer with a lot of ease. It is much different from other digital currencies like Bitcoin and Ethereum because it was created by a private company aiming to generate profits when Ripple or XRP is used as a money transfer option. Ripple is currently the biggest shareholder of XRP cryptocurrency.
It wasn’t easy to buy the XRP digital currency in the past, but that is not the case now. If you wanted to invest in Ripple, you had to go through some extra steps before you could purchase the XRP coin. The process has now been simplified, as we are going to see in this article.
What is XRP?
XRP digital currency is much different than the other forms of digital currencies. It was introduced to serve as a global payment processing platform. You can use Ripple coins to conduct a business transaction efficiently. International financial transactions are still a challenge, and XRP was introduced to cover any shortcomings in the global financial transaction systems. Since 2012, several companies began adopting ripple as a payment option, and as a result, its value has been growing exponentially. You can access XRP by signing up with digital currency exchange wallets like the NakitCoins homepage.
To enhance the security of transactions, Ripple also utilizes blockchain technology just like other digital currencies like Bitcoin. It uses a blockchain ledger similar to Bitcoin in several aspects but much simpler to make transactions easier and fast. You can begin trading with Ripple if you sign up with the NakitCoins homepage or open a Coinbase account.
How is XRP different from other cryptocurrencies?
XRP is different from other popular digital currencies like Bitcoin, Ethereum, and Litecoin because a private for-profit company introduced it. On its creation, 100 billion XRP coins gained entry into the market with Ripple choosing to hold on for 20 billion coins and the remainder was given to Ripple Labs. Since then, 55 billion XRP coins have been placed in an escrow account to enhance the XRP coin’s stability in the market.
How to get ripple
There are three simple steps you can follow to get Ripple. They include:
Getting a ripple wallet
There is no way you can invest in Ripple before signing up first with a Ripple wallet. This wallet will enable you to store the XRP coins you have purchased. Just like the various digital currencies on the market, you have the luxury of selecting the wallet you will use to store your XRP coins. You can either opt for software or hardware wallets depending on the number of XRP coins you will buy.
Software wallets are usually free and less secure. They are ideal if you are investing a small amount of cash into Ripple. However, hardware wallets are physical devices like hard drives that you can use to store your XRP. They are the safest option you can use to store digital currency. Some of the standard wallets you can use to safely store your XRP include Ledger Nano X, TREZOR Model T, Edge, and Exodus.
Finding a ripple exchange
There are several options you can use to get your XRP coins nowadays. Some of the most common options include purchasing XRP coins with a regular currency like the USD or the EUR, trade other digital currencies like Bitcoin for XRP in exchange sites like the NakitCoins homepage, and investing in XRP using a trading fund. You can use sites like eToro to invest in XRP using a trading fund, which also allows you to withdraw your XRP into your private wallet. The NakitCoins homepage is one of the exchange sites out there which you can use to trade XRP.
2. Withdrawing XRP to your wallet
The best way to ensure that the XRP coins you have purchased are safe is to withdraw them to your private wallet. When the coins are in your wallet, you have control over the XRP purchase key instead of when they are left in your exchange site.
No matter how safe an exchange site is said to be, make sure that the XRP coins you buy are safe in your wallet. Once you withdraw the cash to your wallet, you will receive a confirmation message to indicate that the transaction has been successful.
If you are thinking of investing in Ripple, then this is the right time to do it. The value of XRP keeps growing, and in years to come, you will reap massive profits. On top of that, ripple has stood its ground as one of the top global payment networks, and it is only a matter of time before institutions like banks consider using it.