One thing you need to know about ripple is that it is both a currency and a platform. You need to also know that the ripple platform is an open source protocol which was made to allow and perform fast and cheap transactions. Unlike bitcoin that was never designed to perform or be a simple payment machine, ripple will become the people’s choice when it comes to international payment transaction all over the world.
The ripple platform has its own currency which is known as XRP, but also gives everybody the opportunity to use the platform to develop their own through rippleNet.
rippleNet is a network that consist of institutional payment providers that include bank, financial and money services businesses worldwide that uses the technological solutions developed by ripple to provide a fraud less, painless and stress free way to send money all over the world.
Here are what ripple is used for:
Fast transaction: Ripple is used for fast international transactions which has on the average a 4 seconds transaction time. When you compare it to bitcoin that uses several hour or the regular banking system that uses days for the transaction to be complete.
Ecosystem payment: all users basically can give out his currency easily for quick and cheap transaction.
Very low commission: we all know that there are lots of currencies that we cannot convert to each other, because of this, banks need to use the US dollars as a mediator and charges high commission. Ripple happens to be a mediator too, but it has a low rate than the US dollar. Ripple is been used by the following banks.
- Axis Bank
- Yes Bank
- Union Credit
How To Buy Ripple
To buy ripple, either you buy from someone you already know who has ripple to sell or you buy from an online ripple exchanger. We have three world class online exchangers we would recommend for you for a safer transaction, which are:
Coinbase is a global digital currency asset and exchange company that provides a platform to buy and sell all kinds of digital currencies worldwide. Coinbase as well sends all necessary information about your transactions to block chain network so that it can be verified.
Coinbase also serves as a wallet where all your digital currencies can be safely stored. In their platform, they exchange different types of cryptocurrencies such as Ethereum, Litecoin, Bitcoin, ripple and also other fiat currencies in over 70 countries.
Coinbase has over 30 million customer base and has facilitated the exchange of digital currencies worth over 50 billion dollars since its establishment in 2012. So if you are interested in buying ripple or trading in digital currencies in today’s digital world, then we recommend you sign up with Coinbase.
When buying and selling cryptocurrencies, Coinbase expects you to link your bank account or debit or credit card (whichever you prefer) to your account with Coinbase to be able to buy cryptocurrencies. To use a bank account in Coinbase enables you to have higher limit which is $100 per transaction and $2, 500 per week, but the disadvantage is that it takes long to verify such transactions, so you will definitely see your money between two to four days in your Coinbase wallet depending on your bank. But for those who want to sell digital currencies, once you have confirmed the sales, it will also take between two to four days for your proceeds to reflect in your bank.
For those with debit or credit cards on their Coinbase wallet, a lower limit of $200 per week is given, though you can still buy cryptocurrencies by transferring money from your bank to the Coinbase web portal and your bitcoin will show up in your Coinbase wallet instantly.
Binance is a cryptocurrency trading platform which offers the most competitive crypto rate in the world. Binance accepts users all over the world and they have received lots of positive reviews from cryptocurrency traders. Recently, they have partnered with top Israel based Payment Company called Simplex to enable credit card buying of cryptocurrencies at a premium.
Binance was founded by Changpeng Zhao and launched on July 2017. Their operation consist of crypto to crypto exchange which means that they don’t facilitate fiat currencies. Their partnership with Simplex will allow them to run brokerage services that will enables you to buy up to 6 different cryptos with your credit card and a service fee of 3.5% will be charged by them.
Binance only accepts crypto deposit in their platform, meaning that you can transfer your ripple from Coinbase to Binance. Note that all the coins that are supported by Binance can be deposited and withdrawn at any time.
Kucoin is known as one of the best and tastiest growing crypto exchange in the world. Also known as the people’s exchange, it is very simple and easy to use for first time investors, and for advanced users who love cryptocurrencies. They have whole lot of altcoin on their platform and are also adding more on a regular bases. Kucoin’s objective is to offer low fee for both withdrawing and trading. Zero deposit fee and their trading fees are only 0.1 percent on whatever you purchase making it very affordable to use their platform.
To ensure you get good trading experience, whether you are buying or selling ripple, we recommend you register with the above mentioned exchange (Coinbase, Binance and Kucoin) for safer transactions.
Why You Should Buy Ripple Now
As stated earlier, ripple is a corporate organization that has gained the trust of banks, it is not just another block chain company with no known name. ripple has no inflation, meaning that all its token is initially mined and is already existing and with more banks using it as one of their transaction platform, then the value of XRP will definitely increase. We believe that a day will come when all banks will decide to start using it as their unified bank currency instead of using redundant currency exchange platforms. When this happens, it will definitely make a lots of fortune for those who invested in ripple early, so buy ripple now.