If you’re confused about Ripple (XRP) and have found yourself repeatedly googling ‘how to buy ripple‘ like most of us have, hopefully this guide will answer most of your questions and get you on your way to Ripple ownership.
If you just want the TL;DR version of how to buy ripple, skip to the bottom of the page.
But first, let’s examine the Ripple basics.
What exactly is Ripple?
Ripple is a global network and cryptocurrency that aims to make it easy for anyone to transfer money to anyone around the world in any currency in just seconds. The Ripple platform also makes sending money through SWIFT or Western Union, with their outrageous transfer fees, obsolete.
This was actually an intended goal of bitcoin but with current BTC markets skyrocketing, most bitcoin owners are wary of exchanging for fiat currency.
Ripple, as opposed to many cryptocurrencies, actually works in tandem with banks, offering a more effective and simplified way for customers to send real-time payments or transfers across the world.
Imagine that a South Korean man working in Europe wants to send money back to his wife and kids who live in Nicaragua and to his parents in Seoul; he would have to convert these currencies at multiple times with bank fees attached. A bank might require a trade from Euro to USD and then from USD to NIO or South Korean won. Every time there is a currency exchange, banks usually charge a conversion fee.
By using Ripple, anyone can simply and cheaply trade whatever fiat currency their country uses to XRP (Ripple’s trading currency), send the chosen amount to a recipient’s Ripple wallet (in the above example the wife in Nicaragua or the parents in South Korea), at which point they can convert Ripple to their preferred currency.
Why do banks use Ripple? Wouldn’t they be losing out on the exchange fees they currently charge?
While they might lose out on some currency exchange fees, banks cut their own costs by using Ripple all while adapting to the future of finance.
Some of the banks that have started using the Ripple platform include, Santander, Axis Bank, Yes Bank, Westpac, Union Credit, NBAD, and UBS. Ripple estimates that banks can save an average of $3.76 per transfer by using the Ripple network. Banks perform more transactions every year than imaginable, and thus by using the Ripple network, these banks aim to see significant savings.
How Do I Buy Ripple (XRP)?
Large scale investors can actually contact Ripple directly, but for the average or even seasoned cryptocurrency investor, exchanges are the easiest way to buy XRP.
How Many Ripple Coins (XRP) Currently Exist?
Unlike bitcoin, Ripple cannot be mined and the total supply is technically in circulation. Of the 100 billion XRP tokens that exist, Ripple owns and handles 61 billion of them. Of these, Ripple has locked up 55 billion XRP with 55 smart contracts in order to help create more investment confidence.
While XRP cannot be mined like bitcoin and may other altcoins, only time will tell whether XRP price can climb as fast and as high as bitcoin, or if charts will show a slower but steady climb.
TL;DR — How to Buy Ripple (XRP) In Just 3 Steps
There are many ways to buy Ripple (XRP), but this is our favorite and easiest way to buy Ripple.
- Create an account at Coinbase or Changelly, deposit USD from bank account, Credit or Debit Card and buy bitcoin in the USD amount that you want to eventually buy in Ripple.
- Sign up for an exchange such as Binance.
- Transfer bitcoin from your Coinbase wallet to your Binance wallet and buy Ripple (XRP)