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Digital world has changed a lot since Bitcoin appeared on the scene. Ripple (XRP) appeared as a real-time gross settlement network which was created by Ripple Labs Inc., a US-based technology establishment. It is based on a distributed open source protocol and supports commodities, fiat currency, cryptocurrency or any other asset units of value such as frequent flier miles or mobile credits. Ripple ensures safe, quick and almost free inter-country financial transactions of any size without chargebacks. Ripple’s native cryptocurrency is named as Stellar Lumens (XRP). Ripple makes it functional and easy to operate high performance payments than ever. This is an advanced blockchain technology enabling high-liquidity international transactions.
How does Ripple work? Ripple cooperates with independent computers worldwide to monitor the transaction history of each coin by keeping a ledger of transactions, just like how Bitcoin and Ethereum operate. This ledger is not kept in a central spot, therefore Ripple is a decentralized ledger system enabling high transparency that banks trust in to transfer XRP to other joined financial companies around the world. This provides a great benefit from expenses and expands the financial network as much as it has never been in the past.
For example, there is a merchant in Turkey with Turkish Liras. Another merchant from Australia with Australian dollars is requesting a service from the Turkish one. Normally, to transfer these fiat currencies online would cost a long time, high effort and pricey fees. Thanks to the Ripple protocol, the transfer is processed by exchanging the payer's local currency into XRP. It can then easily be converted back to the seller’s local currency just in seconds. It may arrive at the seller's gateway or maintained as XRP, Ripple's digital currency.
Where to buy Ripple? There are multiple ways to earn Ripple, but unfortunately mining or generating Ripple is not one of them. Unlike other cryptocurrencies, Ripple can not be mined or generated. Only way to own Ripple is to buy Ripple via a brokerage service, a cryptocurrency exchange or a crypto wallet. Once you have one of those services, you can easily purchase Ripple with fiat currency and cryptocurrencies according to Ripple value at that moment. Furthermore, you can easily buy Ripple with credit card, debit card, Bank Wire transfers, e-wallets such as Neteller, PayPal or Skrill. We recommend you to google ''How much is Ripple?'' to be sure of the Ripple price you are paying.
Where to sell Ripple? In order to sell Ripple, you must open an account in a cryptocurrency exchange or crypto wallet. You can dispose of your XRPs easily by trading them through these services. There are also broker firms which provide a secure and user-oriented platform for buyers and sellers. As a seller, you can list your Ripple price, amount and possible payment methods. Once you deal with a buyer, you can simply confirm the transaction.
Cryptocurrency trading is a tremendous and competitive industry where millions of transactions are processed in minutes. But these transactions require fees. In our case, you need to pay Ripple fees including Ripple trading fee, Ripple transfer fee and Ripple withdrawal fee. Please note that these fees may vary from one company to another, Thus, if you are an active trader, we advise you to choose a crypto service with low XRP fees. Some exchange companies also provide referral programs for their users that they can earn a commission through their referred friends fees.
How to mine Ripples? Unlike many other cryptocurrencies, it is not possible to mine or produce Ripple. Ripple Labs Inc. produces all XRPs in circulation. Despite the total amount of Ripple produced is 100 billion, the company has only released 40 billion Ripple to the market hitherto. Ripple has adopted a totally different production system than mining. Produced XRPs are continuously released at regular intervals to the market. Therefore, since the Ripple can't be mined, the only left method is to mine other mineable cryptocurrencies initially and then exchange them with XRPs.
There is an ocean of cryptocurrency exchanges outside. We know how difficult it is to decide on the best Ripple exchange that provides what you are expecting. At this point, you need to decide on what type of trader you are and what your priorities are. If you are planning to use Ripple trading exchanges, you will buy and sell Ripple frequently and these transactions will cost an extra Ripple transaction fee. Furthermore, active buyers-sellers must be sure that their Ripple account ensures the best XRP exchange rate. You can read our ''Reviews'' section to form an idea about Ripple exchanges in the industry.
What is a Ripple wallet? A Ripple wallet is a digital wallet that you can use just like a bank account in the cryptocurrency industry. It will give you the opportunities of storage, trade and sell XRP. Once you create an account, you will be given a Ripple wallet address working exactly like an IBAN number. You can receive and transfer cryptocurrencies through it. There are multiple Ripple wallet types such as hardware wallets, software wallets (web-desktop-mobile) and paper wallets. There is a cold storage service that keeps your digital assets offline. Although it is the most secure way to store XRPs, it can require high withdrawal fees.
How to get a Ripple wallet? To choose the best Ripple wallet for your needs, you can take a look at our website.
In contrast to most of the cryptocurrencies, XRPs are not decentralized. Ripple Labs Inc. is the establishment behind this technology. Therefore, it can be considered as a relatively legit as much as a bond or metal. But we know that the cryptocurrency industry has high volatility and speculations. Therefore, we can not clearly say that Ripple is secure.
It wouldn't be an exaggeration to underline how important what Ripple protocol stands for. The Ripple provides lower processing times and transaction charges when we compare with Bitcoin. Its network is owned and operated by a private company, Ripple Labs Inc. This is against the pillar principle of decentralization. However, Ripple aims to arrange partnership agreements with prestigious banks and financial conglomerates.
Would you like to learn how Ripple owners feel in the digital world? Visit our Ripple customer reviews and Ripple complaints. You are also welcome to share your very own experience. We are listening!
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