Since we started talking about the first cryptocurrency, the Bitcoin, many other digital currencies that have become very popular over the years have been launched on the market. Although we could name a large number of them, one of the ones that has gained the most prominence lately has been the Ripple.
It is a virtual currency that offers us great advantages and with which we can get a large number of benefits, taking into account that in addition the Ripple, is presented as an innovative payment system, unique in the sector.
It is a cryptocurrency that is a good alternative for investors and for this reason, throughout this article, we will tell you everything you need to know about it. We will know what exactly this digital currency is, all the advantages that we have without working with Ripple and all the services that we have available for our operations to be successful.
- 1 What is Ripple?
- 2 How does Ripple work?
- 3 Ripple Advantages
- 4 How to buy Ripple?
- 5 How to invest in Ripple?
- 6 Ripple Wallets
- 7 How to mine Ripple?
- 8 Conclusions
What is Ripple?
Although the cryptocurrency market began operating in 2009 when Bitcoin was launched, Ripple did not reach this market until a few years later. Specifically, it was in 2012 when we started talking about this digital currency, since its founders spent some time analyzing the Bitcoin system, to present to users an innovative cryptocurrency.
Finally, its founders base on a single system, which included improvements in many aspects, such as the speed of execution of operations or also in the security measures that we already knew. In this matter, we have to tell you that this cryptocurrency had two founders, on the one hand Chris Larseny and on the other Jed McCaleb, both presenting themselves as Ripple CEO.
The alternative of Bitcoin
Since we first met Ripple, we could see that it had some exclusive features, since both creators decided to offer users an alternative to Bitcoin, based on the system that the pioneer cryptocurrency presented.
In this matter, one of the things that caught the attention, is that Ripple is one of the few cryptocurrencies that has a central headquarters, which is located in the city of San Francisco, in the United States.
In addition to that, we must also say that when we talk about Ripple, we are not only referring to a digital currency, we must also bear in mind that it presents us with a unique system, that is, a new method of payment that uses the famous P2P system.
The truth is that, at first, Ripple was not very popular, due to the peculiarities that the system presented, however, little by little it was adopting a greater role in the sector, thanks, among other things, to the use of new technologies, which gave the system unique characteristics and greater ease of use.
Therefore, Ripple began to enter the financial sector in such a way that many banks began using this system to carry out their transactions. As we know, many banks allow us to move from one account to another in any country.
However, these operations can take a long time to be validated as well, they are usually very expensive, in fact, most of us have to pay high commissions. But within this context Ripple was the solution, since the tools it offers make it possible for us to carry out these transactions quickly, from any part of the world and without having to pay very high fees.
The Cryptocurrency for Banks
This became the cryptocurrency par excellence of banks, and today, many are the entities that they make use of this system. Without going any further, Yes Bank, Banco del Eje or BBVA, are some of the best-known entities.
Taking into account the great acceptance that Ripple has had, there are well-known companies and funds that have bet on the development of this system and that is why Ripple has been able to grow so quickly, due to the financing it has obtained. Among others, we can talk about Google Ventures or China Growth Capital.
The main objective of Ripple was not to unseat Bitcoin, rather, its founders wanted with its launch that could coexist with the pioneer cryptocurrency and serve as a complement to it to offer more facilities to users.
How does Ripple work?
It is evident that Ripple is a very novel cryptocurrency, as well as, the system that presents us is very complete, because we have a large number of advantages if we work with it. But we can not know these advantages without first knowing how is the operation of Ripple, although it must be said that it is quite simple and that very soon, we will know how to use it perfectly.
The first thing we must be clear is that Ripple is a new method that we have available in the sector, to be able to carry out our transactions with this cryptocurrency. In this matter, explaining that when we have carried out large transactions, these have not always been able to be adequately done, among other things, because both the amount of cryptocurrencies we wanted to transfer as the time we had, they were limited.
However, Ripple is going to favor all this, since its system grants a greater speed of execution and practically, we will not have limits when carrying out our operations with this digital currency. All this, without a doubt, is thanks to the free system that presents and above all, to the new technologies that have been used to give shape to this innovative system.
Mainly, Ripple makes it easier for us to carry out our operations on a one-to-one basis, so we will not need any type of intermediary for this. With this, we will be the ones who enter in the system the amount of cryptocurrencies we want to transfer and the address of the corresponding recipient.
It is a process that is not restricted, but it must be emphasized that, in order to do it correctly, we will have to pass very thorough security measures. In this case, we refer to the verification and identification process, where all the documentation and data necessary for the system to validate the operation will have to be entered.
Everything is registered
Likewise, once we have carried out all these steps, the system is in charge of preserving the anonymity of our transactions, therefore, we know perfectly well that the information that we have added to it is not going to be used for other purposes fraudulent, nor will our data be filtered so that other users know where those transactions come from or where they are going.
Everything is duly registered in the system and access is totally unlimited.
As we have seen, the operation of the Ripple system is quite simple, we will enter it, after having registered in the support and quickly, we will have the opportunity to carry out our transactions.
Without a doubt, it is a system that is increasingly being used by users, due to the speed of execution of all these movements, just as we do not have to pay commissions for it. The only additional payment that we have to make is minimal and is usually destined to the maintenance of the network, so that the system works correctly and we do not have problems when carrying out our operations.
Just having talked a bit about the operation of Ripple, we already know that this system is quite advantageous, however, we want you to know more in depth the other many advantages that we have if we decide to work with this system.
Fast Transactions: Ripple is a system that presents us with a greater speed of execution in the operations, with which, we know that all the transactions that we carry out from one place to another in the world, will be done in a matter of minutes. In fact, if we operate through this system, the validity of this movement can take, at most, 4 seconds, a time that is well below that presented by other similar systems.
No Commission: taking into account all this, it must be said that, not having to pay any commission for it, is also very beneficial, since this way, we will send and obtain the corresponding amount, almost in its entirety, allocating only a small percentage to the maintenance of the network of the system in question.
Technology System: another advantage that we can highlight Ripple is that, although the system usually uses the newest technologies, the team behind all this is always committed to innovation and offers users the best services, for this reason, Ripple is always being updated and it is rare that it does not provide quality tools that have come out recently in this market.
Bank Entities: of course, we can not forget to mention that Ripple is a system that not only offers services to users, mainly, it is dedicated to working with banks, hence we have many more advantages if we conduct our transactions through these banking entities.
WorldWide Operations: the one that has a direct connection with a determined number of banks, favors to that we can carry out operations of international form, since Ripple is a system that is accepted in a great number of countries, reason why we will be able to carry out our operations from any part of the world.
Non Time-Limited: The fact that we have limitations neither for the time, nor for the amount of cryptocurrencies that we can use in our transactions, is a very important attraction for the users and in addition, we also have to say that this system offers an excellent quality-price ratio, since we have numerous tools and very complete services to carry out our operations and we do not have to pay too high a cost to use all of them.
High Support: one last detail that we want to tell you is that, every time there are more supports that allow us to carry out operations with this cryptocurrency, some of them are fully compatible with the system, since it is one of the best on the market.
How to buy Ripple?
Whenever we talk about buying cryptocurrencies, we refer to three main routes where we have the opportunity to acquire them. We must remember that not all digital currencies can be obtained through the same places, however, in the case of Ripple, we will focus on two elements, mainly exchanges and purses.
The purses are fundamental elements if we want to work with cryptocurrencies, since these portfolios have been enabled so that we can store them. However, we also have to say that there are wallets that go much further and offer us other types of services. In this case, there are wallets through which we can buy Ripple.
What we have to do is register in the system and once we have validated our documentation, we can choose the option that suits us best. In this sense, if we want to buy Ripple, we must enter the amount of cryptocurrencies that we need to acquire and then add the payment.
Once the transaction has been verified, in a few minutes we will see in our purse the final funds that we have.
Every time we talk about exchanges we refer to the places that allow us to carry out exchanges with cryptocurrencies or other fiduciary currencies. But, as with wallets, exchanges can also allow us to carry out Ripple purchase operations.
The process to acquire our cryptocurrency is very similar to the previous case. We register in the system and choose the option we want to make. In this case, we will add the amount of Ripple that we need to obtain and then we will make the corresponding payment.
Of course, in the exchanges we can have one more option and that payment can be made with other cryptocurrencies that we have available in our account or with traditional currencies, although not all supports allow it.
In any case, either through a wallet or an exchange, the usual thing is that, to buy Ripple, we use our usual credit card, but we also have to say that there are supports that offer us the possibility of making the payment through a bank transfer or even, using online payment programs, such as PayPal, among others.
How to invest in Ripple?
Most of the cryptocurrencies that we know allow us to carry out different operations with them, be it an exchange, a purchase or a sale. But, we must bear in mind, that these digital currencies can also become a good investment method and that is why, we should not discard them to carry out this type of operations.
In this sense, it is important that we know that the largest investments are made with Bitcoin or Ethereum, however, Ripple has become a very feasible option, among other things, because more and more brokers have included this cryptocurrency within their investment methods.
As we know, brokers are those media that offer us services and tools to carry out investments in different markets, such as Forex, commodities or shares, among others. But the market for cryptocurrencies is taking a lot of force and now, in many of these supports, we can bet on Ripple.
If we are determined to carry out this operation, what we will have to do is go to the web page of the broker that we have chosen and, before making any movement, we will have to open an account in the support.
- The registration process is usually very simple.
- Fill in a form where we will enter the information you ask us and then
- We will receive a message in our email to validate and complete this record.
Once we have opened the account in the corresponding broker, we can analyze the cryptocurrency market and give the order so that our operations always go to the Ripple.
In this case, we will be able to enjoy a very high financial leverage and the movements that will be carried out will be carried out automatically, so it will be the system that works for us.
The only thing that we will have to do, is to issue the corresponding orders and at the right time, the broker will begin to give the green light to all the operations that are possible.
In any case, we can not forget to comment that, although to invest in Ripple, it is usual for us to use specialized brokers, it is true that for many cryptocurrencies, we already have Contracts for difference (CFDs) available, there are even more and more supports, such as the case of exchanges, which allow us to carry out this type of operations with digital currencies.
At the moment, none has been outlined to be able to invest in Ripple in this regard, although taking into account the popularity it is acquiring, it is not ruled out that very soon we have these services available in other media.
As with other cryptocurrencies that we have found in the market, if we want to work with Ripple, we will need a specific wallet to store all the cryptocurrencies that we accumulate with our operations.
It is true that many virtual portfolios, initially, only offered these services to work with Bitcoin, but as time has passed, other digital currencies have become very popular and now we have exclusive Ripple wallets or even other wallets that they have added this option.
Let’s see which are the best wallets to store this type of cryptocurrency.
Bitso: Without a doubt, Bitso is one of the best wallets that we can find in the market if we are willing to store Ripple. We say this because it is one of the few that exists today, which began offering its services with Bitcoins and later, added other digital currencies to its cryptocurrency list.
With Bitso we can work with a large number of virtual currencies and the main function is to offer us all the necessary tools so that we can store Ripple. But also, if we work with Bitso we have one more advantage and that is that it also allows us to carry out exchanges, so it has that exchange function, with other cryptocurrencies.
Also, it is a support through which you can buy or sell the digital currency with the maximum of comforts and benefit from a very dynamic and comfortable operation at all times. Enough for us to do a test and see what it can offer.
Eobot: it is a quite complete wallet if we want to carry out our operations with Ripple, although we also have to say that it is one of the newest, but this has not been a problem so that more and more users are using this cryptocurrency purse.
If there is something that we should highlight about Eobot, it is that it is a very simple digital wallet to use, therefore, it is ideal for those who are beginners and are entering the financial world.
The great advantage we have with this wallet, is that it presents us with excellent security measures, for this reason, all the data that we enter in the system will be private and confidential.
GateHub: The last wallet to which we will refer is GateHub, since it has also gained popularity in recent years. As happens with Bitso, this wallet not only provides us with the cryptocurrency storage service, but through it, we have the opportunity to carry out exchanges with other digital currencies, with what is in part an exchange.
GateHub is another wallet that has good security measures, among other things, we can say that, in order to register in the system, we must first verify our identity in several ways, so that we are sure that they will not enter our purse so easily.
How to mine Ripple?
We are going to finish our guide talking about the Ripple mining process. After analyzing a large number of cryptocurrencies, we are clear that this process is very important if we want to work with them, however, on this occasion we must say that Ripple mining does not exist.
If we give a little memory, the mining process is that the devices, which are called miners, are responsible for verifying transactions within the system and create the corresponding blocks in the chain.
We speak of the known as blockchain system and all the miners who are dedicated to it, can get a number of cryptocurrencies in return.
To perform this process, you need a powerful computer that has an adequate CPU or a graphics card of quality known as GPU, which is responsible for deciphering the codes. But, in this case, Ripple is one of the few cryptocurrencies we know today that cannot be mined.
Although it is true that it is based on the blockchain system, it does not use the mining process, therefore, contributions to users and the system itself are non-existent. In this case, Ripple is designed as a system that is only based on a calculation power, with which, the final result obtained from all that, is the one that will go to the maintenance of the network.
Therefore, although the process of mining is one of the most important aspects that we must take into account when working with a cryptocurrency, in the case of Ripple, this process is non-existent, so it is not a viable option to be able to Obtain this type of digital currency additionally.
After having thoroughly analyzed the Ripple cryptocurrency, we have to say that it is a fairly complete digital currency and that it is slowly settling in the market. The truth is that it is a cryptocurrency that has its own system so that we can carry out our operations, bearing in mind that it offers us first quality tools so that all the movements we carry out are successful.
The great advantage of Ripple is that it has no limitations when it comes to operating with this cryptocurrency and, of course, we have different supports to store them in the most appropriate way.
In addition, we must highlight the security measures that it offers us, so, whenever we work with this digital currency, we will know that we are doing it with the best guarantees. And this is more than what can be said about work and investment with other values and cryptocurrencies available in the market.