Ripple is an innovative concept which seeks to reduce the commissions and waiting times of money transfers. In other words, it is a decentralized network that aims to offer money transfers virtually instantaneously, safely and cheaply. The crypto coin used in the Ripple platform is the XRP, although commonly it is called “Ripple”. If you want to know more about this currency and take advantage of all the benefits it offers, do not stop reading.
Many people have trouble understanding what Ripple is, although, in reality, it is a simple concept. Ripple is a decentralised payment platform, i.e., it does not depend on any central bank or financial institution. The creator of Ripple has distributed servers across the globe with which it seeks to streamline transactions on the platform as much as possible.
The primary purpose of the Ripple network is to offer virtually instant and cheap money transfers. At present, a traditional bank transfer between different countries can take several business days and have remarkably high costs. With Ripple, the goal is to reduce transaction time to a few seconds and costs a few hundredths of a dollar.
The transactions in Ripple are carried out in the XRP crypto coin. However, thanks to the popularity of the network, more and more people also call the virtual currency “Ripple”.
How much does a Ripple cost?
To know how much a Ripple is worth, just visit the official website of the company. The price of the Ripple is given by the average price weighted by volume of the last 50 transactions in Bitstamp, one of the most famous cryptocurrency exchange centres at the moment.
Ripple, like Bitcoin, is not influenced by any central bank. That means that the quotes reflect the real supply and demand that the currency has in the market.
How to get Ripple
Taking into account that the primary purpose of the network is to facilitate money transactions, buying Ripple with traditional currencies and other crypto-currencies is very easy. All you have to do is visit an exchange centre. Luckily, the official Ripple page detailed several reliable portals.
It is worth mentioning that Ripple is a bit different from Bitcoin in the sense that you cannot mine it. In other words, there is no method to get Ripple for free. If you want to buy this encryption, it is best that you do it as soon as possible, as long as their prices remain low.
How to turn Ripple into money
Ripple is a relatively new crypto-currency, so at the moment no intermediaries are willing to exchange it directly for cash. However, it is possible to change Ripple into other more famous virtual currencies, such as Bitcoin or Ether, and then perform the conversion to cash.
This process is usually a little more extensive and expensive than direct exchanges, although it is entirely viable. If you want to convert Ripples to cash, you will need to find an intermediary who offers Ripple transactions to another crypto and then to cash.