The digital currency environment has grown exponentially since the crypto coin Bitcoin was first introduced in 2009. Presently, cryptocurrencies are a much-preferred option for payments and investments, though not as widespread as fiat currency. By early 2018, all the cryptos values taken together had touched a staggering $824 billion, a year-to-year increase of 4500% compared to 2017.
Bitcoin is still the market leader in cryptocurrency, but others have made a mark in this area because of their exclusive features. One of them is Ripple that was established in 2012 as an open-source protocol with low transaction fees and lightning-fast processing times. In recent times Ripple has grown exponentially, and in just one year between 2017 and 2018, the market cap of the coin saw a steep rise of about 48,744%, with the value touching a whopping $121 billion.
Main Features and Elements of Ripple
While the crypto is called Ripple, it is not the official name. The actual name is XRP, and it has been created by Ripple Labs. Since Ripple is more easily remembered than XRP, the name has stuck to the coin.
Here are some of the key features and elements of Ripple.
- Fast Transaction Times: Ripple has fast transaction features and scores over Bitcoin and Ethereum on this point. Bitcoin’s average time is about 81 minutes, while Ethereum is faster at 10 to 30 minutes. At 4 seconds, Ripple leaves the top coins far behind. Hence, it is an ideal medium for money transfer over long distances by banks and financial institutions worldwide. The Ripple network can carry through higher volumes of transactions when compared to other coins.
- Low Transaction Costs: Ripple has low transaction costs. For other cryptos, the costs depend on the incentives paid to miners for mining coins. While the transaction fees for Bitcoin peaked at a very high $20 in early 2018, that of Ripple around the same time was a minuscule $0.03. This again makes Ripple the chosen option for money transfers.
- Not a Payment Currency: Cryptos like Bitcoins may be used for payment at the local retailer, but the same cannot be said for Ripple. XRP cannot be used for general payments and is primarily a channel for money transfers. With XRP, funds may be moved from one location to another much faster and at substantially lower costs than other cryptos.
- Cannot Be Mined: Any cryptocurrency increases in volume when the coins are brought into circulation through mining. Massive computing power and other resources are used to mine coins, and the miners are rewarded with coins. For Ripple, coins are not mined. It has a limit of 100 billion XRP, and this level has already been reached even though all 100 billion coins are not in circulation yet. Ripple Labs, the creator of XRP, owns 60 billion, 6.25 billion are directly held by investors. The lab regulates the rest in an escrow account and will release it into circulation in the future at 1 billion per month.
Summing up, Ripple has fast transaction times, consistently settling 1,500 transactions per second. This decentralized network is validated by investors globally, and its track record over the last seven years in technology and governance has been very encouraging.
Beginners Guide to Buying Ripple in India
In India, Ripple, as well as other cryptocurrencies, can be bought on Indian crypto exchanges in a few simple steps.
- A digital wallet has to be opened first, which is located in the blockchain for storing the cryptocurrency. Several exchanges provide digital wallets, and hence it is necessary to carry out thorough research before deciding on the most suitable one.
- The next step is to register and open an account on the exchange to avail of their services. Fields that have to be entered are the type of entity (individual or corporate) and country of origin. The terms and conditions of the platform have to be accepted to register the account.
- Fulfilling KYC and AML norms are mandatory for account opening in India. Requirements include uploading the PAN card image, a recent selfie, and informing the mobile number linked to the Aadhar card. The data provided is safe as it is encrypted end-to-end and stored in servers located in India.
- An Authenticator app has to be installed on the mobile or tablet, which will ask for a six-digit OTP and email and password every time the account is logged into. However, when Facebook or LinkedIn is used, 2FA may be enabled on the social media settings.
Once the account is opened, you can fund the Crypto exchange account and buy Ripple to be stored in the digital wallet.
Using Fiat Currency to Buy Ripple
The traditional fiat currency INR can be used to buy Ripple in India. Some Crypto Exchanges offer a range of options to buy Ripple at a 0% trading fee. You can use your Debit Card, Credit Card, or UPI and Bank transfer to buy Ripple. Wallets like MobiKwik are also accepted. These modes of transfers can be used to fund the account opened on the crypto platform to buy Ripple.
Platforms to Buy and Invest in Ripple in India
Some of the top platforms to buy and invest in Ripple in India are given below.
- BTCXIndia: This exchange is based in Hyderabad and has an XRP wallet for real-time trading in INR and crypto.
- Coindelta: It is a crypto exchange based in Pune and provides round-the-clock support to Ripple buyers and investors.
- BuyUcoin: The exchange is based in Delhi, and users can store and trade a range of cryptocurrencies, including Ripple.
This list is only indicative and not exhaustive.
Ripple Labs and the XRP coin is today a major player in the cryptocurrency ecosystem. The USP of the coin is transferring funds at high speed and low transaction fees. However, Ripple architecture is not the same as the other popular coins. Apart from this click here to know more about xrp price and prediction from our forecast section, to invest in it at the right time.