XRP is a payment network designed to serve the financial services industry. It is a relatively popular crypto – and it is consistently among the top 10 cryptocurrencies by market capitalization.
Designed to make payment transactions faster and cheaper, XRP settles payments at a fraction of the cost of traditional methods. XRP is one of the most ambitious cryptocurrencies aiming to revolutionize global payment systems and the digital economy.
While Bitcoin transactions can take a few minutes or over an hour, the advantage of XRP is that its transactions are confirmed every three to five seconds.
For those of you new to XRP, don’t let the interchangeability of references to Ripple and XRP confuse you. Ripple is the company behind XRP, and it has undergone several rebranding efforts over the past few years – initially launching as OpenCoin in 2012, it became Ripple Labs in 2013 before settling on Ripple in late 2015 .
XRP in the digital economy
Ripple says its payment network will usher in a “new global financial era”. Its products are used for payments and asset exchanges, like SWIFT, which provides financial transactions between banks around the world.
In short, it is a cryptocurrency that helps financial institutions provide a better payment experience. And you’ve probably heard of a few of his clients, including Kotak Mahindra Bank and India’s IndusInd.
Where can I buy XRP?
You can buy XRP with fiat currency on a number of different crypto exchanges. Here are some exchanges where you can exchange Indian Rupees for XRP:
- A corner
How to buy XRP
1. Choose a crypto exchange
Each crypto platform has its own way of doing things. You will want to check what type of currency you will need to use to buy XRP.
Like many things in life, there are some caveats, especially if you are buying XRP with another crypto. A general rule is that it is easier to buy crypto with fiat currency like Indian rupees compared to other cryptocurrencies.
But if you decide to buy XRP with another crypto, you will need to create a crypto wallet that supports XRP and then use the currency on the exchange that partners with XRP to buy the crypto.
2. Buy XRP
Before making your purchase, research which trading platform is best for you based on security and ease of use. So do your research before opening an account. Once your account is funded, you are ready to start buying XRP.
In the exchange you have chosen, search for the currency XRP and enter the amount you want to invest.
3. Store your XRP
Once you buy your XRP, you will need a safe place to store it.
An interesting caveat is that dedicated XRP wallets require you to hold at least 10 XRP to activate your wallet on the XRP Ledger. Think of it as the minimum balance requirement of a bank account.
Each account must reserve this minimum amount. You can recover this amount by deleting your account.
XRP can be stored in different ways:
- Hardware wallets. This is a common method of storing digital assets, in which hardware devices store private keys of owners’ assets and allow you to interact with the wallet without exposing your data. These devices can connect to your PC, phone or tablet to transact with XRP. Ledger is a hardware wallet that supports XRP.
- Paper wallets. This method is known to be clumsy and vulnerable to phishing scams. For paper wallets, you use a private key to send funds. With this method, you simply print your private keys and recovery passwords on a piece of paper and store them in a safe place.
- Software wallets. Desktop wallets, considered “hot” wallets, are programs downloaded to store your crypto asset. There are also mobile wallets that interface with crypto asset management. Just be aware that this method is often criticized for security reasons since most of these wallets work on the Internet. A mobile wallet that supports XRP is Trust Wallet.
- Crypto exchanges. Many exchanges that trade XRP will allow you to store your crypto. These crypto exchanges include CoinDCX, ZebPay, and WazirX to name a few.
What you can buy with XRP
You can use XRP to exchange between fiat currencies rather than exchanging currencies directly through a traditional financial institution. This can be a much faster and cheaper approach than paying the high fees that banks and money transfer organizations can charge.