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Ripple 101. Learning to ride the digital wave

Ripple 101. Learning to ride the digital wave

3/25/2020

Welcome to Ripple 101. A tiny window into the way out (kinda technically charged) world of Ripple (XRP). So, let's get right into it.

What's the Ripple rundown?

So, Ripple (XRP) has a few more pieces to the puzzle than it's crypto counterparts. Founded in 2012, the company (Ripple Labs) splits itself into two groovy subdivisions. That being Ripple the platform and Ripple the currency, known as XRP. One and the same but with distinctive possibilities. The plot thickens further with RippleNet, the penultimate platform that allows you to create your own crypto coins from scratch.

Let's talk RippleNet!

What is it and how does it work? Simply put? It's a network. A digital transfer network geared to companies in and around finance, like banks. They jump onto RippleNet and use it and its products to send and receive money globally. It allows international transfers (a headache at the best of times) to become seamless, fast and insanely cost-effective. You can use any currency (digital or fiat) from anywhere around the world to make sure that your money hits the receiving party in the shortest possible time frame (and vice versa)

Enter XRP!

Fall further down the Ripple rabbit hole and you'll start to realise there's a lot going down. Enter XRP. The official token and value indicator in the Ripple network. This shapeshifting token can take on any currency form it likes when transferring through RippleNet. So, say you're moving Dollars to Euros. XRP will mirror itself into the transaction as either Dollars to Dollars or Euros to Euros, immediately killing dead any commission, service charge or rate fluctuations you might have faced. In short? Use this token and get your transfer sent/received warp speed fast, at the touch of a button and practically free of charge ($0.00001 service charge) A case example of riding the digital wave to the fullest.

Let's break here for just a second and dig into the advantages of using Ripple as your coin. of choice when you visit Bitcasino.

Fast doesn't quite cut it:
The payments that move across the Ripple ledger clock in at 4 seconds. Another way of saying it is that in the seconds it took me to put this sentence down, Ripple just bulleted from Toronto to Timbuktu and back again.

The skies the limit:
The protocol gets bigger in relation to the volume of people who adopt it. Currently, it handles 1500 transactions per second (yes, per second) around the clock, 7 days a week, but in time can scale itself way up to handle throughput the likes of mega titans Visa and Mastercard

Distributed to the stars and back:
Ripple, in essence, is open source technology founded on the principles of Blockchain, meaning we can all use it, anywhere, any time and from every corner of the globe, whilst remaining totally anonymous and not having to pay for it. Viva the future!

It's on it's way to mainstream adoption:
With a seven-year track record and a wide range of stable technological innovations under its belt, Ripple is fully ready to be adopted into mainstream fintech as we know it. Bringing on the future and becoming the new decentralised payment protocols with all the perks we could possibly hope for.

So, with the above taken into account, it's time to get your hands on some XRP and, what better place to keep your coin safe than some of the leading crypto wallets on the market today.

Finding you the perfect Ripple wallet!

There are four types of wallets:

Web Wallets: These "hot" wallets are always connected to the internet and can be accessed through a browser.
Mobile Wallets: Apps that can be used on your smartphone. Most have QR codes imprinted letting you make instant transactions in crypto.
Desktop Wallets: Installable software packs that you would download and access straight from your desktop.
Hardware Wallets: A USB looking, handheld wallet that stores your coins off-site. Connect to your PC when you want to access your account.

But, for the sake of simplicity, we are going to focus on two. That being the Desktop version and the Mobile version.

Atomic Wallet (Desktop Wallet):

One of the most trusted wallets on the market today. A multi-currency wallet that in addition to XRP, stores 300+ other crypto coins and tokens.

How to download it
Step1: Log onto the Atomic site. Choose between the desktop or mobile version and hit the "Download" button.
Step 2: A drop-down menu will appear, choose your operating system and hit continue
Step 3: Download the program to your desktop. When complete, the software should be sitting in your downloads folder. Click and pull over to your applications folder. Go into this folder and run the Atomic program.

Guarda Wallet (Desktop):

Another dynamite wallet currently taking the crypto world by storm. The Guarda wallet stores, manages and transfers digital assets with ease. Currently supporting over 40 massive blockchains and upwards of 10,000 tokens/coins.
How to download it
Step 1: Head over to the Gaurda wallet website. Once there, hit the "Create Wallet" button, found in the top right-hand corner of the screen
Step 2: Think of a strong password (8 characters) and enter it in the block provided
Step 3: Download your back up file and find somewhere safe to store it. This is a very important step because Gaurda legally doesn't store your backups. You would need to keep the backup safe and know where to find it if needed.

Toast Wallet (Mobile)
One of the most convenient and easy to use wallets out there. Perfect for beginners and pro's alike.

How to download it
Step 1: Head to the app store and download (available for iOs and Android alike)
Step 2: Once downloaded, choose a password (8 characters or more), enter into the home page and click continue.

Now that you've got an ultra-slick XRP holder, there is just one thing missing. The XRP to go with it. So without further delay, this brings us to

XRP exchanges to get you started!

If you are new to the world of crypto exchanges, the general rule of thumb is to make sure the sites you visit are tried, tested and trusted.
Here are two of the best on the market today.

CEX.io
A globally trusted crypto exchange platform. These guys accept multiple currencies and deposit types from most corners of the globe and, with a site interface that easy to grasp, it's a great starting point for beginners and a firm favourite for seasoned crypto-traders.

How to sign up:
Step 1: Jump onto CEX.io and select the "Get Started" button.
Step 2: Fill in your details, hit continue and they'll send a message to your inbox asking you to confirm your details.
Step 3: After filling in your name, you'll be taken to the home page.

How to fund your account:
Step 1:
Select the "Funding Tab" and you'll be taken to a full overview of funding options to choose from.
Step 2: Hit the "Deposit Button" and follow the instructions to top up your account

How to buy XRP:
Step 1: Select an existing bundle or enter a new amount on the right.
Step 2: Click "Buy" and head to the cash-out section.
Step 3: Fill in your card details and purchase the coin.
Step 4: Type in your wallet address and the XRP you purchased will make its way over to your wallet in real-time.

KRAKEN
A secure online platform for buying, selling and transferring digital currencies, including. You guessed it. XRP! Having been around since 2011, their trading track record speaks for itself.

How to sign up:
Step 1: Log onto the Kraken site and open an account.
Step 2: Hit the "Create Account" button at the top right-hand corner of the homepage.
Step 3: Enter your details on the information page (first name/last name/email etc.) and tick the terms and conditions checkbox.
Step 4: Click on "Agree" and then click the "Sign Up" button
Step 5: The exchange will now send you a confirmation email with an activation key. Enter the key into the box provided.
Step 6: Confirm your password and click the "Activate Account" button

How to get verified:
Step 1:
Log into your account
Step 2: Click on the "Profile" icon at the upper right corner of the page.
Step 3: Select the "Get Verified" option from the drop-down menu.
Step 4: Choose your preferred account type and select the "Get Verified" button.

How to fund your account:
Step 1:
Select the "Funding Tab" and you'll be taken to a full overview of funding options to choose from.
Step 2: Hit the "Deposit Button" and follow the instructions to top up your account

How to buy XRP
Step 1: From the drop-down menu, select which currency trading pairs you would like to exchange. I.e. Dollars for XRP.
*The first currency shown is the base currency and the second, the quote currency.
Step 2: After selecting your trading pair, fill out the order form by going to the "New Order" page and selecting the "Simple" form.

*Something good to know at this point. You will be asked to choose between a
Market Order: An order that gets executed immediately
or
Limit Order: An order that will only execute when the market reaches the price you've set

Step 3: After you've filled out the form, select the "Buy/Sell" button and confirm. If all looks good. Hit the "Submit Order" button.
Step 4: Wait for the order to go through and for your balance to reflect. a Market Order will reflect immediately.

So, there you have it. A starting step into the big bright world of the Ripple (XRP) payment protocol. We'll be sending a few more articles your way in the weeks to come including gaming tips, investment strategies and more.

Bitcasino. Proud rider of the Ripple Wave.

 

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