Should I buy Ripple?
Are you thinking of buying Ripple (XRP) like all the online investors? More and more people have been investing in crypto coins. If you’ve joined the cryptocurrency craze, you might have been checking out Ripple. Ripple has grown into a more significant wave on the internet because of the growing number of investors.
We’ll show you the basics of Ripple to get you started. We’ll compare this to other cryptocurrencies and explain the positives and negatives. Then, we’ll share recent happenings like their current issue with the SEC. To finish off, we’ll provide the steps on buying your first Ripple bucks.
All investors like you should understand their investment options before buying. You’ll dump some money into these things, so you should know where your funds will go. Each cryptocurrency has its differences, big or small. Regardless, you must get a return on investment.
Related Article: Best Cryptocurrency to Buy Right Now
What is Ripple?
Before you buy Ripple, you should learn general information about it. It wants to be more than the other internet monies. It wants to make one payment system for all financial institutions.
Banks have different ways of handling wire transfers. This makes things difficult for these payment providers, though. For example, it’s hard for them to check each other’s info.
Related Articles
What to Know About Cryptocurrency Trading
What is Online Trading?
What You Can Buy with Bitcoin
They also have to pay expensive fees for money transfers. Together, these problems slow down the entire system. Ripple wants to solve it with its RippleNet technology.
If you’ve wanted to buy Ripple, you’ll know Ripple’s cryptocurrency is the XRP. RippleNet uses this to make this one financial system possible.
Banks using Ripple will also use XRP for sending and receiving funds. Doing this will make those bank transfers much more accessible. It cuts down on waiting times and errors.
Ripple vs. Bitcoin
You’ll see thousands of internet money after a quick Google search. Some of them include Ethereum, Dogecoin, and the most popular one, Bitcoin.
Bitcoin is a decentralized peer-to-peer (P2P) payment method. In other words, no big man or group is watching over the transactions. Investors like you power it.
Folks call this system the blockchain. All those internet bucks use it but in different ways. Still, it’s more popular to buy bitcoin. What makes buying Ripple different, though?
Bitcoin uses proof-of-work for all its transactions. Ripple takes care of sending and receiving money with XRP ledgers.
Bitcoin makes buying products and services more accessible. Financial institutions use Ripple to make their exchanges smoother.
Related Article: How to Get Out of Debt
Pros
Buying Ripple has perks you won’t find in other cryptos. Check out the many benefits you get if you invest in Ripple:
1. It can grow in many ways – Ripple is helpful for many purposes. Soon, other fields may use Ripple, helping it grow bigger and faster.
2. It’s cheaper than the big cryptos – If you find Bitcoin too expensive, Ripple might be for you. It’s hard to invest in the other internet monies because of the heavy price per coin.
3. Ripple has prominent backers – The big banks believe in the Ripple, so more people ride that wave. This growing trust provides it with a bright future.
Cons
Investments aren’t all rainbows and sunshine, though. These risks might rain on your gains if you buy Ripple:
1. Ripple owns most of the XRP – The company owns a staggering 63% of their internet bucks. This means they could control how the prices rise or fall.
2. You might lose your coins – If you buy Ripple at a shady gateway, you could lose your XRP. In response, Ripple is trying its best to take care of this issue.
3. People might learn who you are – It’s hard to stay anonymous when using Ripple. Worse, it’s not likely to improve in the future.
Related Article: Best Oil Stocks to Buy in 2021
SEC sued Ripple
If you’re going to buy Ripple, you should keep up with the latest updates. One of them is the issue between the company and the Securities and Exchanges Commission.
The United States SEC said Ripple’s XRP didn’t go through proper registration. Worse, it stated that XRP raised more than $1.38 billion for its company.
What’s more, the government agency added that they sent two memos to Ripple and Larsen. The SEC stressed that they aren’t willing to settle for this case.
You should be aware of news like this if you’re going to buy Ripple. If you want to see the complete against Ripple, click here.
Could you still buy Ripple?
Still, you could purchase XRP on some cryptocurrency exchange platforms. You may choose from Binance, Bitfinex, or different exchanges.
These online services exchange currencies like USD and EUR for cryptos. Some have different features, though. For example, platforms like Coinbase and Bittrex have cut ties with XRP.
You could buy Ripple from Binance. Here’s how:
- Create a Binance account and verify your info.
- Go to your profile and complete the verification steps. Upload acceptable proofs of identity and address.
- Wait for Binance to send verification after a few hours.
- Check the top of the platform, and click Buy Crypto.
- Select your currency and payment method. Binance accepts debit cards and credit cards like Mastercard and Visa.
- Choose XRP from the list of cryptos in the menu. Enter how much you’ll spend on it.
- Click Buy XRP, then input your payment details.
- Click Pay Now.
- You’ll receive the order at the best price of XRP available. Check it in your Binance wallet.
How to Store Ripple
You’ll find plenty of platforms where you could buy, sell, and store cryptos. However, it’s not the safest way to keep your internet monies.
Those services provide a software wallet or mobile wallet. As the name suggests, you could access it on your iOS or Android device. However, hackers might get into your Ripple wallet.
You might want to use a hardware wallet instead. These look like regular thumb drives, but they have extra layers of protection.
What’s in store for Ripple?
We often praise cryptocurrencies that have real-world uses. They’re usually great investments because they have the potential to stay. Even better, they have more time to grow in value!
You may find one of its recent projects in Asia. Japanese company SBI Remit Co. Ltd. and Ripple Labs Inc. partnered to bring their first remittance service to the Philippines.
It’s called SBI Remit, and it started in 2017. However, it hasn’t used On-Demand Liquidity (ODL) and Ripple XRP until now. The latter serves as a bridge currency for remittances.
This reduces their costs, such as pre-funding. Overall, this project is an example of cryptocurrency changing the world. Specifically, this shows that Ripple is a promising investment.
Final Thoughts
We are entering the internet of things. More stuff around us connects to the internet. For example, you could command your home printer while you’re at the office.
Your country might be making its digital currency because of the pandemic. Pretty soon, fiat currencies will be on their way out, and digital assets will become more valuable in the future.
If you’re wondering if you should buy Ripple, decide quickly. Go to your desktop computer or mobile phone, and you’ll find tips to help you decide.
What’s more, the internet has plenty of exchange platforms where you could buy Ripple. You’ll even find online marketplaces that accept cryptos!
We just laid out the basics of XRP, but you might prefer other cryptos. Research them yourself, and figure out which one’s the best.
Disclaimer: This article is the author’s personal opinion, which may differ from the “official” statements or facts. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by Inquirer.net constitutes an investment recommendation, nor should any data or content published by Inquirer.net be relied upon for any investment activities.
Usa.inquirer.net strongly recommends that you perform your own independent research and/or speak
with a qualified investment professional before making any financial decisions.
Updated August 5, 2021.
