If you are reading this article, you have probably heard about Bitcoin, if not a whole number of other cryptocurrencies.
Well, it could be said Bitcoin is old news. It was released in 2009 and the field of cryptocurrencies has seen a lot of advancement since then. That is why you will hear talk of many new coins nowadays. They have even been given a name – altcoins.
One of them is Ripple, a whole new cryptocurrency that might make your life a bit easier.
What follows is an introduction into Ripple, as well as a comprehensive guide on mining, buying and earning Ripple!
What exactly is Ripple?
In 2012, Ripple Labs from San Francisco created a cryptocurrency which they named Ripple. Ripple Labs is a startup that specializes in developing smart payment solutions for global scale entrepreneurs. Apart from releasing a whole new cryptocurrency, this “lab” has also managed to build a payment network which they called RippleNet.
In short, Ripple as a cryptocurrency is at the moment the fourth largest of its kind, which is pretty impressive considering there is a number of these nowadays. They have made over $6.5 billion so far, which makes it clear this venture is no joke.
The cryptocurrency can be used for making transactions and paying transaction fees – everything Bitcoin could do for you. However, their transactions get done in less than four seconds, which is really nice.
The network itself is strong as well, and it has been calculated that it can process up to 1000 transactions at the same time. All in all, it seems like a good choice, especially considering the fact experts are saying it is the best performing digital product of 2017. What does all this mean for you, though? Let us show you how you can get your hands on one of these Ripple altcoins. That should make a good start!
How do you mine for Ripple?
When it comes to cryptocurrencies, one of the basic concept we are dealing with is certainly mining. Basically, this is what you do to get Bitcoins if you don’t want to buy them. It works like this – you get yourself equipped with proper hardware. Your computer should be powerful enough for this, so make sure you get something accordingly. Then you will need to get the proper software too. There are plenty of options online – you only need to take your pick. When you have done all that, you can start the process of mining. It comes down to this – the more power you put into it, the more Bitcoins you get. And by power, we mean computational, not raw physical power.
Unfortunately, this won’t help you with Ripple since this cryptocurrency can’t be mined. Just like Bitcoin, its number has been limited from the start, but with one important difference. Every time you make a transaction with Ripple, you lose the coins. In other words, Ripple coins get destroyed when used. And they aren’t making any new ones. They can, of course, but the question is will they ever. If you don’t feel like sticking around to find out, you might want to buy your fair share of Ripple coins instead.
How can you buy Ripple?
Yes, Ripple can easily be bought. That is one of its many advantages. You only need to make one Google search to find at least a couple of trusted sites for cryptocurrency exchange.
Some of the best are BitStamp, Poloniex, Bitfinex and Kraken. But that’s not all. You also have your brokerage platforms, which are another way of safely getting your hands on your share of Ripple coins. The most popular among these are definitely Changelly and GateHub.
To buy your Ripple coins, simply visit Gatehub, for instance. There you will be asked to provide some basic information in order to create your account. Don’t worry, none of it will be used for anything but getting you your service. Nonetheless, you will need to provide some bank account info as well.
When your registration process has been completed, you will also need to activate your account. You can do this by depositing 20 XRP, which is the Ripple cryptocurrency. Only then will you be able to access your Ripple wallet.
Once a member, you will be allowed to make transactions with other users. While some of them are individuals looking to invest for profit or out of passion, others are legitimate businesses.
How can you earn Ripple?
Apart from buying Ripple coins, there are other ways to get your hands on them. You might not believe it, but some sites actually do giveaways. One of them is OpenCoin, a site usually frequented by cryptocurrency enthusiasts. And it’s no wonder, considering what they are doing for their users. This doesn’t happen very often, but they will announce their XRP giveaways and then simply hand them out to whoever applies. But how does this happen?
There are basically two things to watch out for if you want to get free XRPs. First you have the forums. One of the most popular ones is BitcoinTalk. When sites such as OpenCoin are having giveaways, they sometimes post on forums and ask any interested party to reply. However, sometimes they even do it on Facebook and via mobile phones. These are done once people who frequent the forums have been awarded their shares of XRP.
Is investing in Ripple a smart move?
In order to answer such a complicated question, we first need to take a look at a couple of things. The first is, of course, the price. Ripple’s price has increased a lot over the last years, and it seems like it is going to continue to do so.
The following factor is the competition. We have already said that there is a number of other cryptocurrencies that can be used for the same purposes. However, the experts are saying that Ripple makes for a very strong competition.
As far as cryptocurrencies go, Ripple is both stable and promising. It seems safe to conclude that it comes with a low risk of getting bust. All in all, it is as safe an investment as it gets. And considering its price rise, it might make you very happy that you have made the investment!