Download
1 / 12
120 likes | 127 Views
Ripple (XRP) is a cryptocurrency that runs on a digital payment network developed by Ripple Labs Inc. by making their processes faster and more secure through the use of blockchain technology and helping people buy XRP in Canada.
E N D
Ripple (XRP) is a cryptocurrency that runs on a digital payment network developed by Ripple Labs Inc. by making their processes faster and more secure through the use of blockchain technology and helping people buy XRP in Canada.
Ripple works in a similar way to the SWIFT system – the international payment network used by banks and other financial intermediaries – by using blockchain technology to create bank-specific solutions for interbank money transfer. Over the past two years, the value of XRP has taken a huge leap. It is one of the largest cryptocurrencies by market capitalization. Thanks to its multifunctional payment protocol, XRP managed to leave its mark in the financial sector in a short time.
What is XRP?XRP is the native token of Ripple. Ripple acts as a medium of exchange for cryptocurrencies, fiat money, and other items of value. Its native token acts as an intermediary with other cryptocurrencies and fiat currencies without discrimination, making it easy to exchange one currency for another. XRP transactions are settled on a peer-to-peer basis and without any latency. While bitcoin transaction validation takes minutes or hours.
XRP transactions are confirmed in 4-5 seconds at a significantly lower cost than bitcoin. Ripple does not use Proof of Work (PoW) or Proof of Stake (PoS) as a consensus mechanism. While its validator software can be downloaded by anyone, transactions validated by a group of participants are considered less likely to commit fraud. Unlike other cryptocurrencies, XRP is somewhat centralized as it has a default list of validators.
How to Buy Ripple in Canada?Step 1: Choose an exchange that sells Ripple, like Netcoins. You must first choose an exchange to use before buying XRP. Before depositing money in a cryptocurrency exchange, there are several things to consider and consider. Make sure the coin you want to buy is listed; check the available deposit methods if the exchange supports your preferred payment method to buy Ripple.
Step 2: Register and verify. Once you’ve decided which exchange to use, you’ll need to create an account with them and verify your identity. The information the exchange requires varies but usually includes your full name, date of birth, and address. Additionally, you may also need a copy of your government-issued ID to complete the verification process.
Step 3: Add money to your account you can fund your exchange account in fiat or crypto-currency. Most exchanges support fiat currency (CAD) transfers from bank accounts or credit cards. Payment via Interac Electronic Transfer and PayPal may also be available. Fiat money transfers can take several days to be credited to your exchange account. Another option is to transfer crypto from a wallet you control. Note that some exchanges may require a minimum deposit before you can start buying.
Step 4: Cryptocurrencies are a volatile asset class. It is possible to lose a significant amount of your money in a relatively short period of time. So it’s best to only invest in what you can afford to lose.
Step 5: Buy Ripple. The most convenient way to buy is to use a market order, i.e. buy Ripple at the next price. If you want to build your position in Ripple, some exchanges allow you to do dollar averaging with recurring purchases.SOURCE CREDIT: https://vancouvercryptoexchange.wordpress.com/2022/03/21/step-by-step-guide-on-how-to-buy-xrp-in-canada/
