Download
1 / 9
90 likes | 97 Views
There is so much hype and confusion in the blockchain, distributed ledger and cryptocurrency world. Amongst this one name that keeps increasingly coming up in that space is Ripple. There is often a question about the difference between Bitcoin and Ripple.
E N D
There is so much hype and confusion in the blockchain, distributed ledger and cryptocurrency world. Amongst this one name that keeps increasingly coming up in that space is Ripple. There is often a question about the difference between Bitcoin and Ripple. So in this post let’s discuss what Ripple is and what makes it different from Bitcoin. Also, let’s find out how do you buy Ripple in Canada.
Ripple vs. Bitcoin While Bitcoin is a digital currency intended as a means of payment for goods and services, Ripple is a payment settling, currency exchange and remittance system intended for banks and payment networks. The idea is to provide a system for direct transfer of assets (e.g. money, gold, etc.) that settles in almost real-time, and is a cheaper, more transparent and secure alternative to transfer systems used by banks today. Bitcoin is based on blockchain technology, while Ripple doesn’t use blockchain but uses a distributed consensus ledger using a network of validating servers and crypto tokens called XRP.
What are XRP tokens? XRP, the actual cryptocurrency, is a token which is used on the Ripple network to facilitate transfers of money between different currencies. Existing settlement systems generally use US dollars as a common currency for converting between other currencies. This incurs currency exchange fees and takes time which is why bank transfers between accounts in different countries often take up to three days to process. By first converting the value of the transfer into XRP, rather than USD, exchange fees are eliminated and processing of payments is reduced to seconds.
XRP is a token used for representing transfer of value across the Ripple Network. According to internal sources, last month Ripple only used approximately 100 million and put 900 million back into escrow. Where can you spend Ripple’s XRP? Ripple was never designed to be a currency or a method of payment. However, there is a small list of merchants which accept payment in XRP tokens online. The primary use case for XRP is intended to be for transfer of other currencies over the Ripple network. How to invest in Ripple?
Ripple has certainly gained a lot of momentum and the list of organizations which are using it indicates that the tokens themselves will become valued commodities in their own right. XRP is traded on cryptocurrency exchanges such as Netcoins. Usually, it isn’t possible to buy them with existing government-issued currencies. You will have to buy Bitcoin or Ethereum first, then transfer them to an exchange to trade them for XRP. Create a free account with Netcoins and sign up. It is one of the best crypto exchange Canada.
Get verified and add your finds to the same account. This could be your way to cryptocurrency investment. To know more in detail about cryptocurrency investment you can visit our website soon. SOURCE CREDIT: https://netcoinscanada.wordpress.com/2021/11/24/bitcoin-vs-ripple-how-do-you-buy-ripple-in-canada/
