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Around September 2021, it was reported that Ripple Labs was looking to build a market-making platform. There has always been a story behind finding out any new invention. This being said, Ripple has been one of the highly talked about cryptocurrency. Hereu2019s how to easily buy XRP in Canada,
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Around September 2021, it was reported that Ripple Labs was looking to build a market-making platform. There has always been a story behind finding out any new invention. This being said, Ripple has been one of the highly talked about cryptocurrency. Here’s how to easily buy XRP in Canada,XRP – which is the actual cryptocurrency – is a token which is used on the Ripple network to facilitate transfers of money between different currencies. Most of the existing settlement systems use US dollars as a common currency for converting between other currencies. However, this is a time consuming process and takes a lot of time to manage the transactions to take place. It also charges a lot of fees for this transaction.
When you convert the value of the transfer amount 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. Different to bitcoin, where new coins are created as rewards for participants offering computing power to maintain the blockchain network, Ripple itself created 100 billion XRP coins at its inception.Ripple recently added a new feature whereby, through a smart contract system to release 1billion of its XRP holdings. Each month this will help fund business operations, incentivize customers, and sell to accredited investors. Any unused tokens will be placed back. Where can I 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 and business owners who 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. Each time a money transferring organization such as a bank uses the network to conduct a transfer and settlement, the cost is deducted in a small amount of XRP. This is what gives XRP themselves their value – in some ways they can be considered water to the plant that can help it grow.How can I invest in Ripple?Ripple has certainly gained a lot of momentum. The list of organizations which are using it indicates that the tokens themselves will become valued commodities in their own right. In fact, last year, the increase in value of one XRP token outperformed Bitcoin or any other cryptocurrency. You might also have to look up to understand the applicable tax on crypto canada before you make the investment.
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. SOURCE CREDIT: https://netcoinscanada.wordpress.com/2021/11/18/xrp-ripple-how-to-easily-buy-xrp-in-canada/
