A Guide on Using Bitcoin to Buy Ripple

Bitcoin has continued to prove its worth, unlike previously thought when it was starting back in 2009. Most entrepreneurs are predicting that its value will continue soaring over the coming years. If you’re interested in buying Bitcoin, you still can do so as there are multiple platforms to buy cryptocurrency.

This brings us to another crypto coin known as Ripple or XRP. I know you are probably wondering what Ripple is. Ripple is an open-source platform built to make fast and cheap digital trades. The coin used on the ripple platform is known as XRP, even though people use the terms Ripple and XRP interchangeably.

What is Ripple?

As mentioned before, it is an open-source platform for making digital transactions at higher speeds and a smaller fee. Unlike Bitcoin, Ripple’s XRP crypto coin took a hit following its peak back in 2018. However, there is still hope as experts predict that the open-platform transaction service will grow over the coming years. Researchers say that the platform will boost fiat currencies’ liquidity by offering higher transaction speeds at cheaper transfer fees.

If you are interested in buying Ripple, you can do so on via various exchange platforms. Most platforms offer XRP in exchange for euros or US dollars. You can also exchange your Bitcoin for XRP.

Using Bitcoin to Buy Ripple

If you already have an exchange account loaded with bitcoin, you can easily trade your Bitcoins for XRP, aka Ripple tokens. Once you have purchased your XRP, you will need a crypto wallet to store it safely. Most experts will advise you not to leave your XRP in the exchange platform account.  It is always good to withdraw them and keep them in a private e-wallet such as NakitCoins. One thing you need to ensure is that it supports XRP. Also, make sure that you consider your security concerns when picking an e-wallet.

Buying Ripple

Trading XRP for other crypto coins is quite simple. You will first need to open an exchange account. Be sure to check the mode of payments it supports when picking an exchange account. Most trading or exchange accounts will offer XRP in exchange for fiat currency or Bitcoin.

Once you have opened an account, you will have to show proof of identity before doing any transaction. You can do so by uploading a copy of your ID or driver’s license. Once your account has been activated. The next step will be to load it with cash. You can load some money straight from your bank account or credit card. After you’ve deposited cash, you can now purchase the XRP.

Bottom Line

After its massive slump in 2020, questions were raised on whether investing in XRP is a wise idea. Financial experts say that Ripple has a huge potential as it will be the centre of digital transactions. Remember, most global payments are now being made online, and Ripple offers a cheaper yet faster means to do the transactions. If you’re interested in investing in Ripple, do some research and understand the risks even though it looks like a viable investment option.