Ripple is a global payment network designed for banks and other financial service providers. Ripple consists of a separate protocol, a public, distributed, shared database (ledger / blockchain) and the internal cryptocurrency XRP. The ripple protocol allows banks to “secure, instant, and almost free global financial transactions of any size without chargeback.” XRP may or may not be used by banks to use Ripple’s service. The ripple protocol and XRP (also called ripple) are often used simultaneously. But there are two different things.
Step 1 – Create Ripple (XRP) Wallet
In the first step, you need a repository for your XRP. Ripple Wallets work much like Bitcoin Wallets. It is important to write the private key (the password of the Ripple Wallet) several times and keep it in a safe place. Better are also several places if you lose the key due to unfavorable circumstances. 20 XRPs must be kept on each ripple wallet as a security stock.
The best and safest way to keep ripple is to use a hardware wallet. Hardware Wallets store your private keys on a specially secured, physical device.
Ledger Nano S is currently the only hardware wallet for Ripple. On the ledger, you can store several cryptocurrencies at the same time, such as Bitcoin, Ethereum, Litecoin, etc. Let our review be added.
Rippex is a desktop wallet for Windows, Mac or Linux.
Exodus Eden is an enhanced version of the popular Desktop Wallet Exodus. Exodus Eden should only be used by experienced users as it is more of an unsupported experiment by Exodus.
Step 2 – Buy ripple on stock exchange or via broker
There are many options to purchase XRP. Trade ripple against Fiat (EUR, USD, CHF, etc.) or against other cryptocurrencies like Bitcoin. In general, it is easier and faster to buy ripple with Bitcoin and / or use a broker instead of a crypto exchange.
Buy Ripple – The easy way
Buy XRP with BTC
Buy Bitcoin (or Ethereum ) from Coinbase or another broker.
Transfer Bitcoin (or Ethereum) to the exchange where you can buy XRP with Bitcoin. Changelly (see below) or Shapeshift is the easiest and fastest way to do that.
Buy XRP with EUR
Buy XRP directly from Changelly (attention high fees!) By credit card.
Buy Ripple – The Advanced Way
If you are already experienced, you can also buy XRP directly from various crypto exchanges. Do you register there, you often have to go through a verification process that can take from a few days to a few weeks. Some well-known crypto-exchanges offering XRP directly against EUR are Bitstamp and Kraken and these are among the easiest way to buy ripple.