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What Is Ripple (XRP)
Ripple is a company that has created enterprise blockchain technologies to integrate cryptocurrency and businesses. With their proprietary xCurrent, xRapid and xVia Ripple has partnered with banks and big name money transfer companies (like Moneygram) to bring their technology to real world use, unlike many other cryptocurrencies.
xCurrent provides faster global payments for banks. xRapid uses Ripple’s digital asset XRP to create on demand liquidity and real time payments anywhere in the world, which is especially useful for emerging markets. In addition, businesses can plugin into xVia to send payments through RippleNet, speeding up payment processes and providing more information about transactions to businesses and consumers.
While Ripple is the company that created these technologies, Ripple XRP is the actual cryptocurrency that is for sale on cryptocurrency exchanges. When purchasing Ripple’s XRP you are buying into the XRP cryptocurrency value, unlike buying a stake into Ripple’s company as a whole. It’s important to understand the difference between “Ripple”- the company and “XRP”- the cryptocurrency.
Why do xCurrent, xRapid and xVia matter?
While many cryptocurrencies are still attempting to find a real word use, Ripple is ahead of the game. Already partnering with banks and financial institutions, Ripple XRP is a particularly interesting cryptocurrency, because of it’s growing value and Ripple’s intriguing proof of concept early on.
How Do You Buy Ripple XRP?
Here we will focus on the easiest way to buy Ripple XRP and store it safely. While it may seem a bit overwhelming if this is your first time buying cryptocurrency, don’t worry, once you are setup it is a breeze! Follow these steps to purchase Ripple (XRP):
1) Signup for a Coinbase Account Here (if you don’t already have one), you will have to verify your email (We suggest utilizing Two-Factor Authentication and a Pin code on the app). You will also get $10 Free towards your first purchase on Coinbase for Clicking On This Link.
2) Download a Ripple Wallet (of your choice). Rippex is a popular Ripple Desktop Client (However, we suggest you research a wallet that works for you- More On This Below). Follow the directions to get your Ripple Wallet of your choice setup.
3) Purchase Litecoin from Coinbase. You will use Litecoin to purchase Ripple XRP in the next steps. You can purchase Litecoin instantly on Coinbase using a debit/credit card or alternatively you can use your bank account.
4) Signup for a Changelly account, you will have to verify your email. Where it says “YOU HAVE” input the amount of Litecoin and select Litecoin (LTC). Where it says “YOU GET” select Ripple XRP. This will calculate how many Ripple XRP coins you will receive. Press the exchange button and on the next page double check the exchange rate, fee included, and estimated arrival time to be sure everything looks correct. Press the next button.
5) Input your XRP address and payment ID. Press the next button and confirm everything is correct (always double and triple check everything) and press “Confirm and make payment.”
6) Use your Coinbase account to send the desired amount of Litecoin to the address Changelly gives you on next page (or use the Coinbase app to scan the QR code). That is it! You will soon have XRP in your wallet!
Purchasing Ripple (XRP) Safely
Here are some tips for purchasing XRP Safely:
- Use a strong password for your Ripple wallet and Coinbase account. Make sure it is not easily guessed, doesn’t contain successive letters/numbers (123, abc, etc.) and you will remember it (Tip: Make it really strong and write it down. Store it in a very secure place, like a safe).
- Don’t boast about your XRP or any other cryptocurrency.
- Use two factor authentication when it is available. Two factor authentication requires you to input a short code that is automatically texted to your phone when you login into a wallet/exchange. This is optional, but will help secure your account.
- When purchasing Ripple (XRP) we suggest storing your coins on a hardware, desktop or paper wallet. These are the most secure options and are worth the time it takes to get setup.
- Utilize virus protection on any device you use. While you may think your computer is working just fine and you are doing everything you are supposed to do; viruses, malware and adware can be crawling undetected on your devices, potentially exposing you. Virus protection is necessary to defend you from these situations.
Hardware Wallets vs. Desktop Wallets vs. Mobile Wallets vs. Paper Wallets
For a technically inclined individual there are an array of options for storing your XRP coins. While, there are many viably safe options, I would like to focus on a particularly secure method: cold storage. Cold storage simply means that your coins are stored offline, usually in the form of a Hardware or Paper wallet.
One of the best break out options for cold storage of your XRP is Hardware wallets, specifically the Ledger Nano S. A Hardware wallet simply means your XRP private keys are stored on a secure hardware device, usually with a small display for transaction authenitcation. The Ledger Nano S is widely acclaimed as the best option on the market for storing an array of different Cryptocurrencies securely, offline and most importantly: conveniently. They have a supreme user interface that is toppling everything else in the market and for a serious cryptocurrency investor it is truly a must-have product. Click Here To Buy The Ledger Nano S!
Paper Wallets are another popular option that I would recommend to a very tech savvy person. While the other options mentioned are rather easy to comprehend and figure out, paper wallets are a little bit more complicated, but also A LOT more secure. Essentially a paper wallet is creating a new cryptocurrency public address and private key with a simple program. The program will produce QR codes for your public address and private key that you can print out or write it down.
In a nut shell, you can store your cryptocurrency in a “paper wallet,” and store multiple copies in very safe places (Think: Bank safe deposit box). This will eliminate the possibility of anyone using viruses or malware to attempt to tamper with your coins (so long as you don’t expose your private key in any way).
There are solutions like the Minimalist Ripple Client for XRP (Don’t use Safari Browser for this) or WalletGenerator for many other cryptocurrencies, that will assist you in the process of creating your paper wallet. In our opinion, paper wallets are the most secure method of storing your cryptocurrency long term if done correctly. Do extensive research before creating your paper wallet, so you know the process, security tips and best solution for your specific needs. Please also keep in mind a paper wallet is just like cash: if you lose your private keys than you lose your coins. Paper tears, ink bleeds and anything could happen like a natural disaster or fire. Use your best judgement on how to protect yourself from every possibility, just like you would cash.
Mobile and Desktop wallets are inherently online, so while they are just fine for many intents and purposes, they do pose the risk of being exposed to viruses and malware that could end up on your device. The only exception to this is a Desktop/Laptop/Mobile device that is kept offline 24-7, which in reality is hard to accomplish and, in most scenarios, unlikely.
We only recommend Desktop/Mobile wallets for small cryptocurrency amounts or when being utilized for day to day trading and/or purchases. A damaged mobile device or desktop could also pose a risk of losing your cryptocurrency, so there are typically backup files/phrases/passcodes for situations like this. Be sure to back these up to multiple secure locations to protect yourself.
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