Ripple Ripple stands alone as the premier enterprise-focused blockchain solution designed for global financial transactions. The developers identified a glaring problem: our current payment systems are relics of a pre-internet era, only slightly improved since then. Ripple's mission is to revolutionize this landscape by delivering a sophisticated payment system that's faster, more reliable, and less costly.
Who Runs Ripple?
Ripple is truly a global company Ripple operates with a global presence, boasting offices in key locations like San Francisco, London, New York, India, Sydney, Luxembourg, and Singapore. The company's leadership is anchored in decades of expertise spanning finance, compliance, and technological innovation.
The leadership includes Brad Garlinghouse as CEO, Marcus Treacher as Global Head of Strategic Accounts, Antoinette O’Gorman as Chief Compliance Officer, David Schwartz as Chief Cryptographer, Stefan Thomas as CTO, Cameron Kinloch as VP of Finance, Patrick Griffin as SVP of Business Development, and John Mitchell as SVP of Global Sales. The board reflects a wealth of experience in policy, regulation, and finance.
What Challenges in Today’s Payment Systems Does Ripple Address?
Ripple targets pressing issues within outdated payment systems. Reports by the Federal Reserve, Institute of International Finance, and WTO estimate the infrastructure costs at an astonishing $1.6 trillion. Transactions take an achingly long three to five days and suffer from frequent failures. Ripple emerges as a solution, refining processes for a seamless, economical, and dependable transaction experience.
What Is RippleNet?
RippleNet acts as the underlying network for Ripple, linking banks, payment providers, corporations, and digital asset exchanges. It facilitates a smooth, global money transfer experience, supporting real-time settlement across diverse payment networks with guaranteed fund traceability. Its low operational and liquidity costs enhance its appeal.
In What Ways Does Ripple Enhance Blockchain Technology?
Ripple stakes its claim above other blockchain platforms due to its sophisticated technology. It's designed for scalability, security, and integration across various networks. Users also have access to XRP, the world's most rapid and scalable digital asset for payments.
What Is XRP?
XRP is crafted for enterprise-level liquidity on-demand in global payment operations. It's a game-changer for banks, providing liquidity in real-time without pre-funded nostro accounts. Payment providers benefit too, with faster settlements and reduced forex costs. XRP is available across numerous cryptocurrency platforms for purchase and exchange.
XRP outshines its cryptocurrency peers with settlement times of just four seconds, compared to ETH’s two-plus minutes and BTC’s hour or more. Traditional options fare worse with three to five-day settlements. XRP handles 1,500 transactions per second and can scale up to match Visa’s throughput, leaving ETH’s 15 and BTC’s 3-6 far behind.
XRP’s global distribution benefits from its open-source technology, consistently expanding its validator set to enhance system improvements. With over five years of proven stability and governance, XRP gives businesses the confidence they crave. Since 2012, it has operated with negligible energy use, resolving every ledger issue-free, backed by a team of dedicated engineers.
As of September 17, 2017, Ripple held 6,462,128,816 XRP, with 38,531,538,922 XRP in circulation. 55 billion XRP are scheduled for escrow by year’s end, enabling investors to verify mathematically the max XRP that might enter the market.
Best Ripple Wallets
Storing your XRP requires a compatible wallet, the official option being an online service where you can sign up for an address. It allows fund storage, receipt, and transfers to fellow Ripple users using their names, wallet IDs, addresses, or emails. Gatehub Alternatively, considering a hardware wallet like Ledger offers a more secure option for storing your XRP in 'cold storage' — ideal if security is a priority.
The simplest route to obtaining Ripple involves initially purchasing Bitcoin or Ethereum, which you then exchange for Ripple. read our full review here We'll guide you on acquiring Ethereum through Coinbase with a credit or debit card, and converting to XRP at Changelly.
How to Buy Ripple XRP
For newcomers to cryptocurrency, Coinbase is an excellent starting point for purchases, backed by strong US government regulation ensuring safety and credibility. You can buy Bitcoin, Litecoin, and Ethereum with various payment methods, including cards and bank transfers, with instant currency availability despite higher card fees. on an exchange Be ready for identity verification upon signup, as compliance with financial regulations is mandatory. Don’t miss the chance for a $10 free bitcoin credit with your first $100 purchase.
Register at Coinbase
To set up, click 'Sign up', fill out the required information, and create a password.
Following your signup, Coinbase will email a link for account validation. Once clicked, you’ll need to provide a phone number and ID photo for further verification, plus payment details — bank, debit, or credit card — with short processing times, preemptively securing your account. our link to signup In this example, you'll be buying Ethereum due to its cost-effectiveness and speed over Bitcoin. Access Coinbase’s 'Buy / Sell' feature, choose 'Ethereum', pick your payment option, and decide on either a USD or Ether quantity.
You'll then need to confirm the transaction, possibly undergoing a card provider’s verification process. Completion adds Ethereum to your account.
For those well-versed in exchanges, we recommend using a specific platform for XRP procurement. It’s straightforward and allows 2 BTC worth of daily withdrawals minus ID verifications. Transfer your BTC or ETH to swap for XRP.
Purchase Ethereum or Bitcoin
For a deeper dive, explore our comprehensive Binance guide here.
For beginners, Changelly offers a user-friendly method for acquiring XRP.
Purchase Ripple at Binance
Next, use Changelly to convert your Ethereum into XRP. Binance Input your Ethereum amount to convert, and the system shows potential XRP returns. Confirm by proceeding with the 'Exchange' prompt. Register an account via social media or email entry at the next screen. .
Using Changelly
Review transaction specifics on the subsequent screen, ensuring all amounts are correct before clicking the 'Next' button.
Provide your XRP wallet address on the third screen to receive your coins before proceeding further. Use this link Verify all transaction details on the confirmation screen to finalize the process.
Changelly provides an Ethereum destination address — copy it and return to Coinbase.
In Coinbase, access 'Accounts', select the Ethereum wallet, and choose 'Send'.
Input the Changelly-provided address.
Click 'Continue', potentially confirming via email or phone if 2FA is enabled.
Once sent over the Ethereum network, the transaction arranges shortly. Monitor through Changelly for ongoing updates.
Send Your Ethereum or Bitcoin
Upon completion, a confirmation message will appear, confirming the 'Transaction Complete'. Verify ownership in your Ripple wallet.
RippleNet's reach is ever-expanding globally, encompassing digital asset exchanges, payment providers, banks, etc. These entities utilize RippleNet for liquidity enhancement in cross-border services, comprising over 100 customers and 75 commercial engagements.
Entities benefiting from RippleNet span renowned financial institutions, including Bank of Tokyo-Mitsubishi UFJ, RBC, Santander, Standard Chartered, Credit Agricole, Westpac, Axis Bank, UBS, SEB, SBI Remit, UniCredit, and BMO.
A Newcomer’s Introduction to Ripple (XRP): Insights, Analysis, and Purchasing Guide
- Waiting for payment
- Exchanging
- Sending to your wallet
Dive into our introductory walkthrough of the Ripple XRP digital currency - uncover insights on acquiring Ripple, its insights, and evaluation
How Big Is RippleNet?
Ripple stands out as the singular blockchain relief for cross-border transactions. Its creators understood that, despite many tech innovations, the existing payment systems are relics from pre-internet times. Their mission? To revolutionize with a reliable, swift infrastructure at reduced costs.
What Are the Payment Infrastructure Challenges Ripple Addresses?
xCurrent for Payment Processing
xCurrent In What Ways Does Ripple Enhance Blockchain Technology?
xRapid for Liquidity
xRapid , operating globally with bases stretching from San Francisco to Sydney, including hubs in London, New York, Singapore, and more. The leadership is steeped in experience from financial services, compliance, to tech over several decades.
xVia for Sending Payments
xVia The leadership team boasts CEO Brad Garlinghouse, Marcus Treacher as Global Head of Strategic Accounts, Antoinette O’Gorman as Chief Compliance Officer, Chief Cryptographer David Schwartz, CTO Stefan Thomas, Cameron Kinloch as VP of Finance, Patrick Griffin as SVP of Business Development, and John Mitchell heading Global Sales. Their director board brings experience in finance, regulation, and policy.
Conclusion
The existing payment infrastructures brim with issues, and Ripple zeroes in on some critical ones. Costs for this old infrastructure are pegged at $1.6 trillion by entities like the Federal Reserve and the WTO. Not only is it slow - taking days for settlements - but the failure rates compound the issue. Ripple offers a cost-efficient, smooth, and dependable alternative.
5Comments
Hi Oliver
Thanks a lot for your guide!
As of mid-September 2017, Ripple maintained 6.46 billion XRP with over 38 billion distributed. A planned escrow of 55 billion was set to verify market entry limits mathematically.
To secure your XRP, you'll need a compatible wallet, with the 'official' being
Thanks
Erich
– a web service for wallet registration, enabling fund storage, transactions with users via wallet names, Ripple addresses, or email.
This is the official wallet – https://gatehub.net/
For heightened security, consider a hardware wallet like Ledger, ideal for holding XRP in 'cold storage'. You can
explore these devices further.
Begin your Ripple purchase by first acquiring Bitcoin or Ethereum, then swap it
Stay away from Gatehub.