Ins and outs of Ripple (XRP) for investors and gamblers
Ripple (XRP) is one of the top 10 cryptocurrencies by market capitalization, making it among the major players in the blockchain industry. What’s even more impressive is how it achieved such a high rank without competing for the same market as Bitcoin (BTC) and Ethereum (ETH).
XRP is unique in both its use cases as well as structure. Many industries today rely on its blockchain, the RippleNet, on a day-to-day basis. Thus, there are many nuances beginners will find hard to grasp but here’s a quick guide to introduce Ripple to new investors.
Understanding how the Ripple blockchain works
Ripple Labs Inc launched the XRP Ledger in 2012 with an opposite intention as other cryptocurrencies of its time. While most others aim to replace banking, Ripple was meant to aid it. The intention was to introduce a more cost-efficient platform for banks to transfer money from one national bank to another using blockchain technology.
This results in XRP having more use cases than either BTC or ETH although it is every bit as volatile. Thus, it is popular among crypto traders and long-term investors alike. XRP is also relatively cheap compared to other cryptocurrencies, making it popular for e-commerce like gambling at Bitcasino live casino and online shopping.
How it operates
XRP operates on a network of decentralised distributed ledger just like other cryptocurrencies. It uses a unique consensus mechanism called Ripple Protocol Consensus Algorithm (RPCA) to choose which nodes to validate a transaction. Validators are people who own the rig maintain a node of the network and provide XRP Ledger’s processing power.
Unlike Bitcoin’s Proof-of-Work (PoW) or Ethereum’s Proof-of-Stake (PoS) systems, this system checks the integrity of the nodes regularly rather than the transaction. Thus, operations on Ripple are a lot faster than other modes of payment crypto with a consistent 1,500 transactions per second (TPS) speed.
RippleNet
Most users of the XRP Ledger network handle their transactions through RippleNet. It’s a payment provider using Ripple’s blockchain to handle cross-border transactions. The idea is to convert real cash into XRP and send that from one user’s wallet to another, then the recipient converts it back to cash. It’s effective not only for remittances but also for cross-border payment for e-commerce.
That said, users don’t need XRP to use RippleNet. XRP Ledger can trade various types of assets including IOUs, an asset minted to represent claims to fiat, properties, or commodities. It can be sent to another user’s wallet through the network and serve as a reminder that someone owes its owner the asset stated in it. Hence, its name is short for ‘I owe you’.
Knowing more about the XRP
Ripple is among the most popular cryptocurrencies in the world with more than €18,300,000,000 market capitalization and 51,000,000,000 XRP in circulation as of 2023. The current market price is stable just below €1, keeping it accessible and easy to trade at most times. Here are other fun facts you should know about XRP to better understand its current economy.
Market trends of XRP
XRP is a volatile cryptocurrency just like BTC and ETH. However, its price range is so stable that it is easy to liquidate, making it a great alternative to Tether (USDT) for international banking and e-commerce. The crypto launched in 2012 and it has only ever broken past the €1 range on two occasions. It reached its all-time high in June 2018 at €3.64 after which it dropped as steadily as it climbed. XRP reached and peaked at €1.64 in April 2021 when its ascension was abrupt but the de-escalation was slow.
There is currently no indication suggesting XRP will break past its €1 ceiling any time soon but it is gearing up to be a new favourite asset among whales. This can result in a surge in trade volume which will ultimately drop its price in the coming months. Prices are likely to skyrocket again in the weeks following the crazy transactions.
Other uses for XRP
XRP is a penny crypto and it’s popular among crypto traders who are in need of an accessible digital asset for most online transactions. The ability to buy some in large quantities makes it great for maximising a Bitcasino bonus before every session. It’s especially useful when you are aiming to claim a gaming website’s match rewards like the welcome or reload bonuses. Though most would prefer using milli Bitcoin (mBTC) or microBitcoin (μBTC), XRP is just as viable at Bitcasino.
Another example of XRP use in e-commerce is for goods and services. Shopping websites rarely accept cryptocurrency but many sellers are willing to sell directly and accept all kinds of payment. RippleLabs happens to be one of many popular platforms for such transactions. Otherwise, XRP can also be transferred directly in a peer-to-peer (P2P) arrangement which is preferable by most non-licensed online sellers.
XRP is also popular for sending donations, especially when the users are apart by country. Thus, Ripple makes it easier for people to connect with one another through blockchain and the benefits of cryptocurrencies as mode of payment. Ethereum’s users also benefit loosely from XRP’s growing network because it is becoming the first platform of choice among investors of decentralised projects.
Transactions using XRP
XRP can be used, sent, and received exactly the same way as its more popular counterparts, BTC and ETH. All you need is to choose a crypto wallet with full support of it and connection with its blockchain. Here are more details about this subject that all investors need to know right away:
How to buy XRP
The easiest way to buy XRP is through exchanges, a trading platform for digital assets. There are hundreds for you to choose from but you should go with the best in the market. This includes big names like Binance, Coinbase, and Gemini as the most popular as well as the most secure. Most hot wallets connect with these exchanges directly, allowing you to make a buy or sell order without needing to make an account.
Other alternative exchanges you can trust are Paxful and Onramper which are third-party partners of Bitcasino. You can use credit/debit cards or any fiat payment method to send money to your bankroll and use either exchange to convert them instantly to XRP. It’s the most convenient method available to Bitcasino gamblers which also works great as a means to buy more Ripple cryptocurrency.
How to transfer XRP
Transferring XRP is easy if you have a fundamental understanding of how wallets work. Your bankroll in Bitcasino is also a wallet which can hold cryptocurrencies as well as transfer them to other accounts or platforms. All you need is the recipient’s wallet address but make sure that it can accept XRP. MetaMask, Electrum, MyEtherWallet, and Exodus are some examples that cannot receive Ripple or interact with its blockchain.
Click on ‘send’ or ‘transfer’ from the wallet with the XRP you wish to move then input the wallet address of the recipient. Copying and pasting is usually the best way to go but if the two accounts are on separate devices, you can simply scan the QR code of the recipient. If this is also not available to you, then have the wallet address sent through short message service (SMS/text message) or a messenger app. You can type the whole address but they are typically 26 to 42 alphanumeric characters long. Making a mistake during the typing process could send your XRP to the wrong recipient.
How to play using XRP at Bitcasino
Using XRP for gaming is a fun way to both use and earn it. Not only does it keep the digital asset in circulation but it also rewards you with high payout. To begin, you need to have an account at Bitcasino which will generate your wallet for your bankroll. You will then need to place XRP into this account to begin and there are two ways to do that. Send XRP from one of your wallets through the seamless P2P system or buy them using Paxful or Onramper at Bitcasino.
Once you have topped up your XRP account, grab a Bitcasino bonus at the promotions page. Launch any game you want to play then hover over to the lower left corner, just under the game window where you can find a drop down button. It’s a menu you can expand to show the type of currencies you can use at a Bitcasino live casino title. Click that then choose Ripple (XRP) as your cryptocurrency of choice. It’s usually Bitcoin by default so double check it before placing a bet.
Conclusion
Ripple is a powerful digital asset with tons of uses in the modern economy. It’s appealing to many investors today because of its currently cheap selling price, low transaction fees, and high volatility. Gambling at Bitcasino is only one of its most popular uses and you can benefit greatly from it as an investor once the crypto economy reaches a new age of interoperability.