Ripple (XRP) cryptocurrency is created as a means of instant payments between companies and individuals. Compared to Bitcoin, Ripple is much better suited as a currency for day-to-day transactions. Many companies have already opted for this coin to reduce transaction costs. The editorial staff of Btcnewsweb.com will tell you how you can make money and get Ripple when this cryptocurrency is heard and arouses the interest of investors.
The fact is that at the end of 2020, the US Securities and Exchange Commission (SEC) accused Ripple of selling unregistered XRP securities in America and other countries of the world since 2013. The courts are still going on with varying success. However, the entire crypto community stood up against the SEC with a united front; according to the latest data, the petition of Ripple holders addressed to the chairman of the SEC Gary Gensler has collected the required 30,000 signatures. Users demand the termination of the lawsuit, the development of a regulatory framework, an investigation of the current situation, as well as a personal meeting with investors.
Ripple mining (XRP) – is it possible
There is no concept of Ripple mining. This cryptocurrency works a little differently than most others. The reasons why you cannot mine it:
- Other basic technical principles. Ripple does not work on the usual blockchain, but on a distributed ledger that does not require block formation and transaction confirmation. Transactions are automatically confirmed by themselves, which makes them as fast as possible, but makes it impossible to earn on rewards. Transaction confirmation does not require mathematical calculations, but a consensus that is reached between three parties: the sender, the recipient, and the Ripple Connect system.
- Online commissions are structured differently. The fee is always 0.00001 XRP and acts as a fuel for payments, not a reward for miners. As soon as the transaction is completed, the commission expires.
- All planned coins have already been issued. Of the 100,000,000 XRP, approximately two-thirds were distributed by the company itself, and the remaining third was released into free circulation.
Thus, it is impossible to mine XRP using mining, but you can do it indirectly – mine other cryptocurrencies, and then exchange them for Ripple through exchanges or exchangers. If on the Internet you see offers regarding simple or cloud mining Ripple, then these are fraudulent schemes.
Where to Buy Ripple (XRP)
Despite its low cost, Ripple has been in the top 10 in terms of market capitalization for a long time, and of course, as one of the most popular cryptocurrencies, it is supported by various trading and exchange services. At the moment, the main ways to buy Ripple are as follows:
- Exchanges (Binance, Currency.com, EXMO, FTX, Bybit, Huobi, OKEx, Kucoin, Poloniex). Trading platforms provide a wide range of options for buying, selling, exchanging, passive earning, interacting with DeFi, and more. Exchange commissions are usually 0.1-0.7% of the amount of each transaction, but they can be reduced if you actively trade or use exchange tokens for payment. For the most profitable deals, different types of orders are used (market, limit, stop limit, etc.).
- Exchangers (ProstoCash, AbcObmen, 24PayBank, ExchangeKey, NiceChange). Using these services, you can purchase a coin for rubles from a bank card, Qiwi, WebMoney, Yumani, Payeer and many other payment options. To choose a really reliable and profitable exchanger, use the monitors or our list of trusted sites. The exchange is carried out without verification, it is enough to indicate the details of sending and receiving, the amount, and then pay the created application. The commission is usually included in the exchange rate.
- Payment systems (Payeer, AdvCash, Capitalist). Such systems make it equally convenient to work with fiat money and cryptocurrencies – store it, send and receive it, exchange it within your accounts, etc. Payeer also has a built-in cryptocurrency exchange, and AdvCash makes it possible to link a Binance account and buy coins from an account in a payment system so that they are credited directly to the exchange balance.
- Wallets (Atomic, Trust Wallet). Some crypto wallets have a “Buy Cryptocurrency” section, through which you can make a purchase directly from a bank card. You will need to provide information about yourself as a cardholder, if this is required by the payment provider that works with the wallet. The average commission for such an operation will be 5%, the time of the operation will be up to 15 minutes. The transaction goes directly to your wallet address.
- Telegram bots. There are many bots in the Telegram messenger that allow you to exchange cryptocurrency for fiat and vice versa. However, it should be understood that at least half of them may be fraudulent, so choose bots belonging to well-known and trusted exchangers, for example, NiceChange, AbcObmen, 60cek provide such a service.
- Cryptomats. At the moment, there are no crypto ATMs with Ripple support on the territory of the Russian Federation, but they are available in Ukraine and some European countries, the USA, etc. Use the map to search for nearby devices. You can select the cryptocurrency of interest and the type of operation (Buy / Sell).
Ripple (XRP) earnings on faucets
Some cryptocurrency faucets allow you to receive Ripple for free. Of course, the exhaust will be small, but nevertheless, this possibility should also be considered. Cranes in service as of May 2021:
- XRP Faucet
Additional income on faucets is provided by such functions as games, lotteries, contests, referral programs.
Ripple Storage Wallets (XRP)
Cryptocurrency can be stored on the accounts of custodian cryptocurrency exchanges, as well as use local non-custodial wallets for this purpose. Examples of services:
In addition, you can create a paper wallet using the site https://ripplepaperwallet.com/.
Methods for earning or earning Ripple include buying through exchanges, exchangers, wallets and other services, as well as cryptocurrency faucets. It is impossible to mine this cryptocurrency – firstly, all the available emission has already been issued, and secondly, there is no technical need for this. Analysts and investors are convinced that this coin has good prospects, this is due to its demand among financial companies. Cryptocurrencies that bring real benefits to the economy and financial relationships between people or organizations will always be more successful than those whose value depends solely on the interest of the community.