What is XRP?
Ripple, and its currency XRP was founded in 2012 by experienced blockchain developers Jed McCaleb and Chris Larsen.
Ultimately, Ripple is more renowned for its digital payment protocol rather than its crypto token (XRP). Ripple operates through an open-source and P2P decentralized platform called the RippleNet, which allows for the simple and effective transfer of money in any form, whether American Dollars, Yen, Bitcoin, or Litecoin.
Where to Buy XRP
XRP can be purchased on several different platforms depending on your crypto purchasing needs.
If you are based in the US, there is no direct way of purchasing the currency with an American credit card. You will first have to buy Bitcoin or Ethereum tokens which you can then use to purchase the Ripple tokens.
Binance can be a good platform for converting Ether or Bitcoin into XRP tokens. CoinMama is a website that offers similar services to Coinbase in the sense that you can buy Bitcoin and Ethereum with a credit card and then use these coins to purchase XRP.
BitPanda is a good platform for buying Ripple if you are based in Europe. The Austrian crypto exchange allows for the direct purchase of XRP tokens using one’s Credit Card, and numerous other payment methods can also be used.
Bittrex is another good alternative, but once again you have to purchase either BTC or ETH before you can buy XRP tokens on the exchange.
It is also possible to purchase Ripple via PayPal. This requires you to create an account on the exchange Virwox where you can top up your balance with Bitcoin. Your BTC can then be sent to an exchange like Binance where you can convert it to Ripple.
Where to Store XRP
After purchasing Ripple, there is the matter of where to store the currency. Storing coins on an exchange for an extended amount of time is a hazardous strategy because it leaves you open to the chance of being hacked. In recent years, coin exchanges have become a favorite target for hacking attacks due to the vast amounts of cryptocurrency they process on a daily basis.
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There are several wallets that are compatible with storing Ripple:
If you’re looking for a hardware wallet – which is more secure than a digital wallet due to the control it gives you and the fact that it’s harder to hack – then the Ledger Nano S could be the right device for you.
This device is particularly useful if you’re looking to invest in Ripple on a longer-term basis. It offers an extra layer of security which would be harder to find with an online wallet.
Another option can be the Toast Wallet, which is an XRP wallet that works as a desktop wallet as well as an iOS and Android app. While it is far from ideal for long-term storage, it is a reliable option given its open source capabilities. It is still relatively vulnerable but would offer more security than storing currency on an exchange. To hack your wallet, an attacker would need to specifically target your account rather than that of an entire exchange.
Storing Ripple involves a certain procedure that needs to be followed to ensure that your coins will be fully secure. For a start, it is generally best practice to avoid giving anyone your private key. This includes online wallets, which still hold your data. Instead, the best alternative can be found in the form of cold storage.
For example, there are paper wallets which are probably the most secure in terms of not being hackable in any way, shape, or form. They do have their vulnerabilities such as being stolen or lost, but if one were to eliminate human error from the equation (or in extreme cases natural disasters or burglaries), then these are by far the most secure.
In addition to this, there are the hardware wallets that have been mentioned before as well as options for USB Flash Drives which provide some form of security.
Stay Safe, and Good Luck!
There are plenty of options for buying Ripple, with different approaches depending on where you live and how you want to pay for your tokens.
It is vital to remember that even after you boughtyour XRP there are security measures that you need to put in place to ensure that your money is secure.