There are hundreds of cryptocurrencies available right now. Most of them will come and go without you ever hearing much about the currency. Others, however, stick around and last. The currencies that have long lifespans are those designed to address a problem certain consumers or monetary users run into. Ripple is one such currency. If you're interested in buying Ripple, you will need to know how to do it with a cryptocurrency exchange service. That's what you get with Coinbase. So, when using this platform, you need to understand how to buy Ripple with Coinbase.
What Is Ripple?
Before you figure out how to buy Ripple with Coinbase, it is important to understand what Ripple is, where it came from, and whether or not it is a cryptocurrency to consider investing in. After all, with hundreds of other options available to you, there are all kinds of cryptocurrencies you can consider.
Ripple has been around since 2012, so it is one of the oldest cryptocurrencies available today. When this option made its debut, it came out as an iteration of Rippleplay. This is common in the world of cryptocurrencies. A crypto will come out and address an issue, but at the same time, there are ways to improve how the crypto works. As a result, a secondary cryptocurrency comes out to address these problems. Some of the secondary digital currencies work, while others fail to generate attention.
Different From Bitcoin
Ripple is known as a real-time gross settlement system, or RTGS for short. While a cryptocurrency, it is different from Bitcoin, which is by far the most popular and widely known cryptocurrency in the world. Bitcoin uses a proof-of-work method of monitoring transactions and making a record of it, which is done because there is a limit on the number of Bitcoins in circulation. As a result, it is necessary to know what is in circulation and what still needs to be mined.
Instead, Ripple uses a common ledger that is made up of a network of independent validating servers that act as checks-and-balance systems. This way, everything is kept up to date in order to show the current currency movement.
Due to how Ripple is monitored, it allows for a faster transfer between individual users. Bitcoin can take anywhere from a few minutes to several days to transfer, depending on the amount and where the digital currency is being transferred. Ripple can be done far faster. Plus, it is possible to transfer just about anything with Ripple, from money all the way to airline miles.
It is also important to point out that while it is a cryptocurrency, Ripple is not a blockchain currency, which Bitcoin is. In fact, Ripple uses what is known as HashTree, which is a consensus-oriented user service. It still has a number of security features.
Is There a Need for Ripple?
When people look at Ripple, they automatically assume that it is a blockchain service, which it isn't. Yes, it is a cryptocurrency, but it does differ from most other digital currencies out there. Before you look at how to buy Ripple with Coinbase, though, you need to know if there really is a reason for it. If a digital currency has no reason to exist, it won't remain in existence for long. This means that an investment into the currency is likely to dry up quickly, leaving you without anything to show for your purchase.
Ripple plays well with banks and a number of monetary services. It can be used with any number of traditional currencies, and it works on a near instant transfer rate, which means you are not left waiting for hours, if not days. This is one of the reasons why banks like Ripple. Additionally, you can use Ripple to purchase or sell airline miles and really anything else that is of monetary value.
The airline feature is a big addition to Ripple. Airline miles can, and often are, treated like real currency. In a way, airline miles are cryptocurency. Ripple just makes it more accessible. Additionally, Ripple is not mined, which sets it apart from the other digital currencies. Instead, it is like stocks in how it is handled, which, again, makes it more stable than other digital currencies.
While some might argue the importance of some digital currencies, Ripple is one that does provide a number of benefits.
A Cost-Effective Way to Buy Ripple With Coinbase
If you are interested in how to buy Ripple with Coinbase, you'll find that it is different from other kinds of digital currencies. That is because Ripple is not a blockchain currency. It is possible to buy Ripple with Coinbase. You'll just need to understand some slight variations with the process.
Buying Ripple through Coinbase Mobile
If you want to buy the Ripple currency using Coinbase, the best way to go about it is with the mobile application. It is possible to buy the currency using the mobile version, as this is not an option using the desktop alternative.
To do this, you will need to open a Coinbase account, which you can do easily by heading over to the Coinbase website and choosing the "Sign Up" option. Enter in your basic information and submit your information to create the account.
Once you have the account, you must download the mobile version onto your phone. There is a Coinbase mobile application available for both Android and iOS, so head over to the App Store or Google Play, download the application, and then enter in your user information to log onto your account.
With the mobile application set, you can then choose Ripple (abbreviation of XRP) and select the purchase. If you haven't yet, you'll need to enter in your credit card information or other banking data to make the purchase. Because Ripple transfers over quickly, you won't need to wait long for the processing of your purchase request to go through.
Buying Through Desktop
You may not want to make a purchase of Ripple over your mobile phone. Instead, you might want to buy it on your desktop. You might feel more secure with the desktop version. Plus, it's a good idea to transfer your purchase to a digital, offline wallet after making the purchase. This helps keep your cryptocurrency more secure.
When this is the case, you can't directly make a purchase with Coinbase. However, you can use it with one of the similar services.
After you sign up for Coinbase, you'll find that the desktop version only gives you access to Bitcoin, Litecoin or Ether. You will first want to make a purchase of one of these cryptocurrencies. You don't have to buy much. In fact, you can buy one or a fraction of one, depending on if you have any interest in alternative cryptocurrencies.
You will select the currency you are interested in, enter the amount you want to buy, and submit your purchase. Depending on the currency, it will take time to process the purchase. It might take a few minutes, or it can take a few days, so keep this in mind.
Once the currency has cleared your account, you can now download the Evercoin Application. This is designed to work specifically with Ripple, as it has a Ripple Wallet. This way, you can store your digital currency offline after you have made the purchase.
Now that you have the Evercoin application, you can select to make a Ripple order. You can use the cryptocurrency you purchased earlier to create the Evercoin account for this purchase. As a result, if you have no desire to keep the currency, you are able to use it here with the Ripple purchase.
When you're in the application, you will want to choose the currency you're purchasing with. For example, if you purchased Bitcoin and now want to use it for the purchase of Ripple, you will choose the "BTC" currency. From here, you'll select the XRP (Ripple) currency and then enter the amount. Once you have selected all of this information, you will click the "Start Exchange" option, and the purchase will begin.
Once again, it can take time to complete this purchase because the other cryptocurrencies take time to transfer over. Once you have Ripple, you will find that the transfer and purchase process is far quicker, especially if you are using Ripple as a purchase option for more traditional forms of currency (such as USD or CAD), or if you're using it for airline miles.
There are hundreds of cryptocurrencies out there. These different currencies offer varying improvements over other monetary transactions. With so many digital currencies to pick from, you need to know the ins and outs of the different options before you go about selecting one over another for an investment purpose. Ripple offers several benefits, including the ability to use it with airline miles and other forms of currency. So, if you are interested in a cryptocurrency, there is a lot to like with Ripple. Additionally, you can now use the knowledge of how to buy Ripple with Coinbase to your advantage.