You’ve heard all the rave about Bitcoin, and surely a bit about the alternative cryptocurrencies that are also spiking in popularity. But there is one that is exceeding the expectations beyond the rest, the Ripple (XRP). In this article, we’ll introduce you to the altcoin (alternative cryptocurrency) and show you how to buy Ripple with this easy step by step guide.
What is Ripple?
According to Investopedia, Ripple is a real-time global settlement network that offers instant, certain and low-cost international payments. It’s shown tremendous growth (see graph below) and been one of the most talked about cryptocurrencies in 2017, possibly because of its unique approach to do quite the opposite of most cryptocurrencies, instead of trying to replace cash, it is working WITH banks (such as American Express) to become the system for international transfers.
How to Buy Ripple – Step by Step
1. Create an account on Coinbase
Once you’ve signed up for a Coinbase account, you’ll need to complete these steps in order to be verified:
1a. Scan your ID onto your Coinbase account.
1b. Add your credit card information onto Coinbase. You’ll be charged two small amounts to confirm your credit card information that you will then need to enter to complete the confirmation process.
2. Purchase cryptocurrency on Coinbase
Select and purchase a cryptocurrency that you’ll exchange for Ripple in the next step. I personally purchased Litecoin, but any currency can be used to purchase Ripple — it really doesn’t matter which one you choose.
3. Create a Ripple Wallet
Head over to Rippex to download a Ripple wallet to your desktop on which you will hold your Ripples. Once you’ve downloaded that, follow the steps:
3a. Select create an empty account
3b. Enter a password to encrypt your account
3c. Make sure to store your secret code in a safe place. It’s important that you do not share your secret code with anyone, as they can use this code to access to your wallet.
3d. Now move onto the next step, where you’ll purchase Ripple and activate your wallet.
4. Head over to Shapeshift.io to exchange for Ripple
Once you’re on ShapeShift, select which asset you’ll be trading. See screenshot below using Litecoin as the example. Make sure you select “Precise” as well.
Then you’ll see the following:
4a. Decide on how much of a currency you would like to transfer (Shapeshift will take care of giving you the current conversion rate).
4b. For your Ripple address, you’ll find this on your desktop Ripple wallet, see screenshot.
4c. For your Litecoin Refund Address, you’ll find that back on Coinbase.
-Go on to your Coinbase account
-Click on Tools
-Click on Addresses
-From the drop-down, select the currency you purchased that you will trade for Ripple
-Then click on “Create New Address”
-Use that new address for your Refund Address
5. Click “Start Transaction”
You will be redirected to a page which will give you the amount you need to send as well as the address you need to send that amount to in order to get your Ripples into your wallet. For the safety of the transaction you will have a limited amount of time to complete the transaction.
6. Send the currency you want to exchange into Ripple from your Coinbase account
You will be able to complete the transaction by going back to your Coinbase account and completing the following steps:
6a. Click in “Accounts”
6b. Click “send” on the wallet you want to transfer money from.
6c. Enter the “recipient address” that was provided to you on Shapeshift (step 5)
6d. Enter the amount of the currency (conversion rate) that was given to you on Shapeshift (step 5)
6e. Click “continue”.
And there you go. Once the transaction is approved, you’ll find it in your Ripple wallet. This process could take seconds to one hour max.
Curious to see the current value of Ripple?
You can always visit https://coinmarketcap.com/coins/ for real-time updates on cryptocurrencies.