How And Where To Buy Ripple (XRP) With Bitcoins, USD
Ripple, an open source, peer-to-peer payment network is on it’s way to dominate the world of crypto currency. Ripple or “ XRP ” claims to have an advantage over bitcoin with having a decentralized network which has the twin benefits of not having to wait for confirmations and there being no central point of failure, which should provide stability. We already mentioned ripple as a killer or competitor in one of our previous article, read here.
OpenCoin, parent company behind ripple: has determined that the coins will be in total 100 billion. All ripples have already been generated and will be distributed later. The Bitcoin, however, have a fixed limit of 21 million units will be created gradually until 2140 to get it. In order to purchase ripple, first of all you need a ripple address, if you don’t have your ripple wallet then follow our previous guide to setup ripple wallet and address.
As of today, there are two ways to get initial deposit. First, OpenCoin is organizing free XRP giveaways, handing out generous quantities of XRP to as many people as it can reach. Currently they are giving away ripples on bitcointalk forums. Later on, giveaways will be organized on Facebook and Twitter accounts. If you want to stay updated with ripple giveaways, follow our Facebook Page for daily updates.
Second way is, purchasing at your own. Currently WeExchange and Bitstamp are the two gateways, selling XRP. Here we’ll use Bitstamp for demonstration.
Note : You must have 300 XRP in your ripple wallet to activate your account first.
Step 1. Sign up / log in your account at bitstamp
Step 2. If your account is empty then deposit some money or bitcoins into the Bitstamp account.
Step 3. First click on “Withdrawal” then select “Ripple” as the withdraw currency, enter the amount you want to transfer in your ripple wallet. In order to transfer ripple to your wallet, you’ll be asked to trust Bitstamp address first.
Step 4. Login to your Ripple wallet, go to “Advanced” and “Trade“. If it’s not already selected, choose “BTC/XRP” from the dropdown menu.
Step 5. Now click “change issuer” next to BTC, and enter Bitstamp’s Ripple address. Add the address of Bitstamp ripple address, which you can find in your Bitstamp account. Simply go to the Bitstamp Dashboard >> Deposit >> Ripple and note down the ripple address.
Step 6. Now set the amount of trust,and add it. You don’t need to give them big amounts of trust, 0.1 USD or 300 XRP is enough. In a few seconds you should receive the ok answer.
Step 7. And, there you go,Now you can transfer your balance from Bitstamp to Ripple wallet.
That’s it. If you still have any problem, ask us in comments section below.