Ripple (XRP):
This write-up explains how to buy Ripple (XRP) with INR on KoinBX a global crypto exchange Apps (Android & iOS). Ripple is a company that provides a global payment network based on blockchain technology. XRP is the native cryptocurrency of the XRP Ledger, which is the open-source and decentralized blockchain that powers Ripple's network. XRP can be used to facilitate fast, low-cost and scalable cross-border transactions between different currencies.
The network consists of various participants, such as financial institutions, payment providers, exchanges and developers. These participants can use Ripple's software solutions to connect to the network and access its services. One of the main services offered by Ripple is On-Demand Liquidity (ODL), which allows participants to use XRP as a bridge currency to convert one fiat currency into another in real time.
Why Ripple (XRP)?
Ripple is a payment network that uses a cryptocurrency called XRP. Unlike Bitcoin, which relies on a decentralized network of miners to validate transactions, Ripple uses a network of trusted validators who follow a consensus protocol.
Ripple aims to provide a global payment system to facilitate cross-border currency transfers. XRP acts as a bridge currency that can be exchanged for any other currency on the network. It also keeps track of every transaction information like balance, transfers and accounts.
For example, if Alice wants to send euros to Bob who lives in Japan, she can use Ripple to convert her euros to XRP and then send XRP to Bob, who can then convert it to yen.
It also offers other products and services that use XRP, such as xRapid, which enables financial institutions to use XRP as a liquidity source for cross-border payments, and xCurrent, which enables banks to communicate and settle transactions at lower costs. Ripple can handle 1500 transactions per second and has over 200 customers worldwide.
Ripple (XRP) over other cryptos:
Ripple uses its own consensus protocol algorithm (RPCA). If a transaction is to be validated, it must be accepted by a majority of the validators who evaluate it. Once the ledger entry was validated and written on the blockchain it can’t be changed again.
Ripple's default validator list consists of 35 trustworthy nodes. Ripple decides which validators are included in the default unique node list, and Ripple is responsible for six of the 35 trusted validation nodes.
XRP has an unprecedentedly low transaction fee. A usual transaction on the Ripple network costs only 0.00001 XRP (10 ‘drops’). Furthermore, although Bitcoin takes 10 minutes to solve a block and up to 60 minutes for probabilistic finality, Ripple takes 3 to 6 seconds to sort, agree on, and add to the blockchain, even for international transfers.
In contrast to existing digital currency protocols, the XRP ledger allows users to denominate their transactions in whatever currency they want, including fiat currencies, digital currencies and other forms of value in addition to XRP.
Tokenomics:
Token Name - Ripple
Ticker Name – XRP
How to Buy XRP?
Follow the below steps to buy XRP,
- Signup with KoinBX.
- Fill in the essential details to create an account.
- Complete your KYC verification process.
- Add your bank account.
- Deposit Fiat to your KoinBX account.
- Click the Buy option to buy XRP with INR.
How to Sell XRP?
Follow the below steps to sell XRP?
- Signup with KoinBX.
- Complete your KYC verification process.
- XRP your bank account.
- Click the Sell option to find a buyer for XRP.
Once the buyer for XRP is found, you can start selling XRP with Indian rupees (INR)
How to Trade?
Click XRP/INR pair to trade XRP with INR,
Start trading XRP anywhere and anytime with the great trading experience with KoinBX Android and iOS app.
