The world is going digital and 3rd world countries are not left behind. Paper currencies also known as fiat is gradually going digital with the rise of Bitcoin (BTC). Bitcoin is a digital currency amongst many others out there, however Bitcoin is leading the pack with the biggest total market price cap doubling its nearest competitor and with a price close to $1800 per BTC as at the time of writing this article.
Bitcoin is not just a digital currency but a decentralized digital currency meaning it is not controlled by any central bank which is the very reason countries are quick to distance themselves from the digital decentralized currencies as it can be used to fund terrorism without a trace.
Now that you understand what Bitcoin and new trend of digital currency is all about here are top 5 crypto currencies that are topping at the moment and it is not too late to jump on board and they are:
- Bitcoin (BTC)
- Ripple (XRP)
- Ethereun (ETH)
- Litecoin (LTC)
- NEM (XEM)
Based on the image above those are the top 5 cryptocurrencies at the moment, while Ethereum cannot be referred to as a cryptocurrency but a decentralized platform that run smart contracts investors have quickly realized the potentials of these cryptos to buy and sell them at a much later time when the value of each unit rises.
All these cryptos can be traded against each other and that simply means if you convert any of the other cryptocurrencies to Bitcoin you can easily sell Bitcoin and make your cash depending on the price per unit.
Amongst the top 5 cryptocurrencies listed above, Ripple (XRP) is the only cryptocurrency to be centralized and we tend to see it as the direct rival to Bitcoin (BTC) as it can be regulated and centralization means government or central banks can trace transactions that happen on its blockchain. However due to the low price as at the time of writing this it is quickly been bought as some banks are testing the technology which aims to replace SWIFT as the number one for international money transfers.
According to Wikipedia Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples).
Don’t you just wish you could go back in time to buy some Bitcoins when it was less than $1 for 1BTC?. It is this same drive that is currently pushing new entrants to Ripple and other cryptocurrencies.
How are Cryptocurrencies Stored?
Every cryptocurrency has its wallet, it can either be online or offline, however most people have online wallets as its easier to manage and understand. Bitcoin can be stored in https://www.Blockchain.info, Ethereum can be stored in https://www.myetherwallet.com while Ripple XRP can be stored in https://gatehub.net/.
A little search on google can give you all the details you need for storing other cryptocurrencies.
Some people also store their cryptocurrencies in an exchange such as poloniex as you can save virtually over 50 cryptocurrencies there however it is not the safest place to keep them.
How to Buy Ripples XRP
To buy Ripple (XRP) you should open an account on Gatehub and after submitting all necessary information and scanned documents you should see your Ripple address. The address is a combination of several characters and can be likened to your bank account number. An example of a Ripple address could be 6322aa82c578bbf25113dece8675fefb7c79e8d1da76.
Once you get your address the best way to buy Ripple is to buy Bitcoins first and then convert the Bitcoins to Ripples XRP. To buy Bitcoins I recommend using https://localbitcoins.com/ or buying from a seller face to face as there are so many scammers online.
Where to Store Bitcoins
The recommended place to store Bitcoins is on https://www.Blockchain.info. Registration is quick and easy, once you are registered on Blockchain and you have your address you can go ahead to buy bitcoins.
Next is to register on localbitcoins.com and once done, you get to see all list of verified sellers with their rates per Bitcoin. Please ensure all transactions are done in localbitcoins platform as some fraudulent sellers may try to sway you to buy outside the platform.
With that clarified after you have paid and the equivalent of the Bitcoin is sent to your Blockchain.info address you can use that to change and get Ripples XRP.
However if you do not want to buy Ripple you can always keep the Bitcoin in your wallet and wait for the price to appreciate and then sell later if you ever need to as Bitcoin is been accepted as a mode of payment across several online platforms.
Converting Bitcoin to Ripple XRP
To convert your Bitcoin to Ripples XRP or any other cryptocurreny I recommend 3 platforms:
Shapeshift does not need any registration and is the easiest that’s why it’s the first on my list. Changelly needs registration and also easy, poloniex needs registration but changing is not for newbies. However do note that both shapeshift and changelly use poloniex to convert and there is a very small fee for conversion.
On either shapeshoft or Changelly all you need to do is select the Bitcoin as the cryptocurrency you have and then select Ripples XRP as the other you want. If you need any other cryptocurrency and you have a wallet for it you can change from BTC to it also.
Next you are asked to provide the Ripple address you want your XRP sent to, shapeshift has an option of a refund address if the exchange fails your Bitcoin would be returned immediately. So provide your Bitcoin address as the refund address as i have had a failed transaction with them and I was instantly given back my Bitcoin.
Once the details have been provided, an address is displayed where you should send your Bitcoins to and immediately you send it the exchange should be done in less the 30mins.
Login to your Ripple wallet to verify the amount sent.