Ripple (XRP) has been growing in popularity amongst cryptocurrency enthusiasts. This coin is unlike many others, making it a little more difficult to understand. Everyone should have the opportunity to trade Ripple, but before jumping into it, it is important that you understand how the coin works, its requirements, and what makes it different from other cryptocurrencies.
What is Ripple?
Ripple is one of the largest cryptocurrencies currently on the market as per market capitalization. One of Ripple’s most incredible features is that it could, theoretically, run without the Ripple company. This is because it is a distributed open-source internet protocol.
Where Can I Get Ripple?
Like most digital assets, Ripple is not buyable with USD, EUR, or other forms of fiat. If you are looking to receive Ripple, you will need to use an exchange like ShapeShift, which you can visit at ShapeShift.io. You may trade other digital assets such as bitcoins (BTC) to receive it.
How to Store Ripple
Before trading any coin for Ripple, it’s important to assure that you have a wallet that can hold the coin. Some wallets that are able to store Ripple include:
- Some hardware wallets (Ledger S Nano, etc.)
If you aren’t sure if your favorite wallet can store Ripple, reach out to your wallet provider and ask if they have a list of supported coins.
Destination tags are crucial to understand if you plan on using Ripple. They are a 9-digit numeric code that is unique to your personal wallet, and your wallet is likely to require one for successful transactions. If you are not sure where to locate your destination tag, ask your wallet provider to see if they can help you. If you do not provide a destination tag, your funds will not reach you.
Exceptions: Some wallets (most notably hardware wallets) are an exception to this rule, so if you are unsure, please reach out to your wallet provider to see how to proceed with transactions.
20 XRP Minimum
Ripple is programmed to require an absolute minimum of 20 XRP in your wallet in order to make transactions. Because of this minimum, you must assure that your wallet has 20 XRP at all times.
If you plan on making your first exchange to purchase Ripple, your transaction must result in at least 20 XRP ending up in your wallet. This means that you need to make sure it it worth 20 XRP after miner fees. Trying to send less than 20 XRP to an empty wallet will result in a failed transaction.
Happy ShapeShifting! 🦊
Ripple is a coin unlike other cryptocurrencies, but that is what many people like about it! When you are trading this unique coin, remember its rules and regulations to assure that you have successful transactions.