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Over the past few weeks, the price of Ripple or XRP, the cryptocurrency behind the Ripple network has surged dramatically and there has been a lot of interest from investors. We're receiving a number of questions from our customers about how it works and how to buy it. Note that we currently only support Bitcoin, but this article will outline what Ripple is and how to use Bitcoin to buy it. Cross-border payments with traditional banks ripple trading platform south africa complex, slow and expensive.
Multiple parties, often adding their ripple trading platform south africa fees and working on proprietary legacy systems, are required to reconcile simple transactions between just two people. This results in these payments taking ripple trading platform south africa much as three to five days or sometimes even longer to complete, with high fees levied in the process. It is often faster, albeit not cheaper, to take physical cash, get on an airplane and give it to the recipient, than for the transaction to be done between banks.
Ripple is a privately funded company and the creator of the Ripple Transactions Protocol ripple trading platform south africa the Ripple network and the currency that underpins it all: They aim to provide " secure, instant and ripple trading platform south africa free global financial transactions of any size with no chargebacks ".
They state that it only takes a few seconds to complete transactions between two parties and the network can handle up to transactions per second.
While this might sound somewhat similar to Bitcoin, there are major differences between the two, the main one being that Bitcoin is a decentralised currency — a store of value and a means of payment— whereas Ripple focuses on a single use case: Ripple is subject to some suspicion and good rebuttalsmainly due to the fact that it is a deflationary currency — a little bit of Ripple gets shed with each transaction—, that it is centralised and that it is a business focused on banks and businesses, not consumers.
It is also objectively a faster payment mechanism than Bitcoin, where the network has become very congested and more expensive in recent months. Below is a simple step-by-step guide on how you could purchase Ripple from the Luno-supported countries.
Get your free Luno account. Log into your Luno account and navigate to Accounts. You can buy a lot of things with Bitcoin, including other digital currencies. You'll need to do your homework and decide on an exchange that works best for your needs. Luno Help Centre article: How to send Bitcoin with Luno. We'll keep monitoring the payments, cross-border and remittance landscape and keep working hard to build the financial system of the future.
Please note that this article should not be considered financial advice. Luno is not affiliated with Ripple. All trades are at your own risk.
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