Bitcoin, Ethereum, XRP — how to buy XRP in Canada
Understanding cryptocurrency could be difficult. However, to invest and trade after a simple understanding could be simple. Here’s a brief guide to help you understand bitcoin, Ethereum and how to buy XRP in Canada.
What is Bitcoin?
Bitcoin, which was released in 2009 by an individual or group of individuals known as Satoshi Nakamoto, is a cryptocurrency that allows people to send and receive money around the world. As mentioned, the payments are secured using cryptography. The most essential point about Bitcoin is that it helps keep the identity of the people sending and receiving money anonymously.
The transaction fee is also very low. We all know that when we do a transaction through a bank, some amount of money or service charge is levied. However, with Bitcoin, this charge is very low.
What is Ethereum?
Ethereum, which was created in 2015 by Vitalik Buterin, is a cryptocurrency that provides ether tokens. This is equivalent to bitcoins in the Bitcoin network. Ether is used to build and deploy decentralized applications whose back-end code is placed in a distributed peer-to-peer network. This is different from a regular application, for which the back-end code is placed in a centralized server. Ether is also used to pay for services, like the computational power that is required before a block can be added to the blockchain and to pay transaction fees.
Ether works very similarly to Bitcoin and can be used for peer-to-peer payments. Also, it can be used to create smart contracts. Smart contracts work in such a way that when a specific set of predefined rules is satisfied, a particular output takes place.
Looking to buy ripple XRP in Canada? Read here to get started.
Step 1: Register a Username and Password
Pick a username and password unique to you. It’s free and all you need is a valid email address to get started. Once you confirm your email address, you can proceed with verifying your account.
Step 2: Verify Your Netcoins Account
Verifying your identity with a government issued ID is as easy as uploading a valid driver’s license or Canadian passport. Doing this online is fast, convenient and totally secure.
Step 3: Funding Your Netcoins Account To Buy Ripple
Funding a Netcoins account can be done using an e-transfer, online bill payment or bank wire transfer. Users can also deposit existing digital currencies onto the Netcoins platform and start trading as soon as the transaction is confirmed on the blockchain.
Your financial institution may charge you a fee if you use a bank wire transfer, but Netcoins doesn’t charge anything to receive a deposit from you. Get started instantly with an e-transfer even if you don’t already own crypto, or deposit larger amounts for free by registering Netcoins as a bill payment with your bank. It takes 3 to 5 business days for bill payments to go through, then you’re off to the races.
Step 4: Buy Ripple XRP Tokens
Remember, buying your way into Ripple means acquiring the XRP token.
Netcoins allows you to do so through all of the classic order types offered by major trading exchanges. Since Ripple’s daily trading volume ranks among the top projects in cryptocurrency, executing orders is as easy as trading the BTC/XRP trading pair at Netcoins. No need to bother switching to an altcoin or stablecoin first!
It’s time to set up an account on Netcoins and benefit from the hundreds of millions of dollars central banks trade every single day. All just by owning some Ripple.
