BuyUcoin Talks
Published in

BuyUcoin Talks

Buy Ripple in India — Step by Step Guide for Beginners

Step by Step Complete solutions, how to buy ripple (XRP) in India.

What is Ripple?
Ripple (XRP) is a digital asset built for payments. It is the native digital asset on the XRP Ledger — an open-source, permissionless, and decentralized blockchain technology that can settle transactions in 3–5 seconds.

XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.

Faster, less costly, and more scalable than any other digital asset, XRP, and the XRP Ledger are used to power innovative technology across the payments space. Ripple is focused on building technology to help unleash new utility for XRP and transform global payments. Third parties are also pursuing other XRP-related use cases.

Key elements of Ripple include:

  1. Fast
    Payments moving across the XRP Ledger settle in 4 seconds
  2. Scalable
    XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa.
  3. Distributed
    Run by a decentralized network of 150+ validators globally.
  4. Stable
    XRP’s seven-year track record of stable technology and governance makes it ready for institutional and enterprise use.
  5. Eco-Friendly

The XRP Ledger settles XRP transactions instantly without the energy costs associated with proof of work (or mining).

How to Buy Ripple?

Delhi-based BuyUcoin gives its users the flexibility to trade. The aim of this ripple buying system is to free the people from the limited ways of financial networks, such as credit cards, banks, PayPal, and other institutions that restrict access with fees, charges for currency exchanges, and processing delays. Ripple doesn’t depend on the energy and computing-intensive proof-of-work as used by Bitcoin.

Faster, less costly, and more scalable than any other digital asset, XRP and the XRP Ledger are used to power innovative technology across the payments space. Ripple is focused on building technology to help unleash new utility for XRP and transform global payments. Third parties are also pursuing other XRP-related use cases.

Step by Step Guide For Beginners, How to Buy Ripple in India?

BuyUcoin is an exchange that provides buying and selling Ripple in India as well as other cryptocurrencies. Below is a step by step guide to buying Ripple via BuyUcoin:

Step 1 — Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is BuyUcoin.

Step 2 — Register & Open an Account
Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree with the terms and conditions to register your account for crypto trading.

Sign up for buy Ripple in India

Step 3 — KYC
KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.

Step 4--Google 2 Step Verification
To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you login to your BF account. This works only when signing in with email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.

Secure your ripple wallet with google 2fa security.

Step 5-Add Bank details
Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.

Trade Ripple in India

The first step to speculating on ripple is deciding how you’d like to take advantage of its price movements. You can trade ripple in one of two main ways:

  • Buy Ripple on an exchange, and hold it in the hope of selling it on for a profit
  • Use leveraged trading to speculate on ripple price movements

When you open a leveraged trade, you won’t have to put down the full value of your position upfront — so you can get much larger exposure without committing extra capital. Your profit or loss will be based on the full size of your position, though. So while profits can be magnified, so can losses.

CFDs enable you to open leveraged trading positions on ripple, as well as bitcoin, ether, litecoin, and more.

Can I Use Regular Money to Buy Ripple?

Buying Ripples in India is now made easy. You can choose multiple options to Buy Ripple in INR at BuyUcoin Crypto Exchange @ 0% Trading Fee. You can buy Ripple with Credit Card, Debit Card, UPI Transfers, Bank Transfer, MobiKwik, and more using your virtual banking account exclusively on the BuyUcoin Platform

If you are looking for the latest and cheapest Ripple price USD or Ripple price in India, search no more, as we have added more than 101 ways to Buy and Sell Ripple in India at the cheapest and latest price. At BuyUcoin you can buy at the latest Ripple and other cryptocurrencies at the latest Ripple price without KYC at a 0% Trading Fee.

Getting a Ripple Wallet

It’s known that Bitcoin wallets are free. Ripple wallets, though, require users to have 20 XRP for booking their wallet address. There are several types of Ripple wallets currently available in the market. In addition, lots of exchanges offer to buy and to store Ripple on their exchange.

Secure your Ripple assets with the most trusted hardware wallet. Cold storage wallets are typically encrypted devices that store users’ Ripple assets offline, providing a layer of security against the evolving threats emerging from being connected to the Internet.

XRP is a good investment because of the huge potential it has to grow. Its low price makes it a great investment opportunity, and its use through the Ripple network as a token for ultra-quick currency transfers, with ultra-low fees, has seen its use increase amongst multinational banks.

Ripple Exchanges

Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripples Lab Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.

Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”For its creation and development of the Ripple protocol (RTXP) and the Ripple payment/exchange network Ripple Labs was named as one of 2014’s 50 Smartest Companies in the February 2014 edition of MIT Technology Review.

A scientific study made by two researchers from Stanford and Stockholm University that studied the money production from an energy consumption point of view and a macroeconomic level stated that running a server on Ripple was comparable to the energy needs of running an email server.

Ripple Mining

Unlike Bitcoin and other cryptocurrencies, Ripple mining is not possible. The only individuals who can generate XRP are the ones who actually created it. Only 100 billion XRP coins have been released to date and every transaction would eliminate the XRP used. Once an XRP has been used, it cannot be further used in the next transaction. This implies that XRP would gradually be exhausted as more people use the Ripple network to process transactions or simply use XRP, thus raising its value in the process.

Since you cannot mine Ripple, the only option is to mine other Cryptocurrencies first and then look for exchanges that help you convert your BTC to XRP. In this way, you can lay your hands on XRP directly without having to pay for the Ripple mining process separately. Many people have already started buying XRP owing to its advanced structure and the gradual increase in its price.

Put simply, Ripple is a low-risk investment with lots of potential rewards. It’s something you should definitely do some research before you consider adding it to your portfolio. The real Ripple investing question then does it really work. If you’re willing to invest the time and energy, then for you, it could well do.

Conclusion

Ripple (XRP) just became the second largest Cryptocurrency by market cap at an astonishing 122 billion dollars. Making Ripple’s co-founder, Chris Larsen, the 8th wealthiest man on earth as he holds the equivalent of about $55B USD (as of January 4th, 2018 at 16:00 hrs EST).

This token has divided the crypto community and faces a lot of criticism.

Ripple aims to be a solution to a lot of current cross-border banking issues that are currently plaguing the financial ecosystem on a global scale.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Rinkesh Jha

Rinkesh Jha

I am a blogger and content writer on latest technology Blockchain. I write articles on latest trading, latest events, latest analytics.