Bitcoin is all but the only cryptocurrency available on the market: alternatives like Ripple have emerged and have started to take market shares from power stations like Bitcoin and Litecoin. Unfortunately, Ripple is not easy to invest compared to the more popular types of cryptocurrency, but creative internet entrepreneurs have come up with clever solutions to make Ripple an option for Coinbase users.
What is Ripple?
Ripple differs from Bitcoin because it enhances a more mainstream functionality. Unlike Bitcoin, which enhances anonymity and decentralization, Ripple has ties with banks and financial institutions. It was invented in 2012 as a way for banks and forex investors to quickly transfer money through international lines, cryptocurrency has rapidly increased in value.
At the time of writing this document, Ripple was evaluated by CoinMarketCap as the third most valuable cryptography on the market. With a price of just over 50 cents a coin, Ripple is a great choice if you're a novice investor trying to get the most out of your investment.
Step 1: Create an account with Binance
Binance is a cryptocurrency transfer service that allows users to exchange one currency with another: think of it as an online currency trading system as the kind you might see at a foreign country's airport.
Coinbase does not currently support the direct purchase of Ripple, so you will need to import another currency into Binance before conversion.
Opening an account with Binance is simple; simply click on the "Register" button as shown below and follow the steps indicated by the Binance system to enter your personal information.
Step 2: Invest in a transfer currency using Coinbase
Once you have your Binance account, you will need to set up a Coinbase account. Unfortunately, Coinbase allows users to invest and store three types of cryptocurrencies: Bitcoin, Ethereum and Litecoin. You must use Coinbase to purchase one of these three currencies, transfer them to Binance to convert them to Ripple and store Ripple in a desktop portfolio.
After creating an account with Coinbase, transfer your currency in Bitcoin, Ethereum or Litecoin.
Since you will not keep Coinbase's "Transfer" currency for long, it will not make a big difference which of the three currencies you buy. However, it may be preferable to use Ethereum, as this currency typically takes less time to transfer to Binance, thanks to a lower level of popularity.
Do you need help to make your first purchase with Coinbase? See the tutorial below for a step-by-step guide.
Step 3: transfer the currency held in Binance
So, go back to your Binance account and import the currency you bought through Coinbase. At the top of the screen, under the "funds" tab, click on the "deposits and withdrawals" button.
Scroll through the massive list of Binance cryptocurrency options until you find the transfer currency you purchased in step 2. Click on the currency symbol and make sure that "Deposit" is selected.
Copy the indicated address, return to your Coinbase account and start a transfer by clicking on the icon that looks like a paper airplane. Paste your Binance address into the transfer destination and send the currency you purchased in Step 2 to your Binance account.
This the transfer is not instantaneous and can take from a few minutes to a few hours to complete depending on server traffic, so do not panic if an hour later, your funds have not yet arrived at your Binance account.
Step 4: Convert your transfer currency to Ripple
Once your transfer encryption has arrived at your Binance account, it is very easy to convert it to Ripple.
Return to the Binance homepage and search for Ripple (abbreviated "XRP") using the search tool at the top right of the page. Binance will then show you a real-time conversion rate of the currency you have transferred from Coinbase to Ripple.
At the bottom of the page, clicking on the "Market-" tab means that you will buy Ripple at the current market price. In the "Buy XRP" section, you can choose which percentage (from 25% to 100%) of the held currency you wish to convert to Ripple.
Click "Buy XRP" and your purchase will be completed immediately. You can click on the tab entitled "Deposits Deposits" to view Ripple in your Binance portfolio.
Step 5: Choose where to store your Ripple
Although you can choose to keep your Ripple inside your Binance portfolio, most investors choose to download a desktop portfolio to transfer their cryptocurrencies securely.
Some users go a step further and buy an offline hardware-based portfolio, like the Ledger Nano S, to store their Ripple. Your level of technical understanding and risk tolerance will determine the best type of portfolio for you. You can also take a look at our choices for the best Cryptocurrecy wallets
The purchase of a new cryptocurrency can be exciting, but it is easy to get lost in the many terms and processes of confusion, especially if you are used to buying and selling cryptocurrencies entirely through Coinbase.
Although Coinbase does not currently support the direct purchase of Ripple, the service continues to expand its processes beyond the "big three" names in cryptocurrencies. In the future, it may be possible to use banking information to purchase Ripple directly, but for now, Binance offers users an intuitive, low-cost way to get their hands on the investments they need.
If you are a novice trader, you can also use Binance as an educational tool and learn more about Bitcoin alternatives by looking at the charts of the real value of the platform.
Have a look at Benzinga & # 39; s list of the best cryptocurrencies on which to invest today or the intensive course for beginners in cryptocurrency mining.