Profile of Ripple
Ryan Fugger founded Ripple Pay in 2004 as a peer-to-peer payment system. After the establishment of Bitcoin, Fugger saw the advantages of decentralising his system, and in 2012, he founded Open Coin Corporation to develop cryptocurrency. It released the first XRP tokens in January 2013, with transactions confirmed by network consensus instead of mining.
- Logo: Ripple Labs (Before 2018) | New XRP logo from 2018 |
- Symbol: XRP
- Initial release: January 2013
- Circulating supply: 46.14 billion XRP (max supply is 100 billion XRP)
- Author: Ryan Fagger/ Chris Larsen
What Is Ripple?
Ripple is the company that developed the XRP token to facilitate cheaper cross-border transactions involving different fiat currencies. XRP was created with small and medium banks in mind. It solves the problem of these institutions having to hold liquidity in the form of Nostro accounts.
Ripple developed a new transaction protocol called Ripple Transaction Protocol (RTXP) based on its XRP token. From 2018, only the Ripple Labs Inc. xRapid transfer system uses the XRP token to provide liquidity on demand.
Essentially, banks use the XRP token as a bridge currency, eliminating the need to hold multiple accounts in different currencies. The xRapid transfer system can save banks between 40 and 70% of the transaction costs, making XRP a banker’s coin.
Although XRP is more centralised than most cryptocurrencies like Binance, Bitcoin and Dogecoin, you can still buy it on most cryptocurrency exchanges. You can store small amounts of the coin on the exchange itself. However, we don’t recommend this as hackers often target them for the large amounts of cryptocurrency they have on hand.
You can create a crypto wallet to store your XRP as you would for any other cryptocurrency. Once you’ve set up your wallet, you can start using XRP for trading or online transactions that accept it.
What Makes Ripple Different from Other Cryptocurrencies
Ripple differs from other cryptocurrencies in several ways:
- The Ripple blockchain uses ban servers as opposed to decentralised nodes.
- Ripple uses existing bank payment networks instead of cutting out the middleman.
- All XRP tokens have been pre-mined.
- Ripple owns 60% of the pre-mined XRP tokens.
- Some experts see the xRapid payment system as a viable alternative to the SWIFT banking system for cross-currency payments between banks (cryptocurrencies usually act only as a peer-to-peer transfer system).
How to Bet With Ripple
Betting with XRP is easy, and we’ll take you through the steps in this quick guide. You’ll be needing to buy XRP and set up a wallet before choosing a crypto betting site. Once you’ve set up a wallet and bought XRP, you can deposit it and start crypto sports betting or gambling.
- Register at an exchange: If you don’t already have XRP, you’ll need to register at an exchange. You must prove your identity before purchasing crypto. Still, each transaction you make with the cryptocurrency thereafter is private.
- Buy XRP: Follow the steps at the exchange to buy your XRP. It’ll need your banking details if you’re to buy using your card or a bank transfer. You can usually purchase crypto using a credit or debit card, making the transaction easy.
- Set up your wallet: Once you have some XRP, you’ll need to set up a wallet. You can choose a hardware, hot or paper wallet to keep your investment safe. Don’t store your wallet credentials online or on your computer, but write them down to keep them safe.
- Register on the site: Once you’ve chosen your preferred crypto sports betting site, you can register. Check that the website accepts XRP as payment before registering, as not all crypto betting sites accept all cryptocurrencies.
- Deposit XRP: After you’ve registered, you can select the cashier and choose to deposit XRP. Select the amount to deposit and follow the steps to make the transaction from your crypto wallet. Once you’ve made the first deposit, you can start crypto gambling on the website.
Ripple Betting vs Regular Betting
Betting with Ripple is not the same as regular wagering on online sites. Below, we analyze the major differences you can expect when you start using XRP to place wagers.
| XRP Betting | Regular betting |
|---|
| Although you register on the exchange to buy cryptocurrency, nobody can track what you use it for. | You need to verify your identity and address at a regular betting site before making a withdrawal. |
| Ripple transactions and the XRP currency were designed for fast transactions. A Ripple deposit or withdrawal takes seconds to verify, and there’s no chance of double-spend. | Withdrawals with fiat currency can take days before the money is available in your account. The mandatory verification process is also a pain. |
| Cryptocurrency betting can become difficult to track in real value because of price fluctuations. | You can easily track your spending in euros without having to convert values back and forth. |
| You’re not paying bank charges and you’ll save between 40 and 70% on banking charges. | Even though the betting website doesn’t charge for withdrawals or deposits, you still need to contend with bank and e-wallet charges. |
| Currently, crypto gambling only has a 15% market share, so you have fewer crypto betting sites to choose between. | Currently, crypto gambling only has a 15% market share, so you have fewer crypto betting sites to choose between. |
| Variations in the market price of XRP have the potential to wipe out any potential winnings or losses. | The euro is more stable than cryptocurrencies, making your wins, losses and stakes easy to track.
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Where Can I Bet With Ripple?
You can bet with Ripple at any crypto betting sites that accept XRP for deposits. It’s worth your while to take a few steps to ensure that you have a positive experience, so we’ve provided a short guide to finding a reliable crypto gambling website to use. Since most crypto betting sites aren’t registered or regulated, it’s vital to take special care when choosing where to deposit your crypto.
- Reputation: Check the reputability of the site before signing up. You can read reviews or ask friends already using crypto betting sites. A provider offering online gambling for some time is a safer bet than newer, unknown operators.
- Supported Cryptocurrencies: Ensure that the site accepts XRP or a cryptocurrency that you’re happy to use. There are over 7,000 cryptocurrencies available, and gambling sites can’t take all of them.
- Variety of markets: Another way of gauging a crypto betting site’s quality is the variety of betting markets on offer. You want to know that you can place the bets you prefer and that the operator has the liquidity to back a wide variety of betting markets.
- Games and software providers: If it has a casino section, it’s worth investigating the games on offer and the software providers. If the website uses reputable and regulated software providers, there’s a good chance that it’s fair.
- Customer support: Check what customer support is available and test it as soon as possible. Sites that only have email should already ring alarm bells. Look for a website with 24/7 customer support or a chat feature.
Other Cryptocurrencies for Betting
Ripple isn’t the only cryptocurrency you can use for crypto gambling. We’ve analysed a few of the more popular ones used for betting and summarised the results below.
Bitcoin (BTC)
- Bitcoin is the oldest cryptocurrency on the market.
- It’s also the most valuable.
- The Bitcoin blockchain uses decentralised nodes and coin mining to process transactions.
- It was intended as a digital currency to enable peer-to-peer transactions, cutting out the middleman.
- Bitcoin was first launched in 2009.
Ethereum (ETH)
- Ethereum is the second most valuable crypto asset behind Bitcoin.
- The platform’s currency is called Ether and was initially intended to power Ethereum apps.
- Ethereum is an open blockchain that allows third parties to develop decentralised apps and crypto tokens.
Binance Coin (BNB)
- Binance coin was initially launched in 2017 as a token on the Ethereum platform.
- In 2019 it migrated to the Binance platform, becoming a cryptocurrency coin.
- Binance coin is currently the third most valuable digital asset.
- The Binance exchange processes 1.4 million transactions per second, making it the busiest crypto exchange globally. .
Dogecoin (DOGE)
- Dogecoin was first conceived by Billy Markus and Jackson Palmer as a joke but soon gathered a following.
- The initial Dogecoin was in 2013.
- Dogecoin is punted as a fun cryptocurrency.
- At around €0,25 a coin, it’s one of the more affordable cryptocurrencies.
- Unlike the other leading cryptocurrencies, Dogecoin has an infinite supply limit.
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