What is Bitcoin (BTC)?
Probably, only a few have not heard about Bitcoin, and if you are one of them, or in case your knowledge is extremely limited, the next passage will be informative (otherwise you can just skip it).
It is the first and flagship cryptocurrency to be digital or virtual money that operates without a regulator, such as a central bank, and without government involvement.
Unlike ordinary money, bitcoin cannot be counterfeited, and by making transactions within the bitcoin blockchain, you can be sure of maintaining the privacy and safety of digital assets.
The clear advantages of Bitcoin include the level of security and protection. Considering the amount and power of the equipment in the bitcoin network, it is almost impossible to carry out an attack.
Bitcoin price at the time of this writing is $ 29,766.32 with a daily trading volume of $ 22,897,883,775 USD. Like any other cryptocurrency, it is highly volatile. For example, over the past day, Bitcoin has fallen in price by 3%.
What is Ripple (XRP)?
Ripple (XRP) is the fifth-largest cryptocurrency according to CoinMarketCap, but despite this fact, it still remains unknown to many market participants. It should be understood that Ripple is a commercial project that is more aimed at banks and financial companies.
Altcoin benefits include:
Low transaction costs: you can even say that there is no commission, because 0.00001 XRP is debited from the initiator’s account for each transaction, and then destroyed. This is necessary to protect against spam and reduce the risks of manipulation of the cryptocurrency rate.
High throughput: in theory, the network is capable of processing up to 1,500 operations per second (Bitcoin – 7, Ether – 20, Visa – 24,000).
Lack of mining: Ripple uses an original consensus algorithm that creates a small pool of trusted nodes to verify transactions. Moreover, all participants choose which nodes they will entrust the verification of their transactions.
High transaction speed: transactions in XRP Ledger are confirmed in 4 seconds.
XRP price on the day of writing is $ 0.532869 USD with a daily trading volume of $ 2,002,085,284 USD.
Benefits of exchanging cryptocurrency.
Bitcoin holders often resort to exchanging for altcoins, trying to diversify the content of their wallet. While Bitcoin serves as a good store of value, other cryptocurrencies can serve less lofty purposes like buying goods. Or it can happen, as happened once with Bitcoin itself, when, having bought a new currency out of curiosity, when its price was less than a dollar, Bitcoin owners became millionaires, because its value skyrocketed.
Therefore, it is convenient to have different currencies that can be obtained through the exchange, because each altcoin has its own peculiarity and is suitable for different purposes. But it is also promising because you cannot predict how the new cryptocurrency will behave in the future, and there is a possibility that its price will increase at least several times.
And since Ripple is a relatively new and promising altcoin, the BTC/XRP pair is very popular on various exchanges. In terms of market capitalization, this crypto pair combines the two best cryptocurrencies. Moreover, XRP / BTC trading can generate income, but a trader should keep a close eye on factors that can weaken or strengthen XRP’s exchange rate to Bitcoin.
How to exchange BTC to XRP in a few steps?
You can exchange BTC to XRP in just 4 easy steps:
Step 1: Select the best exchange
Step 2: Select the coins BTC
Step 3: Enter your wallet address of XRP
Step 4: Transfer BTC
STEP 1: Select the best exchange
Due to the popularity of BTC and XRP, they can be exchanged on almost any exchange. But you need to be careful and use only those that are reliable, profitable and convenient.
Binance must be the most popular exchange, which guarantees reliability and a large selection of supported cryptocurrencies.
Changelly is often used for instant exchange, which is also convenient in that it does not require time-consuming registration and a KYC.
The same applies to Godex.io, which guarantees the anonymity of customers and transactions, has no exchange limits, and has the option to fix the rate for half an hour.
Also, be sure to check out the fees that exchanges charge for their services.
Whichever place you choose to change Bitcoin to Ripple, often the actions are the same and do not require special skills.
STEP 2: Select the coins BTC
Everything should be clear here, in order to exchange Bitcoins to Ripple, you must choose “BTC” from the dropdown in the deposit screen and indicate the amount that you are ready to sell. The number of Ripples that you will receive in return will appear on the right after clicking the “Exchange” button.
STEP 3: Enter your wallet address of XRP
At this stage, you must carefully enter the wallet address that supports Ripple coins, and only after verification, confirm the transaction. Also, if you are not sure about the reliability of your wallet, it is better to get one first.
STEP 4: Transfer BTC
After confirming the transaction, your Bitcoins are transferred to the recipient, and Ripple coins fall into your wallet. Most often, the transaction is no longer reversed, and it is important to weigh everything before pressing the button.
As you can see, being a relatively new cryptocurrency, Ripple is firmly at the top of the cryptocurrency market. XRP has shown incredible applicability and resilience, and the recent rise in value has once again confirmed its relevance now and future prospects. So it makes sense to get some XRP coins, especially given the fact that with the help of decent services and clear instructions, converting Bitcoins to Ripple won’t be difficult even for a beginner.
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Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.