What’s up everybody it’s Adventago and welcome to another blog post 😊.
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Every time you think that cryptocurrency cannot get any more popular, cryptocurrency comes back and smacks you in the face with some new headline, and then it’s back on everybody’s news feeds.
Recently cryptocurrency hit a market capitalization of $8,000,000,000 YEAH! That’s billion with a B. and that meant for a short period of time it was just as valuable as Alphabet (Google’s parent company), and then cryptocurrency saw a little bit of a sell-off.
(Or as some people say a correction), we’ve talked a lot about Bitcoin and how Bitcoin works but, not a lot of people know what Ripple is, and others have been wondering whether Ripple will be the next Bitcoin.
So, in this blog, I want to go over 6 things you need to know about Ripple before you invest in it.
1. What Is Ripple?
First, what is Ripple? Backing up a little bit, Bitcoin became extremely known because of the popularized idea of a decentralized worldwide digital currency, meaning the currency is not regulated by any big bank, government, or private entity.
It is controlled and managed by the users of Bitcoin, for a lot of people, Bitcoin was their way of giving the middle finger to the big banks and the system.
Ripple is different because it works directly with the big banks instead of trying to avoid them.
So, for some people, Ripple goes against what cryptocurrency is about, and so they’re not a fan of Ripple, for others, this is great, because big banks and the government have a lot of power.
So, hypothetically if more banks started to use Ripple that could potentially mean that Ripple coins, will have more value later on.
2. How Does Ripple Work?
Second, how does Ripple or XRP work? (And by the way, just so you know X. R. P. is the short name for Ripple).
If you want to send your money, that’s sitting in your bank account to your cousin in Fiji.
You’re going to get slapped with a whole bunch of bank and transfer fees, and is going to take days for your money to arrive, however, Ripple’s goal is to move currency like we do information.
If you wanted to send an email to somebody in Fiji it would hit their inbox almost instantly.
But it takes forever for your money to arrive, so, Ripple is trying to change that, currently, Ripple lets you send currency to the other end of the world in about 3 to 4 seconds, and it will cost you less than a penny to do that.
So, it has a specific purpose, now your next question might be okay Adventago, but isn’t that what Bitcoin is supposed to do? Yeah, kind of, the problem with using Bitcoin is that it isn’t as practical as Ripple.
Because, if we did the same transaction that I just talked about with Bitcoin, according to the Ripple CEO (Chris Larsen) This would cost you around $40 to do and would take a few hours to settle.
So, it’s not as usable as Ripple, for this type of transaction, in other words, all cryptocurrencies are not made equally.
3. How Do You Buy Ripple (XRP)?
Third, how do you buy Ripple (XRP), buying Ripple is a little tricky right now, if you want to buy any cryptocurrency you must use a cryptocurrency exchange, and Ripple is not listed on every cryptocurrency exchange, so if you want to buy Ripple you have to jump through a few hoops.
And I’ll break down how you can do that in just 3 parts.
A quick side note Robinhood has now allowed you to buy Bitcoin and other cryptocurrencies on their platform, however…
NEVER BUY CRYPTOCURRENCY ON ROBINHOOD!
Because you don’t own the Bitcoin, instead Robinhood gives you the promise that they will give you the equivalent amount of money, so you CAN NOT withdraw your Bitcoin, (or other cryptocurrencies) into something else.
You’re giving the control of your Bitcoin, (or other cryptocurrencies), into the hands of someone else, which completely kills the point of owning Bitcoin (or other cryptocurrencies) in the first place.
Just thought I would warn you before it’s too late! But anyway, back to Ripple…
Part 1. Buy an easily accessible coin like Bitcoin, or Ethereum, on an exchange like Coinbase.
Part 2. Once you own Bitcoin or Ethereum then you want to transfer this.
Once you own Bitcoin or Ethereum you then you want to transfer this onto an exchange that allows you to buy Ripple, one of the most popular exchanges that allow you to do this is called Binance.
Part 3. Once you have your Bitcoin or Ethereum on Binance.
You can then convert this coin into Ripple (XRP), the reason you have to jump through these hoops is that if you wanted to use your dollars to buy Ripple it could take you weeks to be verified enough to be able to do that, which is why this method is faster.
Again, this could change in the future, so pay attention to what’s happening.
4. Protect Yourself
In 2014 a cryptocurrency exchange called Mount Cox filed for bankruptcy, and somewhere around 850,000 Bitcoins were lost or somehow stolen, luckily there are a lot more protections in place now.
But, you can protect yourself by adding an extra layer of security that allows you to store your cryptocurrency outside of the exchange, with an external wallet.
In other words, you would buy Bitcoin or Ripple like normal but instead of letting your cryptocurrency sit on the exchange.
You would take your cryptocurrency that you own and move it onto an external wallet, this way if somebody were to hack into the exchange your coins would be out of the hacker’s reach.
There are a bunch of external wallets that are out there, some of them are physical and some of them are online and some are a mixture of both.
PSSST Hey, you reading this… If you want to discover what are the best Bitcoin (Or other cryptocurrency wallets.) And what the most influential and biggest Cryptocurrency owners are using right now! You can discover the answer by clicking on the link below.
⏬ ⏬ ⏬
https://adventago.com/what-are-the-top-5-safest-bitcoin-wallets/
Thank me later. 😊
5. You Must Understand The Price Of Ripple
There are about 100 Billion Ripple units in existence, and the majority of those coins are owned by the Ripple company itself.
The value of each Ripple coin really comes down to how usable the coin is, and what somebody else is willing to pay for your Ripple coin.
It’s supply and demand, if you own Ripple and lots of people want to buy it then the price will naturally go up.
Lots of people are excited because some big banks have invested hundreds of millions of dollars to test out Ripple.
So, if Ripple were to catch on, it could be a lot more valuable, however, Ripple is kind of hard for the average person to get their hands on, so some people are speculating that if Ripple became more accessible by coming on to an exchange like Coinbase, then there will be a huge influx of buyers which would make the price go up again.
This is complete speculation; nobody can predict the future; can you make a lot of money with speculation? Sure, a lot of people did in the early 2000s with real estate.
But it can seriously bite you in the butt, if you hold on too long, or if you take on more than you can afford.
And this brings me to number.
6. Invest On Financials, Not Emotions
In 2017 Ripple went from trading at point $0.006 a coin to over $2 a coin in just 1 year, meaning it went up by over 30,000%!
While that’s absolutely crazy, remember just because something has gone up in the past does not necessarily mean that it will continue going up.
As I’m sure you know there’s a lot of hype and speculation behind cryptocurrency, and like they say everybody thinks they’re a financial genius during a bull market, but hype and emotion cannot carry an asset up forever.
And cryptocurrency is very volatile meaning it can go up very quickly and it could come down just as fast.
So, understand that there’s risk and uncertainty, and as a little bit of financial advice, if you make a lot of money.
Don’t just take all that money and go buy a Ferrari or a Lamborghini, because once that money is gone, it’s gone.
Take advantage of what you made, take that profit, and use it to buy something that can continue to give you cash flow.
So, it will continue to pay you for years into the future, and then you can use that passive income to go out and buy yourself a Lamborghini.
So, what do you think?
Is Ripple going to keep going up?
And is Ripple going to be the next Bitcoin?
Let me know what you think in the comments below, and if you enjoyed this blog post, make sure to share it with 1 friend, so you can help people you care about become successful and wealthy in cryptocurrency.
Don’t forget to add me to your favorite social media WHY?
Because I publish on LinkedIn, Twitter, Pinterest, YouTube, and this blog, with content that will transform you into a stronger, and smarter entrepreneur, investor, and thinker.
I also give discount and referral links that you can get access to, so you can have juicy discounts and deals on equipment that you may already be thinking of getting.
(You wouldn’t want great discounts and bonuses, would you?)
Also, I hand you motivational quotes that keep you inspired and uplifted.
And lastly, it’s so you NEVER miss another blog post.
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Join our notification squad on Aweber
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