The new rising wave of blockchain and consensus ledger is proving to be solid enough to handle markets worth hundreds of billions of dollars with Bitcoin and Ripple being two of the top 3 most popular and used cryptocurrencies. While bitcoin reigns supreme as the strongest cryptocurrency where most cryptocurrencies are measured against, Ripple is making progress and is continuously gaining popularity around the globe.
The two systems are decentralized, the main differences are the algorithm and ownership status of the cryptocurrency itself. Both cryptocurrencies are interchangeably usable on many different platforms; Bitcoin is more popular among individuals as a virtual currency and the Ripple payment system is in the process of being adopted by major banks. It’s very important to know how to convert bitcoin into ripple as the two cryptocurrencies provide different advantages and disadvantages.
Cryptocurrency exchanges used to be all about bitcoin, but now there are more than 2,000 different cryptocurrencies in circulation. Exchanges are the most popular option for those who want to convert one cryptocurrency to the other. Not all exchanges operate on the same principle or dynamic; some exchanges don’t allow the direct exchange of USD to XRP. While almost all exchanges allow the conversion of USD to BTC and the conversion of BTC to XRP, some exchanges cut the middle cryptocurrency, whether it’s BTC or ETH and directly allow the exchange of USD to XRP.
You may need to decide on which exchange you are planning to use depending on the currency or cryptocurrency that you’re planning to exchange. If you already have BTC and would like to convert it to XRP then you’re in luck as you’ll find many exchanges recommended and listed on the ripple website. Another way is to use a wallet with an exchange feature, where you can store your ripples in wallet after they are exchanged from BTC. Using a wallet with a built-in exchange provides additional security and convenience that proves to be beneficial to all that utilizes it.
Bitcoin is a peer-to-peer cryptocurrency, which is why peer-to-peer markets have been growing in popularity recently. The exchange or trading process is considered more personalized than using big-name exchanges. The sheer amount of payment options available easily trumps any other method, from online services like PayPal and bank wires to hundreds of different types of cryptocurrencies. Most peer-to-peer market websites give you a wallet , which you can top with bitcoin using many different methods. These markets use an escrow process to provide as much security as possible to traders. You can easily customize your experience by setting up your own payment windows and filtering out traders, according to their profit percentage, location, and more. You can even make a few dollars on the side as profit from accepting offers to exchange bitcoin to ripple.
It’s about time that people start knowing the benefits of cryptocurrency and how they can use them to their advantage. Exchanging cryptocurrencies has always been an important pillar of the community. Whether you’re exchanging as an investment or to convert to a more convenient cryptocurrency, you should research your options and know which one is the best for you.