XRP is basically a payments network that has been designed to serve the financial services industries. It is a relatively well-known cryptocurrency – and is currently among the top ten cryptos by market capitalization. Crypto has maintained its ranking with consistency, which has also sufficiently contributed to the success of the same.
Developed to make transactions cheaper and faster, XRP settles payments at only a fraction of the cost of conventional methods. XRP happens to be one of the relatively more ambitious cryptos aimed specifically at revolutionizing the global digital economy and payment systems.
While most Bitcoin transactions can take more than an hour or just minutes, the benefit of XRP is that its transactions are always confirmed within three to five seconds. But how to buy XRP in India? Let’s find out!
|Please Note: |
For the ones who are completely new to the world of XRP, do not let the primary interchangeability of references to XRP and Ripple confuse you. Ripple is basically the company behind XRP, and it has gone through multiple rebranding efforts over the last few years.
It was launched as OpenCoin initially in 2012. The name was then changed to Ripple Labs the following year before finally settling for Ripple towards the end of 2015.
XRP In The Digital Economy:
Ripple claims that its payment network will be responsible for ushering in a ‘new global finance era.’ Its products are utilized for asset exchanges and payments, similar to the concept of SWIFT, which offers financial transactions between different banks across the globe.
In brief, it’s a crypto that typically helps different financial institutions offer a relatively better payment experience. You have probably come across a few of its popular customers, including IndusInd and Kotak Mahindra Bank from India.
Where Can I Buy XRP?
Before we talk about how to buy XRP in India, let’s talk about where you can buy XRP. You can purchase XRP with the help of fiat currency on several crypto exchanges. Here are a few exchanges where you can actually exchange Indian rupees for XRP.
What You Can Purchase With XRP?
You can utilize XRP to actually exchange between different fiat currencies rather than exchanging currencies directly via a conventional financial institution. This can be a relatively cheaper and faster approach versus paying very high fees that money remittance and banks might charge.
How To Buy XRP In India?
XRP is utilized as a settlement layer for multiple financial institutions to make different cross-border transactions less expensive and faster. It is also utilized by multiple investors to really store and simply hope for gains.
So, how to buy XRP in India? Without wasting time, scroll down to find out more about purchasing XRP in India.
1. Select A Crypto Exchange:
Every cryptocurrency platform has its own particular way of executing things. It is vital that you check the kind of currency that you will require for purchasing XRP.
Just like most things in life, there are multiple caveats, specifically if you are buying XRP with a different crypto. Typically, as a rule of thumb, it is so much easier to buy a cryptocurrency with the help of some fiat currency like INR as compared with other cryptos.
But if you decide to buy XRP with a different crypto, you will have to develop a cryptocurrency wallet that can support XRP. Then, you will just have to use a currency that can pair with XRP on the exchange in order to purchase the crypto.
2. Purchase XRP:
Before you make your purchase, research which particular trading platform will suit you best, depending on ease of use and security, so it is best to do your research before you open your account. Once you can see that your account is funded, you are ready to begin purchasing XRP.
Within your selected exchange, find your chosen XRP currency and then enter the amount that you would like to invest.
3. Store Your XRP:
Once you buy your XRP, you’ll need a safe place to store it. A very interesting caveat is that committed XRP wallets often need you to hold at least ten XRP for activating your wallet on the actual XRP ledger. Just think of it like a bank account’s requirement for minimum account balance.
Each account should set aside this minimal amount. You can definitely recover this amount by simply deleting this particular account. XRP can be easily stored in multiple ways.
The Bottom Line: Is XRP A Good Cryptocurrency?
Now that you know how to buy XRP in India, what’s holding you back?
XRP is built as a utility token for use within the whole Ripple blockchain as well as the payment platform. It is not intended to be utilized as a crypto, but the crypto and investing communities utilize it for exchanging, trading, and holding.
However, it is not as popular as Ethereum (ETH) or Bitcoin (BTC) in this context. You cannot mine XRP, but you can definitely be rewarded for actually participating in the entire blockchain, purchasing it, or receiving it as a payment. Plus, you can also hold your XRP for various gains, using it as a purchase or just exchanging it for other cryptos or even fiat currencies.
So, tell us what your thoughts are on XRP – feel free to share your thoughts and, most importantly, experiences about purchasing XRP in the comments below.