What is Ripple (XRP)?

Ripple (XRP) is a digital currency and open-source blockchain protocol designed for fast and low-cost cross-border transactions. 

Developed by Ripple Labs, it facilitates seamless money transfers and serves as a bridge between different currencies, enabling efficient international payments for financial institutions.

Roles of Ripple

Easy Money Exchange with Low Fees: Some money can't be directly exchanged, so banks use things like the dollar in the middle, which costs extra. Ripple makes this exchange cheaper and more direct.

Fast Global Transactions: Ripple moves money super fast. A normal Ripple transaction takes just 4 seconds, way quicker than Bitcoin or regular banks which can take hours or days.

Making Your Own Money: You can even create your own kind of money on Ripple. This helps you buy things or pay for services online much faster.

How Ripple's System Works

Ripple's system, called RippleNet, connects big money companies worldwide. It helps them send money to each other easily and without problems.

For Example:

Rajesh in Mumbai wants a cricket match ticket and has traditional Indian sweets, Priya has the ticket in Kolkata but desires a new smartphone in exchange, and Arjun in Delhi wants a smartphone but possesses traditional Indian sweets from Kolkata.

In this situation, a platform like Ripple facilitates an easy swap among them, allowing each person to exchange what they have for what they need!

Ripple works with any currency, even Bitcoin, and charges a meager fee of $0.00001 for transactions.

Buying, Storing, or Selling Ripple

Buy and Sell Ripple in a global cryptocurrency exchange platform like Koinpark.

Buying Ripple: Acquiring Ripple involves signing up on a platform that sells Ripple, linking your payment method, and purchasing similar to buying items online. Koinpark is one such platform, a Global Cryptocurrency Exchange.

Storing Ripple Safe: After buying Ripple, you should store it safely. You can keep it in the mobile wallet, one such wallet is Koinpark’s Parkwallet. This will keep your Ripple safe.

Selling Ripple: If you want to sell Ripple, you can exchange it directly for regular money, trade it for other digital money like Ethereum or Bitcoin, including XRP to INR, or use Koinpark Cryptocurrency Exchange App to turn it back into regular money. This involves creating an account, confirming your identity, moving Ripple, changing it to regular money, and taking the money out in a way that suits you.

To keep your Ripple extra safe, you might use a "crypto mixer" when moving it from where you bought it to your wallet.