How to Buy Ripple in Nigeria
While most Nigerians are focusing on how to make money with Bitcoins and losing money to Initial Coin Offering Scams, we are forgetting other cryptocoins that can easily surpass the most valuable virtual currency or the best ICO investment on the planet. One of such cryptocurrency is Ripple.
Ripple is fast becoming a crypto coin of interest and there are multiple reasons for this. It can be because of the fact that transfer can take place at a record speed and at a very little charge, thereby increasing the global liquidity of money.
Maybe it’s because of the innovative technology behind this altcoin. Whatever the reason may be, Ripple has gained a total value of 4,300 percent this year and analysts have to predict a strong future for this digital currency. This makes it a Cryptocoin of interest, an altcoin you might want to invest in this year. Here is a list of other altcoins to consider in 2018.
However, for the sake of the noobs, a quick refresher course on what Ripple is.
What is Ripple???
Ripple is a cryptocurrency platform that is built on the notion of a distributed ledger network. Same as Ethereum trades in Ether, the transactional protocol of Ripple is known as XRP. The distributed ledger serves the function of validating transaction through various parties, rather than one central authority.
In addition to this, transfer fees are significantly cheaper on Ripple than Bitcoin also, XRP transfers are immediate. It requires no transaction time. Those are not the only differentiating factors.
Differences Between Ripple, Bitcoin and Ethereum
While Bitcoin depends on a large network of developers to continue with the development of Bitcoin, Ripple continues to be supported by its founding company, Ripple Labs. Also, it has a fixed amount of currency in existence. Unlike Bitcoin (which has a growing pool) and Ethereum (which theoretically has no limit), Ripple has 100 Billion XRP created right out of the gate.
This amount of virtual currency is maintained without mining. Also, most of these tokens are owned by the founding company (about $60 Billion worth). Ripple’s value could drop significantly as the company decides to sell. However, Ripple Labs doesn’t intend to do that anytime soon.
The fact is, Ripple labs is more focused on leveraging the tech behind XRP for faster banking transactions across the planet.
Why is Ripple Expected to Grow?
In the last weeks of January 2018, it became public knowledge that the Ripple team had formed two new partnership agreements. Yes, despite the falling price. They concluded a partnership with the telecom company IDT and the international payment service MecuryFX.
This sort of partnership is not new. During the first week of January 2018, MoneyGram announced their plans of adding XRP token to their payment system. That’s not all, Ripple is backed by other major financial institutions such as American Express, RBC, Westpac, Santander, etc. It’s not surprising that this virtual currency has so many backers. Blockchain technology has so many advantages when employed effectively. Ripple offers more benefit to financial institutions, it gives a level of control.
All these international companies have one functionality in mind; increased speed and lowering commission when making payments. This major application has made ripple a viable alternative to Bitcoin and a cryptocurrency to consider for long-term investment.
There is just one problem, Ripple labs and these financial institutions handle Ripple’s nodes. How is this a problem? Unlike Bitcoins, these servers have no proof-of work calculations. Similar to traditional banks, the nodes validate themselves.
When you combine this with the fact the strict control of the existing number of XRP and the fact that no new cryptocurrency is created, the future of Ripple could be troubling.
What is There to Be Afraid Of?
The rapid development of Ripple is still being held back by an ongoing litigation with a bank consortium R3. Then there is also stiff blockchain competition to worry about. One of such is Stellar.
The third source of worry is the development of regulations for Ripple. You’ll remember that back in May 2017, Ripple was fined $700,000 by the Financial Crimes Enforcement Network for violating bank secrecy laws relating to money laundering prevention.
Finally, Ripple nodes can be used to limit an individual’s XRP wallet or even a group of wallets associated with a particular node.
Back in 2015, Jed Mc Caleb, the original founder of Ripple Labs tried to sell more than a million dollars’ worth of Ripple. However, Ripple Labs uses a node to reverse the transaction. The disturbing part of the story is that such a freeze was possible in the first place. We are talking about centralized authorities controlling your ability to transact as you wish.
This raises the question, if the founding company and other partnering financial institutions can control XRP to that extent, is Ripple worth buying?
There are different exchanges you can get Ripple from. Based on information available on the Ripple website, here is how you can buy XRP using some of these exchanges below.
Enough of the preambles, how exactly can you buy Ripple in Nigeria?
How To Buy Ripple in Nigeria
It’s not particularly difficult to buy Ripple in Nigeria if you know the top cryptocurrency exchanges out there and how to use them. For those that do not, here is a breakdown.
How to Buy XRP on Luno
Another exchange you can purchase Ripple in Nigeria is on Luno. Like other altcoins such as Monero, Electroneum and IOTA, you can’t buy Ripple directly. You have to purchase some Bitcoins first. Let’s start from the beginning.
The first thing you have to do is get a Luno account. Naturally, you’ll be asked to provide some type of identification before you proceed. Click on the “Accounts” section on your Luno page and select your local currency account. Next, click on “Fund Account”. Now that you have added some money to your wallet, you’ll be able to buy some Bitcoin.
You then have to go to another exchange that offers XRP/BTC currency pair to buy the Ripple from. Consider using any of the ones below.
How to Buy XRP on Bitstamp
The first step you need to take to buy XRP using this exchange is to create and verify your Bitstamp account. In other to do this, you need to visit the Bitstamp website and follow the outlined instruction to secure and verify your account using your registered email address.
The next step you need to take is to deposit funds into the account. This can be one by using the deposit link. The moment you notice that your Bitstamp account has been credited (you’ll get a notification to confirm this), you can buy your XRP. Just select the correct market for your currency (you have XRP/EUR, XRP/USD and XRP/BTC trading pairs.) and complete your order in the main account.
How to Buy XRP on Kraken
XRP can be purchased using Kraken. The process is not so different from Bitstamp’s written above. All you have to do is visit the Kraken website and sign up to open an account. There is also a verification procedure you have to follow before logging in.
After you are logged in, the next step is to purchase the XRP. There is only one glitch. Before you can purchase XRP on Kraken, you need to first buy XBT. Buying XBT is pretty straightforward, just place an order. Next, place another order using the currency pair, XRP/XBT. That’s all, your transaction is complete.
How to Buy XRP on GateHub
This is the last exchange we’ll be talking about, GateHub. Like all the exchanges we discussed earlier, the first step is for you to open an account with them. You can visit GateHub website to sign up for an account. After storing your recovery key, you’ll be required to confirm your account via email. The verification system is pretty standard.
The next step is for you to sign in. For added security, you might be required to confirm your identity before conducting any transaction on GateHub. After confirming your identity, connect a gateway so you’ll be able to deposit funds. When you have confirmed that your account has been credited, buying XRP on GateHub is a matter of clicking on the exchange page. It is that easy.
It’s not surprising that Ripple made the list of cryptocurrencies that can make you a millionaire in 2018. Let’s take into account it’s limited nature and the volume of transaction Ripple is expected to handle before the end of the year, we are talking about a whopping $153-trillion-dollar market.
Now, imagine that all this volume is stored in XRP. That means the value of each of the 100 billion XRP tokens would be $1,530. It doesn’t matter if you are a student or a worker, Ripple investment can be worthwhile. However, if you are still considering the good old Bitcoin (for obvious reasons), consider these exchanges.
The exchanges listed above are not the only ones that you can buy Ripple from, there are others such as Coincheck, Bitbank, Coinone, Qryptos, Bitsane, Bitso, BTCXIndia, and others. The procedure is quite similar to the outline above. Signup, verify your account, make your deposit, buy Ripple in Nigeria.